There has been a 114% increased growth in the past 20 years of women entrepreneurs running businesses. Still in the US only 4 out of 10 business are Women-Owned. Women are making moves in the right direction at an historic speed.
In 2019 women started a net total of around 1,821 new businesses every single day. 64% of those businesses were by women of color. So, the biggest growth in Women-Run Business was made up by the majority of women of color taking the leap in starting Small Businesses.
Those Small Businesses started weren’t just casual side hustles or borderline hobbies. There are statistics that show 62% of Women Entrepreneurs Businesses are their primary source of income. Women are taking a chance and putting in the work to ensure their small businesses are a success.
Most women don’t even apply or look for business financing. Only 25% of women apply for any type of business financing in comparison to the 33% of men who do. Women also ask for an average of $77,000 while men ask for an average of $109,600.
Forbes shared that women-founded companies in the venture capital firm First Round Capital’s portfolio outperformed those founded by men by 63%. Women are out here doing things in a big way in the venture backed space, considering that only a mere 7% of venture funds were given to Women-Owned Startup’s.
Though it may be hard for Women-Owned businesses to be approved for conventional loans, 57.4% of SBA Microloan Program Loans were given to Women-Owned or Women-Led Businesses.
Women-Owned Businesses added half a million jobs in the US between 1997 and 2007. If women start and continue to support each other through education and resources, they could add even more jobs increasing prosperity and helping the economy.