Women’s Business Ownership Act of 1988 rectifies the Small Business Act to set up programs and begin a campaign for helping the growth of small businesses regulated and owned by women owners. The Act also lays the goundwork for the National Women’s Business Council.
About Women’s Business Ownership Act of 1988
In the United States of America, Women’s Business Ownership Act of 1988 makes amendments to the Small Business Act for setting up programs and beginning a campaign or movement to help the growth of small businesses, which are owned by the woman entrepreneurs.
It is also responsible for the foundation of the National Women’s Business Council and allows for gathering of statistical data.
The Women’s Business Ownership Act and Executive Order 12138 (44 FR 29637, 3 CFR, 1979 Comp., p. 393) formulates a National Women’s Business Enterprise Policy and started organizing the systems for building, aligning, and enforcing a national program for the business enterprises owned by women.
The national program under the Women’s Business Ownership Act of 1988 is supervised and controlled by the Interagency Committee On Women’s Business Enterprise founded according to the order.
The definition of Women-owned business in this context is as follows:
A business which is minimum 51% owned by a woman or a group of women who also regulate and supervise it, is known as women owned businesses. According to this context, control implies using the authority to take business policy decisions. In the same context, the word operate denotes active involvement in the daily supervisory operations of the particular business.