October is National Women’s Small Business Month. According to the Census Bureau’s most recent Annual Survey of Entrepreneurs in 2016, of all the businesses with employees in the US, 1,118,863 are women owned. In other words, of employer businesses, 21% are majority female owned. These businesses employ 9.4 million people with a total annual payroll of $318 billion. Women-owned firms have an average of eight workers and $1.3 million in annual sales.
Despite this, women can struggle to obtain credit and small business funding, even though women entrepreneurs tend to pay off debt faster than their male counterparts.
Building a strong financial foundation as a new entrepreneur is essential to long-term business health. You need to carefully think through all aspects of your business and plan for its growth.
We applaud every woman business owner and thank them for their economic contribution, support for their communities, and for paving the way for future generations of female entrepreneurs.
At Warren-Boynton, we enjoy working with business owners of all stages and sizes. We offer commercial loans for real estate, equipment term loans, operating lines of credit, agriculture loans, and long term, fixed interest rate farm real estate loans via Farmer Mac.
If you have any questions about our business banking or loans, you can reach our loan officers here [https://www.wbsb.net/Information-Desk/Staff-Directory/]. Also, you can read our blog on commercial lending here [https://www.wbsb.net/Blog/Posts/11/Business-Banking/2017/1/Commercial-Lending/blog-post/].