According to information from the Small Business Administration (SBA) cited by NerdWallet, 2015 has seen a strong amount of small business financing so far. However, overall male-owned businesses still account for nearly three-quarters of loan guarantees from this source. For female entrepreneurs who want to make greater strides in their business development, the solution could involve researching capital financing opportunities as they arise.
While the source notes that achieving SBA loans is “a tough get for any small-business owner,” the SBA does make an effort to direct female owners to important resources. However, promoting these opportunities may only be part of what’s necessary to create more owner diversity. Federal authorities also need to focus on improving loan mechanisms in general.
A July 2014 report also referenced by NerdWallet showed that women owned nearly 29 percent of all firms in 2007 after a five-year growth rate of 20 percent. The document concludes with a call for better access to capital, federal contracts and business training for women interested in business pursuits.
“As women-owned and women-led businesses continue to increase their impact, it is more important than ever that public and private sector efforts to support their growth are focused on critical areas of need,” the authors of the report stated. “While many succeed, women still must overcome the barriers their male counterparts do not.”
Growth Capital offers all owners the chance to seize resources and start planning a better future for their business. Contact us today to take advantage of available funds and avoid paying unnecessarily high interest.