# Celebrating National Women’s Small Business Month: Supporting Women-Owned Businesses
In honor of National Women’s Small Business Month this October, SmartBiz is thrilled to join forces with esteemed organizations such as the Small Business Administration (SBA), National Women’s Business Council (NWBC), and the National Association of Women Business Owners (NAWBO). We take pride in highlighting the remarkable achievements of women entrepreneurs across the country and commemorating the Women’s Business Ownership Act, a pivotal legislation that has fostered the growth of women-owned businesses since its passage in 1988.
## The History of Women-Owned Businesses in the U.S.
The landscape of women-owned businesses in the United States has evolved significantly over the years. Back in 1972, there were only a little over 400,000 women-owned businesses in the country. Interestingly, until 1988, women were required to have a male relative cosign their business loan applications. However, the Women’s Business Ownership Act revolutionized the entrepreneurial landscape for women by abolishing such archaic laws, establishing support programs, and enhancing the SBA’s access to capital, thereby providing vital financial assistance to organizations focused on women-owned small businesses. Consequently, National Women’s Small Business Month, celebrated each October, serves as a tribute to this groundbreaking legislation and recognizes the hard work and determination of women entrepreneurs nationwide.
## Fast Facts about Women-Owned Businesses in the U.S.
Women-owned businesses play a significant role in fueling entrepreneurship and driving the U.S. economy. Consider the following compelling statistics from the 2022 NWBC Annual Report*:
– Presently, there are over 13 million women-owned businesses in the United States.
– As of 2019, women-owned businesses accounted for 42% of all U.S. businesses, generating a staggering $1.9 trillion in revenue.
– Between 2014 and 2019, the number of women-owned businesses grew by 3.9%, with businesses owned by minority women experiencing a remarkable growth rate of 7%.
– In 2019, women-owned firms (with majority ownership of 51% or more) employed 10.8 million workers. They also witnessed a remarkable 28% growth in their workforce between 2012 and 2019, surpassing the growth rate of men-owned firms (10.8%).
– Notably, one in every five firms with revenue exceeding $1 million is woman-owned.
(*Please note that the aforementioned data is based on the latest available information from 2019.)
## Celebrate National Women’s Small Business Month: How You Can Get Involved
There are numerous ways to celebrate National Women’s Small Business Month, and here are a few exciting ideas to consider:
1. Spread the Word: Raise awareness about the significance of National Women’s Small Business Month by sharing the aforementioned facts and statistics, as well as inspiring success stories from your local community.
2. Support Women-Owned Small Businesses: Show your support for women entrepreneurs by visiting woman-owned small businesses in your community or online. By purchasing products or services from these businesses, you not only contribute to strengthening the economy but also support a vital demographic.
3. Stay Connected: Follow the hashtag #NWSBM on Twitter® and Instagram® to discover valuable information about National Women’s Small Business Month and learn how you can contribute to this influential movement.
For women-owned small businesses, there are valuable resources available to aid in your growth journey and opportunities to share your success, including:
### Financing Women-Owned Small Businesses: Navigating Challenges and Overcoming Obstacles
Despite the remarkable strides and invaluable contributions made by women-owned businesses to the U.S. economy, women business owners face unique obstacles when it comes to obtaining financing for their ventures, often in comparison to similarly qualified male entrepreneurs. According to NAWBO, a significant percentage of women business owners resort to credit cards (63%) for financing, while only a small portion utilize commercial bank loans (13%) or personal bank loans (11%). Additionally, the 2022 NWBC Annual Report revealed that 47% of African American women business owners encountered challenges or difficulties when seeking business financing.
Furthermore, the report found that 62.3% of women sought financing to cover operating expenses, compared to 54.6% of men who pursued the same. Additionally, a higher percentage of men (32.6%) applied for financing to expand their businesses, explore new opportunities, or acquire business assets, in contrast to 26.3% of women-owned businesses.
At SmartBiz, we are dedicated to supporting women-owned small businesses in securing the capital necessary for growth and success. One of our esteemed customers, Vanessa Carter, founder and CEO of One View Communications®, recently celebrated a decade of business success. Located in northeast Ohio, One View Communications® offers streamlined voice and data communications solutions to small and medium-sized businesses. Despite minimal advertising efforts and relying on positive word-of-mouth reviews, Carter steadily built her business and weathered the challenges of the pandemic, receiving commendable customer feedback along the way.
Recognizing the potential for further expansion in 2022, Carter turned to SmartBiz for financing solutions. With the assistance of her dedicated Relationship Manager, she successfully secured a $275,000 Small Business Administration (SBA) loan from one of our trusted bank partners. Carter plans to allocate the funds towards vendor costs, marketing initiatives, improving cash flow, and expanding her workforce.
Reflecting on her experience working with SmartBiz, Carter expressed her satisfaction and stated, “It was a great experience, and it also allowed me to assess our business from a lender’s perspective, which was incredibly helpful. I highly recommend SmartBiz to any entrepreneur seeking SBA or other funding options for their business.”
Carter also emphasized the importance of maintaining a manageable work/life balance, advising fellow small business owners to take time to recharge and enjoy weekends. “Business owners need to refresh, calm themselves, and welcome the weekends. Whatever it is, it can wait.”
Whether you are seeking financing options or exploring flexible and innovative funding solutions, SmartBiz takes pride in being the leading financing platform that connects small businesses with the SBA, bank term loans, lines of credit, and other viable options. Visit SmartBiz today to see if you pre-qualify in just five minutes and open doors to business growth and prosperity.
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