We know that in addition to the obstacles faced by all small business owners, female entrepreneurs encounter unique challenges such as work-life balance, lack of support, bias, and more. Between 2019 and 2023, women launched new businesses at almost double the rate of men, and according to findings by Guidant Financials' 2023 Small Business Trends Study, millennial women business owners outnumber men by 36%.
While those numbers are impressive, The Tory Burch Foundation has found women-owned businesses typically start with 53% less capital than similar businesses started by men. In 2022, business loans to women averaged $55,898, compared to men's $93,976 per Biz2Credit's 2023 Annual Women-Owned Business Study.
We're proud to support female leaders, but we understand that effective advocacy goes beyond recognizing challenges. We've been talking to businesswomen in an effort to learn more about the products and services they find helpful, the relationship they'd like to have with their banker, and more. We're committed to learning, understanding, and amplifying these experiences to become better advocates.
We'd appreciate hearing your stories too - the good, the bad, and the mediocre. If you'd rather have a face-to-face chat, let us know.
We believe that by championing female voices, providing access to resources, and fostering a supportive community, we can help pave the way to success. Take a look at some of the resources we've put together, and if you have suggestions let us know.
Oh, and if you'd like to network with like-minded women, check out a Citizens Womens Connection meeting. The presentations are great, and the camaraderie is even better.