Women-owned businesses are driving small business growth in the U.S., but they are often going at it alone and with fewer resources than their counterparts, according to small business experts at Walsh College.
That’s why the college joins forces with the Michigan Women’s Foundation, Inforum Michigan and sponsor Fifth Third Bank to host its annual Entrepreneur-YOU event, which provides a day of education and resources to female entrepreneurs.
This year’s event will be held on March 15 from 8:30 a.m. – 3 p.m. at Walsh College in Troy.
With women-owned businesses growing at twice the rate of male-owned businesses and employing nearly 8 million people, it is critical business start-ups, and what Mayor Mike Duggan coins “stay-ups” (existing businesses), are successful.
Sex discrimination from unscrupulous lenders, as well as vendors, investors, clients and even employees are among some of the top concerns of female-owned businesses.
Too often, women rely upon their own personal savings to fund their business growth and don’t apply for business credit, says Tawnya Rose, community development relationship manager, Fifth Third Bank.
Women of color, particularly African American business owners, also face racial discrimination related to business financing.
There are large disparities in access to financial capital, according to the “Disparities in Capital Access between Minority and Non-Minority-Owned Business” study contracted by the U.S. Department of Commerce and Minority Business Development Agency.
The study also revealed:
- Minority-owned businesses pay higher interest rates on loans, are more likely to be denied credit and are less likely to apply for loans because they fear their applications will be denied.
- Minority-owned firms receive less than half the average amount of recent equity investments and loans compared with non-minority firms, even among firms with $500,000 or more in annual gross receipts.
- Minority firms invest substantially less capital at startup and in the first few years of existence than non-minority firms.
The conference will highlight credible financing programs with proven support systems. It will also provide opportunities to network with peers, in-person counsel on business matters and access information about local growth trends according to organizers.
Entrepreneur-YOU will feature workshops, taught by leading business professionals, to teach women entrepreneurs about the resources necessary and available to open, run, and grow a business.
Date: March 15, 2017
Time: 8:30 a.m. Registration and continental breakfast
9:00 a.m. Welcome and program begins
Tickets: $45 per person, $25 students (student ID required)
Location: Walsh College, 3838 Livernois Road, Troy MI 48083
Photos courtesy Walsh College