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WASHINGTON – According to a new study by Bank of America, women entrepreneurs are optimistic about their future. More specifically, 58 percent of women surveyed believe their revenues will increase next year, up from 44 percent last year. Meanwhile, more than half of women business owners plan to grow their company in the next five years, while 21 percent plan on hiring more workers.
“Every week it seems there is a new survey showing that small business owners are optimistic about their company, the economy, and their future. Almost 85 percent of the women surveyed said improvements in access to capital increased their optimism. I am confident that the Small Business Administration (SBA) lending process will be even stronger after the legislation I introduced, the Small Business 7(a) Lending Oversight Reform Act, became law in June. The new law provides greater certainty for entrepreneurs as they work to obtain an SBA loan, while also strengthening oversight over the SBA’s most popular loan program,” said Chairman Steve Chabot (R-OH).
“Access to capital is key to small business growth, but research shows that it can be tougher for women entrepreneurs than for men,” said Sharon Miller, head of Small Business, Bank of America, in the report. “The fact that the overwhelming majority of women business owners see progress in the last 10 years is encouraging. Bank of America intends to do our part to keep the momentum going by continuing to support and lend to women-owned businesses because their talents, ideas and leadership in the marketplace are essential.”
According to the SBA Office of Advocacy, women own more than 11 million businesses in the United States and employ almost 9 million workers.
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