October is National Women-Owned Small Business Month. It’s a great time to recognize the amazing achievement of our country’s female entrepreneurs and the impact they are making on jobs and the economy. It’s also a great time to support women entrepreneurs, which is why we’ve partnered with Comcast to provide one deserving mom business owner with a $1,000 grant!
For many years, business ownership was an activity reserved for men. However, in October of 1988, game-changing legislation was passed. President Ronald Reagan signed H.R. 5050, which changed the landscape of women’s entrepreneurship forever.
Among other things, this new law eliminated the requirement for women to have a husband or a male relative co-sign a business loan. (I’m sorry, but can we pause for a moment and let that sink in because 1988 was not all that long ago. I mean in 1988, I was enthralled with Who Framed Roger Rabbit and rocking out to Poison’s “Every Rose Has Its Thorn.”)
Through this bill, lawmakers and loan givers were finally forced to recognize that women are subjected to discrimination in entrepreneurial endeavors due to their gender.
Great strides have been made regarding women-owned businesses. In fact, as of 2019, 42% of all companies are at least 51% owned, controlled, and managed by one or more females. Get it, girls!
But there’s still lots of work to do. The economic fallout from the pandemic adversely affected women in greater numbers than men. Many women-owned businesses suffered due to shutdowns of nonessential businesses. Also, as of 2021, only 47 of the Fortune 500 CEOs are women. But women have shown time and time again that they are up for tackling the next challenge. And I have no doubt that the disparity will continue to decrease.
ABQ Mom is partnering with Comcast to take one step to help women-owned small businesses in New Mexico. We are awarding one hard-working mom who is also a small business owner a $1,000 grant to further her business.
No business dream is too big or too small. ABQ Mom and Comcast want to empower women entrepreneurs.
Check out 2023’s Mom-Owned Small Business Grant winner.
Contest Rules
ENTRY PERIOD
The contest entry period commences on October 15, 2024, at 12:01 AM Mountain Time and ends on October 22nd, 2024, at 11:59:59 PM Mountain Time.
HOW TO ENTER
To enter, scroll to the bottom of this article and fill out the form. Applications will be accepted by online entry only. Entries must be received by the end of the entry period to be valid. Limit one (1) entry per person/e-mail address/business. Applicants must fully complete and submit all data requested in the application in order to be eligible. All entries must include a valid e-mail address for the applicant.
ELIGIBILITY
The program is open only to entrepreneurs who meet the following criteria:
- Applicant should be a woman entrepreneur who owns the largest or equal stake in a business that is majority (51% or more) owned and controlled by women.
- Applicant should be a mother.
- Applicant should be 21 years or older (as of October 1, 2024).
- Applicant should be a resident of New Mexico.
- The company must be formed under United States and New Mexico law and operate in the state of New Mexico.
HOW WINNERS ARE DETERMINED
Round 1: Eligible grant applications will be reviewed by members of a committee consisting of members of the ABQ Mom team.
Applications are due by October 22nd, 2024
Up to five finalists will be selected from among all eligible applicants based on the answers to application questions. If selected as a finalist, you will be contacted by e-mail and/or telephone.
All decisions of the organizer and the review committees with respect to finalists and all other matters pertaining to the program are final and binding and cannot be appealed or challenged.
Round 2: Up to five finalists will be announced to the ABQ Mom community for voting through an online form. One vote per email address will be permitted.
Voting will take place October 24th-November 3rd.
Winner: The finalist with the most votes wins the $1,000 grant for the purpose of growing her business provided by ABQ Mom and Comcast.
The winner will be announced on November 7th.
About Our Sponsor
Thank you to Comcast Business.
Already a Business Internet customer? You’re eligible for Comcast Business Mobile with flexible data options on up to 20 lines. And if you’re not a customer, Comcast can help you find the right internet plan. If you are interested in learning more, click here or contact local representative Jason Ward by phone 505-999-0213 or email.
This contest is closed.
Article Sources:
https://www.nawbo.org/hr-5050-white-paper
https://www.fool.com/the-ascent/small-business/articles/women-in-small-business-statistics-in-the-us/
https://quantic.edu/blog/2021/12/06/how-many-fortune-500-ceos-are-women/
