October is National Women's Small Business Month, and later in the month Small Business Patch will be featuring a woman entrepreneur in our newsletter feature. Today we bring you 5 interesting facts about women in small businesses to kick-off the month. We'll be featuring other content about women in small business throughout the month.
Free Enterprise, the FindLaw Small Business Law Blog, presents the following facts: 1. Small businesses owned by women are on the rise. Women own 30% of all businesses, 90% of which are small businesses. October was designated as National Women's Small Business Month to increase the resources and awareness for women in small business.
2. Small businesses owned by women are receiving more SBA-approved loans. San Fran, NYC, Houston, Denver, and Washington, D.C. are the top 5 cities for women entrepreneurs.
3. Businesses owned by women are generating huge revenue. 8.6M woman-owned businesses in the US generated $1.3 trillion in revenue and employed 7.8M people.
4. Female business owners are changing gender dynamics. Leaning in or leaning back, women are bringing their expertise and leadership styles to running small businesses.
5. Women are creating jobs -- the most jobs. Woman-owned businesses have contributed to strong job growth in an economy that shows it in previous few other places.