Nearly 63 percent of women financed their businesses from their own savings… why is that? Women have been starting new businesses at record highs since just twenty years ago. According to the Census Bureau, 40% of businesses in the U.S. are female owned. This is incredible news being a female entrepreneur myself!
When it comes to financing options for women and their startup ventures, there seems to be less options due to credit requirements and financial history reporting that is used in business lending applications. If females are just peaking into the entrepreneur realm, it would not be feasible for them to have years’ of business tax returns and documentation to show a lender. Luckily, more grants and loan opportunities are becoming available for women looking to start a business.
In my new episode, I have voiceover actress and my dear friend, Melaine Morgan, join me to have an open discussion on the challenges female entrepreneurs face. We also dig deep into the gender pay gap we have experienced ourselves. Every time I think about one of my first Banking jobs, I always reflect back on how it felt to get paid THOUSANDS of dollars less than a gentleman I had to train. The sad part is, I even ended up making less after I was promoted to a managerial position. The pay gap is real and it greatly affects women who are Hispanic, African American, and American Indian.
So most people tend to ask, well what can we do to help change these statistics? The only way to honestly move forward is to make people aware of the gaps that are present, and work together to support each other in any way possible. The small business community has suffered enough due to the pandemic. If we can begin supporting each other within our communities and across social media platforms, we can help keep small businesses alive and thriving.
For the women out there who are either looking to start a business or already are a business owner, remember this: Female-owned businesses generate over $1.8 TRILLION each year. Our businesses matter and the support we provide to each other matters even more.
Hope you enjoy the episode and as always, feel free to message me for topic ideas and/or questions you would like to hear answered on our podcast.
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