March 24th is equal pay day, a reminder of the persistent income inequality between men and women. According to CNBC, the gap was decreased by one percent this year as lower paid women either lost their jobs or voluntarily left the workforce to care for children.
“Gender inequities in the workforce are all the more dire today in light of the coronavirus pandemic,” said Sarah Foster, an analyst at Bankrate.com.
The pandemic has made matters worse for woman owned small businesses, as women have lower access to capital. According to USAToday, A house committee report found the Paycheck Protection Program left behind many minority- and women-owned businesses because banks prioritized lending to customers.
Women-owned businesses have been a driving force in the economy’s growth. About 42% of businesses were owned by women in 2019, compared with about 4% in 1972, according to American Express’ State of Women-Owned Business report in 2019. In the past five years, total employment by women-owned businesses rose 8%, versus an increase of 1.8% for all businesses, the report found.
This year, the Joseph Biden administration announced a plan to reduce disparities in the country through structural investments in disadvantaged communities. We are glad to see that the government and more companies are committed to combat income inequality and support woman owned small businesses.
Federal, state, and local governments represent significant sources of procurement contracts for woman owned small businesses. With certifications such as WBE/ WOSB/ DBE/ WBENC/ ACDBE/ EDWOSB/ SLBE /SBE, ImEx Cargo is playing a critical role in the Supplier-Diversity Program as well as contributing to the supply chain industry.