Celebrating Women-Owned Businesses
Updated: Jun 8, 2021
Continuing on with the celebration of Women’s History Month, we’re excited to share some interesting facts and statistics regarding women-owned businesses in Tacoma as well as the U.S.
“At last count, Tacoma was home to 4,727 woman-owned businesses, and our hope is that this number will grow exponentially as more women access the tools and resources available to small and micro-businesses in our city,” said Community and Economic Development Director Jeff Robinson.
- There were nearly 13 million women-owned businesses in the U.S. as of 2019.
- Women-owned businesses generated $1.9 trillion in revenue for the U.S. economy.
- 40% of US businesses are women-owned.
- 64% of new women-owned businesses were started by women of color last year.
- Latina women-owned businesses grew more than 87%.
- There are 114% more women entrepreneurs than there were 20 years ago.
- Women-owned businesses employ almost 9.4 million people as of 2019. (National Women’s Business Council)
- Over the past two decades, the number of women entrepreneurs has increased by 114%. (Inc)
- 62% of women entrepreneurs cite their business as their primary source of income.
- Private tech companies led by women achieve 35% higher ROI.
- Women-founded companies in First Round Capital’s portfolio outperformed companies founded by men by 63%.
- Women-owned businesses added half a million jobs between 1997 and 2007.
- Wholesale trade, retail trade and professional, scientific and technical services were the three industries that produced the highest total revenue for women-owned businesses in 2019.
- In 2018, the average loan size for women founders was 31% lower than it was for male founders. (Biz2Credit)
- 88% of the entrepreneurs in Urban Business Supports’ workshops are women.
In celebration of Women’s History Month, the City of Tacoma’s Community & Economic Development Department and Minority Business Development Agency are hosting a Woman-Owned Business Empowerment Panel Discussion on March 24, from 10 AM to noon. During this virtual event, prominent local female entrepreneurs will discuss the steps they took to achieve business success in Tacoma, as well as the resources and funding available for small and micro-businesses through the City of Tacoma and the Minority Business Development Agency. While this event is free to attend and open to all, pre-registration at WOBETacoma.eventbrite.com is required. -City Of Tacoma
Tacoma is a city powered by some incredibly talented women who have shattered glass ceilings, and through our Business Empowerment Series we want to help elevate them to greater levels of success,” -Mayor Victoria Woodards.
UPDATE
Securing funding is often a struggle for women entrepreneurs and business owners who want to grow their businesses.
Biz2Credit research has found that the average-sized loan for women-owned businesses was 42 percent less than for male-owned businesses in 2019. This is despite having relatively same-aged businesses (the average business age was between 4 and 4.75 years for both cohorts).
For female entrepreneurs facing funding difficulties, the below grants and financing options may be able to help.
We have an amazing guide shared with us via Bankrate that helps female entrepreneurs overcome gender lending gaps. You can access that here. This guide will point you in the right direction toward loans, crowdfunding, and grants available to you. Thank you to Bankrate for sharing this information with us!
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