President Joe Biden on Monday announced new resources to support women small business owners at the second annual Women’s Business Summit.

At the event, hosted by the U.S. Small Business Administration, Biden announced the agency will expand its Women Business Centers network — centers “specifically designed to assist women, providing training, mentoring, business development, and financing opportunities,” the White House said — by an additional 15 locations, bringing the total to 160 centers nationwide, "the largest number in all of American history."

"Last year, startups with all-women teams recieved less than 2%, less than 2% of all the venture capital dollars," Biden said. "My administration, and in particular Vice President Harris, are working hard to change those numbers so more Americans with great ideas and strong plans can get the boost they need to launch successful businesses."

Biden also highlighted plans to aid small businesses through the more than $600 billion the federal government spends every year, including its goal of increasing the share of federal contracting dollars awarded to small disadvantaged businesses by 50% and ensuring funds from his major legislation — namely the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act — go to women-owned businesses.

"As we implement major pieces of legislation that I signed into law during the past two years, we're ensuring women are fully at the table," Biden said.

The announcement comes months after the White House celebrated a record 10.5 million new small business applications were filed during the first two years of the Biden-Harris administration.

“Small businesses are the engines of our economy,” the White House wrote in a statement, touting Biden’s efforts to aid their growth and recovery from the COVID-19 pandemic. “As a result of these actions, a record 10.5 million applications to start new businesses have been filed in the last two years– each one representing the hope and entrepreneurial spirit of America’s small business owners, and the faith and confidence they have in America’s future.”

The White House noted that the event coincides with Women’s History Month, touting the fact that women own 12 million of the country’s nearly 32 million small business, employing 10 million workers. Women started nearly half of all new businesses in the U.S. in 2021, and annual earnings for women-owned businesses increased almost 30% last year — 35% in manufacturing — the White House added.

"It was only 35 years ago in 1988, that the Women's Business Ownership Act was signed into law. Before then, in many states, if a woman applied for a business loan, she needed her husband, her father, or her brother to cosign for her. I'm not joking," Biden said. "That's why what you're doing today along with women across the country is so important. You're helping America be a [country] where everyone everyone can participate, where everyone's contribution is valued and where everyone has a freedom to pursue their dreams and build the future that they dream of."

The Biden administration touted efforts that it has taken to support women-owned businesses, specifically noting its nearly $70 million investment in the Women Business Centers network, which allowed it to expand to all 50 states, Washington, D.C., and Puerto Rico — including at Historically Black Colleges and Universities, Hispanic-Serving Institutions and other minority-serving institutions.

Biden also highlighted a $10 billion investment through the American Rescue Plan to support small businesses nationwide, delivering more than $10 billion in capital through SBA loans to women-owned small businesses, and awarding $100 million in grants through the Community Navigator Pilot Program, which provides resources to traditionally hard to reach small businesses.

"$10 billion is going to programs run by states and U.S. territories and tribal governments, which then are matched with public and private dollars, leveraging tens of billions more for small business. It's about leverage," Biden said. "This is vital because we know that plenty of companies with potential don't get off the ground or can't grow because they can't get the startup funds or venture capital."

"This can be a major barrier for women entrepreneurs," Biden added.

After Biden spoke, SBA Administrator Isabella Guzman moderated a panel with a number of prominent business leaders, including Spanx founder Sara Blakley and ClassPass founder Payal Kadakia.