Updated: Jun 1
Women’s History Month is a time to celebrate achievements women have made over the course of American history, however one only needs to look to growth the last five years to be impressed as women-owned businesses grew more than 21%.
Despite the incredible growth, women-owned businesses are still in the minority of overall business ownership, and statistics indicate that female entrepreneurs start their companies with 50% less capital than their male counterparts.
Small-business loans from banks typically come with the lowest costs, but toughest eligibility qualifications. In 2016, large banks approved 50% of women-owned business applications and small community banks approved 67% — the highest among all funding sources — according to the most recent data from the Federal Reserve.