Ohio’s business improvements may be a sign of those happening on the national level. Cincinnati.com recently reported on the amount of revenue directed to women-owned businesses last year alone and found that women and minority-owned businesses accounted for $36.2 million in contract funds. The number represents a major leap over the previous year, when these demographics were responsible for $8.2 million, and an even bigger one over 2014, when these companies took in just $4 million.
The source attributed this to an effort on the city’s part to enact change, spearheaded by a comparative study on business demographics published in 2015. While this may have been a driving point for the city’s focus, it also could represent a smaller subsection of the greater opportunities other reports have seen.
Specifically, the 2016 American Express OPEN “State of Women-Owned Businesses Report” showed signs of nationwide growth through various metrics. This report said that approximately 1,072 firms that were at least majority-owned by women launched daily between 2007 and 2016.
“The percentage of businesses owned by women seems to be increasing as well.”
What’s more, the percentage of women-owned businesses seems to be increasing as well: In 2002, such companies accounted for 28 percent of all firms, but by last year this number had increased by 10 percent.
Commercial lending can make a big difference for owners seeking more funding and new facilities. Women business owners can use Growth Capital’s programs as a launching point to obtain much-needed capital finance.
The SBA 504 loan program in particular can be a useful tool, with as much as $5 million available in government loans for any non-manufacturing purpose. Businesses that have a net worth lower than $15 million can reap the benefits of this by applying. Contact us today to find out more about the right funding program for you.