OnDeck is proud to support and empower business owners across the U.S. This October, in honor of National Women’s Small Business Month, we are highlighting accomplishments from women business owners all month long. Additionally, we’ve compiled some of the best advice we’ve heard over the years on how women business owners can overcome some of the specific financing challenges they face.
Women-owned businesses represent one of the fastest growing segments of businesses in the U.S. They account for 40% of all privately-held firms in the U.S. However, 64% of women-owned firms reported a funding gap in 2018, compared to 56% of men-owned firms, and women business owners are more likely to bridge financial gaps with personal funds (i.e., personal credit cards or savings). Check out “Challenges Facing Women-Owned Businesses” for more information on trends in female entrepreneurship.
Customer Stories
We asked some of our female customers on how they overcame challenges in building their business and getting financing. Check out what they had to say below:
Leah Retamozo, Owner and Founder of Bilingual Child Care and Education Center
“Seek out other female business owners, entrepreneurs, bankers, insurance brokers – it’s very challenging to always be facing panels of men who are judging your finances and your ability.”
Sybil Forsythe and Linda Gregory, Co-Owners of Family Choice Home Care
“Female business owners face lots of different challenges when starting their own business, especially financially. I think most of the contacts that we had dealt with were male and whether it’s conscious, or subconscious, I think sometimes the perception is that females don’t always have the business knowledge needed to run their business, or offer products, or marketing, or able to run finances.”
Ellen Rozelle Turner, President & CEO of the William Everett Group
“Starting at about age 15 I helped my grandfather with running his shoe store. There were certain skills he didn’t have, and I was able to help him out. I think it just gave me confidence from an early age that if you want to do something, do something. It doesn’t matter if you’re a girl or a boy.”
Looking for more words of wisdom from accomplished women? Check out “Quick Advice for Women Small Business Owners” for tips from some of the senior female leaders at OnDeck.
"How She Built This" Panel Events
As part of National Women’s Small Business month, we invited a number of successful female entrepreneurs to our offices in New York and Denver to share their stories on overcoming challenges when building a business. From financing issues to growing your business at a sustainable rate, they provided invaluable insights into how they’ve gotten to where they are today.
Check out our article, “How She Built This: Tips From Other Successful Women Business Owners”, for some tips from entrepreneurs who have been there on how to build and scale your business successfully.
Educational Resources
Looking for tips and advice to move your business forward for Women’s Small Business month and beyond? check out the resources below on setting your business up for success.
A Guide to Financing for Women-Owned Businesses
Crucial Guidance for Women Business Enterprise (WBE) Certifications
Most government agencies, including city, state and national entities, as well as public companies, allocate a certain percentage of business to Women Business Enterprises (WBE) – find out how you can get certified and win key business.
8 Questions About Business Credit: Answered
Debunking Myths About Women in Business
5 Lessons Learned From Making the Switch From Corporate Life to Entrepreneur Life
Jumping from the corporate world into owning your own business can be difficult yet rewarding – check out 5 tips on how to make the transition easier.
Learn more about ways to participate in National Women’s Small Business month at the WBENC website.
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