One of the fastest-growing sectors in the U.S. economy since 2019 may surprise you. It’s not the tech giants or corporate expansion, instead, it’s women-owned businesses, a trend not only reshaping industries, but also influencing how we think about entrepreneurship. From technology to medicine, digital services to retail, women are forging their own paths with new job opportunities and making their mark in the field.
What’s driving the success of these entrepreneurs? What resources are helping fuel their influence in contributing to economic growth? And how can First Bank Texas help you with your own women-owner business?
Growth and Expansion
According to the 2024 Wells Fargo Impact of Women-Owned Businesses Report, from 2019 to 2023, women-owned businesses’ growth rate outpaced the rate of men’s by 94.3% for the number of firms, 252.8% for employment, and 82.0% for revenue. And out of those businesses, nearly half a million brought in revenues between 250,000 and $999,999 growing their aggregate revenues by about 30%.
Women entrepreneurs are expanding into a wide range of industries, with finance, insurance, real estate, transportation, and warehouse sectors showing the highest growth rates at nearly 50%. Historically, women-owned businesses have primarily focused on industries such as:
- Services (pet care, beauty)
- Professional, scientific, and technical services
- Administrative support, waste management, and remediation services
- Healthcare and social assistance
However, these women are now branching out into new territories, breaking through the barriers of traditionally male-dominated sectors. This isn’t just in the United States, but globally.
According to the Global Entrepreneurship Monitor’s 2023/2024 Women’s Entrepreneurship Report, women entrepreneur startups went from an average 6.1% in 2001-2005 to an impressive 10.4% for 2021-2023. Notably, several countries such as France, the Netherlands, and Hungary saw women’s startup rates more than double.
Community and Resources
Venture capital is no longer the only resource available for women entrepreneurs. Since the pandemic in 2020, investments into small businesses have been pouring in, with levels of funds, grants, and loan aids that haven’t been seen before. Besides Paycheck Protection Program (PPP), and community development financial institutions (CDFIs), small business loans from First Bank Texas, can help these entrepreneurs to grow or get their foot in the door. You can contact a local First Bank Texas lender who can help you gain up to 90% financing for your Texas business!
Women-owned business are not only contributing to the economy, but are more likely to invest in their communities, prioritizing sustainable growth, and creating new jobs. They’re also leading the way in shaping a more inclusive, diverse, and innovative entrepreneurial landscape.
As they continue to break barriers, expand into new sectors, and reinvest in their communities, it’s clear that supporting women entrepreneurs is more important than ever. And at First Bank Texas, we are committed to helping women entrepreneurs succeed. After all, encouraging and providing the resources these women need to succeed will lead to a more prosperous and equitable economy for all.
Tips for Growth
- Certification: Becoming certified in your field can unlock new opportunities and contracts. The Women’s Business Enterprise National Council (WBENC) and National Minority Supplier Development Council offer certifications that can enhance your business’s credibility and competitiveness.
- Business Centers: Many business centers offer counseling, training, and networking opportunities. First Bank Texas’ business advisors can help you with questions you have when it comes to running or expanding your business. You can also explore resources available from through the U.S. Small Business Administration.
- Networking: Networking is a powerful tool for any small business owner, especially for women entrepreneurs. Consider attending local business networking events in North Texas to connect with other entrepreneurs. You can find events through local business journals, Chamber of Commerce, Facebook groups, or platforms like Eventbrite. If you prefer to go through word-of-mouth or other low-cost marketing options are available to you!
Supporting women-owned businesses is more than just a trend; it’s an essential step toward building a more robust, innovative, and inclusive economy. To learn more about business loan options for women entrepreneurs in North Texas, contact First Bank Texas or visit a branch today.
