Camino Financial and its staff allocate considerable time to empowering women. We are aware of the insurmountable challenges these brave female business owners must face, but we also know that, with determination and the proper support, they are reshaping the US workforce and changing its economic landscape. In this article, we’ll review numbers and other data that reveal truths about their accomplishments. You’ll also learn about the institutions that are empowering women in the US.
Empowering Women: Women Entrepreneurs Are Making A Difference
Reasons Women Start a Business
Women start businesses for many and varied reasons, in most cases, different from their male counterparts. While men start businesses primarily for growth opportunities and profit potential, women often do it in order to meet personal goals and gain accomplishments.
Small Businesses Owned by Women Are Succeeding
The quoted data below was collected by the Women’s Business Enterprise National Council (WBENC) regarding women-owned businesses in 2018. The revealing numbers about growth and profit prove that female entrepreneurs are succeeding and impacting positively the US economy.
Three Main Industries Drive Women’s Success
- 50% of women-owned businesses are concentrated in the above three industries
- According to the Women’s Business Enterprise National Council, “Industries with the highest growth rates in terms of the number of women-owned businesses include utilities (151% growth), other services (126%), construction (94%), accommodations and food services (85%), and administrative, support and waste management services (70%).”
- “Women are more likely to launch businesses within the healthcare (10%) or education sectors (9%) as compared to men (5% in both cases). In contrast, men are significantly more likely to start businesses in the construction and manufacturing industries (12%) than women (4%).”
What challenges do female business owners face?
As you can see in the following infographic with data compiled from the trends found by LendingClub and Guidant Financial, female business owners face greater challenges to secure financing, especially minorities such as Latino women. That’s why alternative lenders like Camino Financial are serious about empowering women. We help minority-owned businesses and women entrepreneurs secure financing. Our help doesn’t end there. We continue to empower women by providing ongoing education, resources, and exclusive benefits.
Main Sources of Financing for Women Entrepreneurs
The infographic above shows that lack of capital is one of the main challenges women face when running their business. Rather than face being rejected for a loan, women look for personal sources of financing through friends and family members. That truth was substantiated by 2017 U.S. Senate committee findings. In a report entitled—Tackling the Gender Gap: What Women Entrepreneurs Need to Thrive—the committee listed reasons women face financial obstacles:
- With few role models and mentors, women are left with the perception that entrepreneurship is a male-only endeavor.
- An existing gender pay gap lessens a woman’s ability to become a successful entrepreneur.
- There’s unequal access to startup funding and financing streams. Women have fewer credit options and a decreased amount of venture capital.
Women feel unsupported and underbanked contributing to a lack of confidence when seeking funding. To further support the committee’s conclusions, the report indicated that even though women apply for 18% of SBA loans, they request smaller amounts than men. Moreover, they receive only 16% of all conventional small business loans because they fear rejection.
The following are the top four funding options for women who do access external sources of financing:
Many women business owners are not aware of other financing opportunities in the form of grants and non-profit institutions willing to support their initiatives and their path to success. Find here 20 financing options for women-owned business.
What is the State of Latina Entrepreneurs?
Jerry Porras, of the Latino Business Action Network, reported in 2017 that Latinos start a million new businesses every 5 years. Still, there’s a funding gap for the group. In other words, Latino entrepreneurs have inadequate access to capital. Of the Latino business owners surveyed, they don’t feel qualified to apply for a loan at a national bank. They’d rather borrow from friends and family members, use credit cards or seek out angel investors and venture capital. In spite of those odds, Latino business owners are coming ahead.
Stanford Graduate School of Business prepared a 2017 research report called “State of Latino Entrepreneurship”. Latino business growth outpaces other ethnic groups even when Latinos have the lowest rate of loans acquired from financial institutions. When it comes to Latina entrepreneurs, data are even more revealing and optimistic. Check out these shocking numbers about Latino and Latina-owned businesses’ growth:
As you have seen in the statistics provided, women aren’t holding back. They are pressing full steam ahead and making history as they do!
Camino Financial: Committed to Empowering Women
When Sean and Kenny Salas founded Camino Financial, an online lender company focused on small business owners, memories surfaced of how their mother struggled to manage her business. Having opened over 30 Mexican restaurants in the Los Angeles metropolitan area, she wasn’t new to challenges. Now, both Sean and Kenny devote their lives to make sure small business owners, both men and women, have access to capital.
Camino Financial reaches out to not only women entrepreneurs but also to minority-owned businesses. Many Camino Financial members consider the company a financial partner and an ally to help them succeed. That’s how Milagro, one of may Latino entrepreneurs who turned to Camino Financial, felt when she found the company on social media. The honest and transparent staff won her over. The business loan she got enabled her to increase her sales by 50% and have the funds needed to hire a new employee.
Leticia has a similar story of success. She sees Camino Financial as a friend and her private financial fuel to grow her business. Because she had never applied for a business loan, she needed help on how to access capital. Needless to say, she was shocked when after applying for a loan, a Camino Financial loan specialist called her in just 3 minutes. That one call began a long-term financial partnership. Leticia now has a large client base, several employees, and amazing potential for continued growth.
When partnering with Camino Financial, your story could have a similar ending. We offer microloans and small business loans without hidden fees and a straightforward and simple application process. We match your business’s monetary needs with the best financial solution. Once you apply for a loan, you receive an immediate quote. If you go forward with the loan process, you can have funds deposited directly in your bank account within 2-10 days.
To put into perspective how Camino Financial is different, we require about half of the documents that traditional lenders want. We don’t require a Social Security Number, collateral, credit history or a minimum credit score (FICO), and we have limited restrictions on the type of industry you operate and the use you’ll give to the loan funds.
Camino Financial further supports its motto, “No Business Left Behind”, by staying in touch with CF members and offering online teaching resources in the form of articles, a weekly newsletter, and exclusive webinars. We offer one-on-one business consultations and discounts for selected business services and products.
When you apply for a business loan with Camino Financial, you connect with a lender who doesn’t restrict its outreach to financial products. We have first-hand knowledge of the financial brick walls women entrepreneurs and minorities encounter. We help you take steps forward when it seems like you’ve exhausted every possibility. Because our staff is bilingual, you feel at home when discussing the small business loan process with a personal loan specialist.
Camino Financial is as close as a chat session, SMS, email, or telephone call. When obstacles seem impossible, let us help you find your way through financial mazes. By empowering women entrepreneurs, we enable communities to flourish by creating new jobs and helping businesses grow sustainably.