2024 Woman-Owned Business Statistics

How many women-owned businesses are there in the U.S.?

• Women are now majority owners in at least 35 percent of U.S. employer firms.
• In total, women own 13.8 million businesses employing 10 million workers and generating $3.9 trillion in revenue across the U.S. 
• Women own 28.6% of employer firms with a revenue of $1 million or more.
• Of the 2 million employer firms owned by women in the U.S., 24% are owned by minorities.
• 3.6% of women-owned employer firms are owned by Black or African American women.
• 13% of women-owned employer firms are owned by Asian women.
• .8% of women-owned employer firms are owned by Native American or Alaskan native women.

What industries do women start businesses in?

Women start and run businesses in every industry.

Which states have the highest percentage of women-owned businesses?

Western states have the highest percentage share of women-owned businesses.

Which states have the highest number of women-owned businesses?

High-population states have the highest number of women-owned businesses.

Stats on the growth of women in small business.

The number of women-owned businesses has grown substantially over the past decade.

• The number of women-owned businesses in the U.S. increased 13.86% from 2014 to 2021.
• A 2019 report from the JPMorgan Chase Institute found that businesses owned by women and businesses owned by men had equal survivability rates based on an analysis of 138,000 companies founded within the decade prior. 

Stats on disparities in male- and female-owned small businesses.

Despite the rapid growth, women still face challenges in obtaining funding and growing their businesses.

• Women-owned businesses received just 32.6% of the approvals and 28.4% of the dollars offered in SBA 7(a) and 504 loans in the 2023 fiscal year. 
• Women are more likely to apply for a loan with an online lender. 30% of women business owners reported applying for a loan through an online lender vs. 20% of men-owned businesses.
• Women are less likely to receive the full amount of funds requested. 45% of women-owned businesses were fully approved for the loan requested vs. 55% of men-owned businesses in 2023. 
• 25% of women are denied a business loan vs. 19% of men.
• In 2021, 4.63% of federal contract dollars when to women-owned small businesses.
• 38% of women-owned businesses are operating at a profit vs 47% of men-owned businesses.
• 33% of men-owned businesses have annual revenues of $1 million or more vs. 16% of women-owned businesses.

The American business landscape has made progress for women entrepreneurs. Before federal legislation was passed in 1988, women business owners needed a male co-signer to apply for a loan. While lenders need to understand that women-owned businesses are as safe an investment as male-owned businesses, female entrepreneurs should also take the steps to apply for capital, particularly when that capital can be used to help grow the business. 

Quickly compare loan offers from multiple lenders.

Applying is free and won't impact your credit.

Apply now

_{Information provided on this blog is for educational purposes only, and is not intended to be business, legal, tax, or accounting advice. The views and opinions expressed in this blog are those of the authors and do not necessarily reflect the official policy or position of Lendio. While Lendio strives to keep its content up-to-date, it is only accurate as of the date posted. Offers or trends may expire, or may no longer be relevant.}