Women-owned businesses are expanding rapidly in the United States. In 2017, 11.6 million women-owned businesses employed 9 million people and generated $1.7 trillion, according to the American Express State of Women-Owned Business Report. Revenue among women-owned companies has grown 104% in the past decade and generates more than $1 million each year.
The number of female entrepreneurs applying for loans rose to 29% in 2016, according to Rohit Arora at Forbes.
“Borrowers who previously refrained from borrowing money for expansion or capital improvements re-entered the credit markets. Because the economy has been relatively strong and because interest rates are still quite low, women entrepreneurs have shown a willingness to take on more risk by borrowing money to grow their businesses.”
Arora provides a detailed description of the most popular sources of business financing for women business owners in the US. Read the entire article here.
SourceFunding.org is committed to financial inclusion, streamlining access to quality and low-cost financing for women business owners looking to expand and grow their business.
Ashley Warmington, a student entrepreneur at the Medgar Evers College School of Business, was able to secure a 0% interest loan for $10,000 through SourceFunding.org’s partnership with Kiva. Her AirBnB management company CozyOasis will expand globally into three new countries and create several new jobs in Brooklyn, New York.