Women Owned Business Facts
- Women-owned businesses continue to fuel the economy and now represent 42% of all businesses – nearly 13 million – employing 9.4 million workers and generating revenue of $1.9 trillion.
- Maryland has the highest rate per capita of women-business ownership in the United States.
- 276,630 number of women-owned businesses, which is 52% of all businesses in Maryland. https://www.census.gov/quickfacts/fact/table/MD/PST045219
- Maryland has 42 minority-owned businesses for every 100,000 residents and 17.5 businesses owned by women per 100,000 residents. https://mdchamber.org/women-and-minority-owned-business-representation-rank…
- The needs of women and the socially and economically disadvantaged in our service area are particularly high when compared to Maryland overall. According to the U.S. Census (2018), the median household income for the State of Maryland is $81,868, while the median income for Baltimore City and Baltimore County are $48,840 and $74,127 respectively. On the Eastern Shore the median household income varies widely, such as Somerset County, whose average is $42,165 per household.
- In a survey of microbusiness owners entitled, “In Search of Solid Ground: Understanding the Financial Vulnerabilities of Microbusiness Owners” (2014) by the Corporation for Enterprise Development (CFED), it was found that although, “microbusinesses contribute significantly to both nation-wide economic activity and their owner’s household balance sheets many remain financially vulnerable, struggling to make ends meet and build wealth over time”. This is ultimately due to a lack of small business resources and support especially for women and minority-owned businesses as “microbusiness owners, especially the most disadvantaged among them, might be more susceptible to financial shocks” and risks. The risks, “are further amplified when they coincide with an unstable financial footing, making every financial decision even more significant.” These negatives make having a one-stop shop for ongoing support and resources for microbusinesses even more vital.
- It is the ongoing support that MCE offers that women often cite as their biggest need in starting a business. In fact, Forbes Magazine (2018) highlighted this need in the article entitled, “8 Major Challenges Women Face in Business”. One of the challenges is an inadequate support system. For women, “struggling or failing in business could be the result of a lack of an adequate support system”. Furthermore, “women tend to face the greatest challenges, from lacking the relevant connections to needing financial access or emotional support. They also need mentors and sponsors to guide them in this new path. The support system is often expensive, forcing women to delay starting their business”. The new WBC will offer free networking, education, ongoing mentorship and support, access to capital through MCE, and resources that so many women-owned businesses in our service area currently lack.