News & Insights

Strategies for Supporting and Succeeding in Women-Owned Businesses

It has been reported that the number of businesses owned by women has increased at nearly double the rate of those owned by men. According to the National Women's Business Council's (NWBC) 2023 Annual Report, women-owned firms are responsible for creating approximately half of all new businesses for the third consecutive year. As of 2023, the most recent statistics indicate that women own and operate 1.4 million enterprises with employees. As we celebrate Women's History Month and prepare for International Women's Day, it's essential to continue supporting women-owned small businesses.

Entrepreneurship rates have been trending upwards in the United States for the past 19 years.

The top three challenges in entrepreneurs:

1) Recruiting

2) Inflation

3) Insufficient Capital or Cash Flow.

Securing Capital as an Entrepreneurial and Small Business Owners in 2024

Securing funding remains a critical aspect of success for small business owners and entrepreneurs. However, the process of obtaining a bank loan can often time be difficult especially when facing challenges posed by traditional banking institutions. The latest Biz2Credit Small Business Lending Index, Big banks approved 13 percent of small business loan applications last month, down from 14.5 percent in January. However, Small banks’ approval percentages rose from 19.3% in September to 19.5% in October, marking an increase every month since June 2023. Understanding the landscape and employing strategic approaches could enhance small business owners and entrepreneurs to secure vital capital.