Austin Chamber Of Commerce - Blog: Women Lead The Way: Celebrating Women Entrepreneurs

Austin TX

17 December, 2021

11:09 AM

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Press release from the Austin Chamber of Commerce - Blog: 12/16/2021 Written by Kathy Duncan Burrell Senior Relationship Manager, Commercial Banking, Bank of America Austin Since the onset of the pandemic, women business owners are driving record levels of small business creation. women-owned businesses drive over $1 trillion in sales and in 2020, women created half of all new small businesses, compared with one-quarter of new entrepreneurs in years past. At Bank of America, approximately 40% of our small business clients are women, above the national average. 2021 Women Business Owner Spotlight left the workforce Our data revealed women entrepreneurs are acknowledging the impact of pandemic-related stressors on their mental health, and in turn are protecting their employees' health and wellness. Half of women business owners took steps to counteract employee burnout by changing, or planning to change, their approach to employee wellness and benefits because of the pandemic, including allowing a more flexible schedule or remote work and offering more paid time off or sick days. Additionally, 48% of women business owners even cut their own pay to keep employees on staff during the pandemic. From our extensive work with women entrepreneurs, we know one of their biggest challenges is identifying sources of funding, particularly amidst the pandemic. Our 2021 Women's Business Owner Spotlight indicates that 42% of women have never applied for a business loan or line of credit. And according to our previous research, almost 60% of women entrepreneurs say they do not have the same access to capital as their male counterparts, and nearly a quarter believe women will never have equal access to capital. 2021 Women's Business Owner Spotlight research That's why Bank of America and the Tory Burch Foundation launched The Tory Burch and Bank of America Capital Program, dedicated to helping connect women business owners to affordable loans. Through this partnership, we've deployed over $1.3 million in capital, to help 29 women entrepreneurs in Central Texas grow their businesses. We also recently partnered with Seneca Women to launch the Bank of America Access to Capital Directory. This comprehensive, searchable database allows women seeking capital to sort potential funding by type – including seed, Series A or late-stage equity, as well as grants and debt capital – depending on their business stage and needs. This first-of-its-kind platform is the only place where women entrepreneurs can find this vital, aggregated content. The Tory Burch and Bank of America Capital Program Bank of America Access to Capital Directory However, it's not just about access to capital: it's also about training, education and understanding how to run a sustainable business over time. As part of our ongoing work to invest in women, Bank of America provides mentoring and networking opportunities tailored to women to ensure they are getting the support they need. In 2020, we expanded the Bank of America Institute for Women's Entrepreneurship at Cornell, a free Ivy League certificate program that helps women build skills and access resources to scale their businesses. To date, we've had over 30,000 women enrolled in the program, with over 90% identifying as Black, Hispanic-Latino or Asian. Bank of America Institute for Women's Entrepreneurship at Cornell With women-owned businesses representing over a third of total small businesses in the U.S., investing in their success in Austin has never been more important. Women entrepreneurs are fundamental to driving strong, healthy economies, and to create opportunities for these entrepreneurs to thrive and lead, it's critical to understand their priorities, everyday realities, and challenges. As women entrepreneurs accelerate the growth of their businesses and revitalize our local economy, Bank of America remains committed to their success all year long. This press release was produced by the Austin Chamber of Commerce - Blog. The views expressed here are the author's own.