New Study Finds Women-Owned Small Businesses Thrive in Western States
LEHI, Utah, March 19, 2024 /PRNewswire/ -- In honor of Women's History Month, Lendio released a study identifying the best states for women-owned small businesses. Top states were mainly concentrated in the west with Washington and Colorado taking spots one and two. Delaware and Maryland were the only two non-western states that made the top 10.
Lendio analyzed seven metrics to determine the best states for women entrepreneurs, including factors such as share of employer businesses owned by women, percentage of female-owned businesses that earn a revenue of $1 million or more, percentage of patents filed by women, and growth in the number of women-owned small businesses. Data was collected from multiple sources including the U.S. Census Bureau and Bureau of Labor Statistics.
The full top 10 list included Washington, Colorado, Delaware, Oregon, California, Utah, Maryland, Arizona, Hawaii and Wyoming.
While Washington has the highest percentage of women-owned businesses (42%), other states have shown significant growth in the number of women-owned businesses in the past decade including Florida (36% increase) and South Carolina (30% increase).
"Women entrepreneurs are key drivers of the U.S. economy employing 10 million workers and generating $3.9 trillion in revenue," said Brock Blake, CEO and Co-Founder of Lendio. "The rapid growth of women-owned small businesses over the last few years is encouraging, but we know there is still work to do. Access to capital is critical for small businesses to survive and grow, but in 2023 women only received 28.4% of the dollars offered in SBA loans. Process improvements and advancements in loan underwriting technology are critical to improving equitable access to capital."
To access the full study, visit Lendio's website.
About Lendio
Lendio is transforming small business lending by connecting small businesses, lenders, and small business service providers through a single integrated technology platform. We are on a mission to power an ecosystem that helps small businesses survive and thrive. Lendio provides purpose-built software that automates small business loan decisioning and underwriting for both banks and digital lenders, uses AI to match small businesses to the financing offers that best meet their needs, and embeds a full small business loan marketplace directly within small business service providers' platforms – all of which work together to get small businesses access to the capital they need to be successful.
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SOURCE Lendio
