October is National Women's Small Business Month, and Community Business Finance recognizes the entrepreneurial women whose talents help sustain our nation's economy. As of January 2018, there are an estimated 12.3 million women-owned businesses in the United States that employ 9.2 million people and generate more than $1.8 trillion in revenues, according to the "2018 State of Women-Owned Businesses Report" commissioned by American Express.
It might be surprising to learn that women-owned businesses that generated revenues of more than $1 million increased 46% over the past 11 years vs. 12% of all U.S. businesses. Accessible financing is paramount to these businesses' growth, and Community Business Finance is proud to help women achieve their business dreams.
According to the "2018 State of Small Business" survey by Guidant Financial, women accounted for 26 percent of current business owners, an 18 percent increase compared to 2017. However, 74% of women cited obtaining funding as the top challenge when opening a business. Despite only 6% of women reporting they used an SBA loan (compared to 30% of male respondents), it remains the top funding method female entrepreneurs pursue when starting a business.
Research by the Boston Consulting Group indicates that businesses founded by women ultimately deliver higher revenue than businesses owned by men. In spite of a lack of access to capital, startups founded and cofounded by women actually performed better over time, generating 10% more in cumulative revenue over a five-year period.
Community Business Finance is proud to support female entrepreneurs with access to the affordable financing they need to achieve their dreams. Visit our 504 School to learn how the 504 Loan Program provides funds with fixed-rate financing and low down payments, or fill out a short online form to get started and a loan expert will contact you. You can also contact our offices directly.
Business Development Director
800-462-1017, ext. 203
713-457-1650, ext. 201