Female Minority-Owned Businesses Expand 156 Percent from 1997
Over the past several years, minority women have expanded their presence in the American small business world. According to the 2013 State of Women-Owned Businesses report released by American Express, women minority-owned companies increased by 156 percent between 1997 and 2013, and now make up one third of women-owned firms throughout the U.S. During that same time period, non-minority women-run companies grew by 32 percent.
In addition to the information presented on the prevalence of women in small business, American Express also provided data supporting the claim that there is a strong correlation between educational focuses and the business sectors minority women choose to pursue. For example, more highly educated owners tended to opt for entrepreneurship in the social services and health care industries.
The report also found that self-employed minority women who aren’t first-generation immigrants tended to focus on and benefit from networking activities. Dr. Sharon Freeman, president of the All American Small Business Exporters Association, said business owners with strong connections result in an improved access to capital, although women with ties to their home countries were more easily able to export businesses overseas.
If a small business owner is having trouble gaining access to working capital or has difficulty getting a small business loan, they can come to National Funding for assistance. National Funding can also help entrepreneurs expand business through equipment financing and can offer other financial advice.