Women reviving the US economy

Opposite to what the rest of the country experienced in the past 6 years of recession in the US, women owned small businesses have continued to grow and have been successful in providing employment for others. With their adaptability, they have effectively been successful in reviving the economy and are now becoming the fastest growing sector in the country.

The Hill reports that the women owned firms in the country account for around 30% of all private firms and are responsible for 11% of the total revenue. The report also stated that these businesses (8.6 million in number) provide employment to over 7.8 million people in the country. It added that by 2018, the women-owned businesses would create 5.5 million new jobs.

With the help of Small Business administration, along with other private organizations- providing them capital, training and mentors; women have been successful in achieving this feat.  According to the website, the impact of the recession could have been more devastating without these businesses’ ability to adapt to the changes and function accordingly. Yet, gaining capital still is a problem for these women-led ventures. According to NAWBO 2013 State of women-owned survey, loan approval for women owned businesses is 15-20% lower than it is for men.

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With women owned businesses being the leading factor in helping the country out at the time of crises, not having access to capital wouldn’t just hamper the business owners but also the economy of the country. “As the lifeblood of our economy, policymakers must ensure the successes of female entrepreneurs remain unfaltering and that these individuals are able to harness their unique strengths as we work to revitalize our economy, one woman business owner and one community at a time,” added Billie Dragoo, the chair of the National Association of Women Business Owners.

ORIGINAL SOURCE: The Hill

http://thehill.com/blogs/congress-blog/economy-budget/200153-female-entrepreneurs-leading-economic-resurgence