Women have proven time and again that we are the backbone of the business world.
By Brianna Salinas, Illustrations by Jessica Wetterer
According to Fundera by NerdWallet, the average entrepreneurial woman can witness a $5,000 disparity between the offered average loan size and that offered to her male counterparts. In order to see a rise in loan amounts given to women, there must be a considerable rise in what women are willing to ask for. By requesting higher loan amounts, the loan amounts funded will, in turn, also rise.
While women-led businesses receive less funding, women’s companies are seen growing at a considerably higher rate than men’s. The average women’s company grows by 84%, whereas a man’s company will grow at 78%. Women are seen to have a faster rate of creating jobs and developing their businesses.
Since 2007, Hispanic women-owned businesses have grown at an astonishing rate of 172%. The National Women’s Business Council reports that Hispanic women can be thanked for supplying 570,000 workers with jobs. According to American Express, 400 Hispanic women-owned businesses are founded daily.
According to Forbes, female-founded startup businesses were shown to receive a higher revenue than businesses founded by men. The study, which was led by Mass Challenge and BCG, included 350 startups and found that women-founded businesses earned twice as much money as their male counterparts. This discovery proves that female-owned businesses are noticeably safer for investors.
Women of color are the leaders in the entrepreneurial siege of women-led businesses. According to Business Wire, between 2014 and 2019, women-led businesses grew at a rate of 21%. Businesses that were headed by women of color grew at a noticeably higher rate of 43%–while African American women-owned businesses grew higher still with a rate of 50%.