Small business owners are gaining recognition and support, especially at a time when many need the assistance more than ever. Women entrepreneurs are faced with specific challenges, both during “normal” times and during the pandemic. Arizona’s new resource for female business owners provides the help and guidance they need to gain and sustain their success.

Entrepreneurship on the Rise

For the past 19 years, the rate of entrepreneurship in the US has been trending upwards. In 2020, there were 33.7 million small businesses in the country, which accounted for 99.9% of all businesses. These small businesses employ 60.6 million people.

Female business owners account for 12.3 million small businesses in the US. Of the small businesses founded by women, 30% are in the wholesale and retail industries and 20% are focused on the areas of health, government, education, and social services.

In Arizona, small businesses created a net of 44,301 jobs in 2019. The smallest businesses, those employing fewer than 20 employees, saw the largest gains as they added a net of 25,320 jobs. Firms that employ between 100 to 499 employees added a net of 7,930 jobs.

Female Business Owners

In the US, those 12.3 million women-owned businesses, which account for 40% of all US businesses, generate $1.8 trillion each year. In 2019, women started 1,821 new businesses. The number of women-owned businesses is growing as well, as there are currently 114% more female business owners than there were 20 years ago. More than just a hobby, 62% of women entrepreneurs say their business is their primary source of income.

Access to Capital

According to SCORE, female business owners believe that their access to capital has improved over the past 10 years, but 58% still say they don’t have the same access to capital as their male counterparts. Only 34% of women entrepreneurs think they will eventually gain equal access to capital, which they believe might happen by 2033. About a quarter (24%) don’t think they will ever have equal access to capital.

A separate study cited by Forbes indicated that 79% of women entrepreneurs feel more empowered now than they did five years ago, but 66% still say they have difficulty in obtaining the funding they need for their business.

Arizona’s New Women’s Business Center

A new resource for female business owners is now available at the Women’s Business Center (WBC), located within Chicanos Por La Causa (CPLC) and overseen by Prestamos CDFI. CPLC received one of 20 grant awards from the US Small Business Administration to support the launch of their Women’s Business Center.

The CPLC WBC is expected to serve over 1,000 aspiring and established female business owners in the metro Phoenix area each year, along with rural and underserved communities. The programs offered by the WBC are designed to provide access to resources for those just beginning their entrepreneurial journey and for those who are ready to take their businesses to the next level. In particular, this new resource for female business owners will help them overcome the obstacles they experience in the business world during “normal” times and during the pandemic, including access to capital.

Participants in the CPLC WBC will have access to workshops, individual coaching, networking, technical assistance, microlending, and other resources. Coaches will help to empower women entrepreneurs in the areas of operations, accounting, financial management, marketing, website and digital strategies, and human resource concerns.

SBA Administrator Jovita Carranza said of Arizona’s new resource for female business owners, “Expanding the WBC program is part of this Administration’s longstanding commitment to the success of female entrepreneurs and women-owned small businesses. Adding these new Women’s Business Centers to the already existing network of centers across America will boost timely resources to our nation’s female economic drivers, providing them with local training and counseling.”

THE FINANCIAL EXPERTS AT CLEAR VIEW BUSINESS SOLUTIONS CAN HELP YOUR SMALL BUSINESS

The accountants and bookkeepers at Clear View can put your business on the path to success during COVID-19. As your financial experts and advisory consultants, we will analyze your current business model and give you solid advice on what you can do to shift in response to the pandemic.

The past year, in particular, has been a challenge for many small business owners and solo-preneurs and we are here to guide you with professional business advisory services, tax planning and preparation, accounting, and bookkeeping. Learn more about how we can help you and your business by contacting Clear View Business Solutions to speak to our team about our services. Give us a call at (520) 544-0177.