NWBC Unveils New Research on Women’s Access to Capital
Access to Capital Is A Great(er) Challenge For Women
Today, the National Women’s Business Council (NWBC) released new research onHigh Growth Women-owned Business’ Access to Capital. The report, prepared by Alicia Robb and Susan Coleman of Marin Economic Consulting company, outlines the differences between men and women business owners, regarding the scale of business growth, amount and sources of financial capital, and the relationship between the two. The report findings on women’s financial capital are sobering: on average, women received only two percent of total funding from outside equity. Among the most successful firms, men started their businesses with six times as much capital as women did. Women’s access to capital remains one of the most significant barriers, and is too often the factor preventing the growth of women-owned small businesses. Within the report, the National Women’s Business Council has proposed solutions for women entrepreneurs, advocates, funders and policy makers to remedy the issue of women’s access to financial capital.
“Women need money to grow their businesses, and this report gives us more data showing that the capital they are able to secure is insufficient. The National Women’s Business Council continues to advocate for greater access to capital for women entrepreneurs,” said NWBC Council Member Rose Wang. “Our research on this issue enables us to make recommendations to support the entrepreneurship ecosystem, including government, funders and non-profits. We’ve discovered that on average, men start their businesses with nearly twice as much capital as women – $135,000 vs. $75,000. Among high growth firms, men start with six times as much capital as women. This must change. In order to narrow the entrepreneurship gender gap and truly broaden the pathway for women entrepreneurs, access to financial capital must continue to be a priority.”
“Accessing capital is a great burden for all, but this research again confirms that the burden is greater for women entrepreneurs – and even among those with significant high-growth potential. Too many women underestimate themselves and their business’ growth potential even though the data confirms that they are more likely, than their male counterparts, to see growth. This is something that must be remedied, and the good news is that it can be remedied,” says Amanda Brown, the Executive Director of the National Women’s Business Council. “This data demands action, and really a cultural shift, to better support and enable women business owners. We can narrow the gender gap with more programming geared at women-owned businesses who have high-growth potential, like accelerator and incubator programs, equity financing programs, and business mentorship and training programs; or more women participating in STEM prior to entrepreneurship. Think if there more women on the financing and investing side, as angel investors or members of a venture capital screening committee, or investors doing more to find, and then fund, women entrepreneurs with investment-ready firms. That would change some things, I’m sure of it.”
Access to financial capital remains at the forefront of the NWBC’s agenda. As the government’s only independent voice on economic issues impacting women entrepreneurs, the NWBC will be sharing these report findings with Congress, the U.S. Small Business Administration, and the White House, among others. The full report is available online: High Growth Women-owned Business’ Access to Capital.
For media inquiries or additional information on the report, please contact NWBC Communications Director, Krystal Glass, at Krystal.Glass@nwbc.gov.
Dear Certified SWaM Business Owners,
Effective October 1, 2014, all state purchases under $10,000 shall be set aside for micro-businesses when the price quoted is fair and reasonable.
As a certified Small Business by the Department, your company might qualify to be a “Micro Business”.
Micro Business is a certified Small Business under the SWaM Program and has no more than twenty-five (25) employees and no more than $3 million in average annual revenue over the three-year period prior to their certification.
Please fill out the online form to apply for the “Micro Business” designation within seven (7) days upon receiving this email.
You will need to scan and upload the following documents in one PDF file as required by the online application process:
The size limit of the PDF file for the uploading process is 4M. Please scan the document as “File” or “Document” in low resolution (100×100 dpi) to reduce the file size (do not scan as “Picture” or “Image” or your file will be over the file size limit)
Here is the link to the online form: http://vamba.binaryfountain.com/vendor/vendor-certification/mba.
If the submission is accepted, you will see the following message on your screen after you clicked on the “Submit” button: “Your application for Micro Business Certification is successfully submitted.”
We will review your submission and email you if your firm meets the definition of this new micro-business designation.
This is a wonderful opportunity to enhance our small business participation in the state procurement environment and we look forward to your response. If you have any questions, please contact our customer service at 804-786-6585.
Chesapeake, VA – Gu’s Haus of Beads will proudly cut the ribbon on its new Greenbrier location on April 3rd, 2014. The ribbon cutting event will be held at 510 Kempsville, Suite H, Chesapeake, VA 23320. The celebration festivities kick-off at 11:00 a.m. with light refreshments and a beading demonstration immediately following. City officials, business representatives and media are invited to attend.
Gu’s Haus of Beads is a unique store that has re-opened in the Greenbrier Shoppes after a 2 year “pause” (it was previously located on North Battlefield for six years). Gu’s is now back in Chesapeake with a new look and carries everything you need to make beautiful jewelry. Beading is a well-established hobby and Gu’s has the best quality seed beads, Swarovski Crystals, pearls, silver findings, and natural stoned that can be used to create a variety of necklaces, bracelets, and rings, The best part is, you make it yourself!
The store offers classes in everything from basic stringing to wire wrapping to all sorts of beadweaving, which allows you to create detailed designs using a needle and thread. The store has a warm, comfortable feeling and is filled with beautify beads of all sizes, shapes, and colors. The location is great too, with interesting shops like “Olives and Grapes”, which sells olive oil and balsamic vinegar in dozens of flavors, and the Red Chair, a wonderful consignment shop. There are also great restaurants like the Broken Egg Cafe and Ang’s Sushi, so you can make a day of it! You will be surprised how easy it is to learn the basics of beading and then you are on your way to making accessories for yourself, your friends as gifts, or to sell.
Gudrun (Gu) Cordle and her husband John have lived in Chesapeake for 20 years. John just retired from the Navy and wanted to support his wife in pursuit of her passion. Gudrun comes from Flensburg, Germany (hence the spelling of “Haus”) and wanted to share her love of beading with others. The store offers beginner classes on Saturdays, and most evenings as well. Thursday night is “Bead Soup”, where friends get together and work on their latest projects, share techniques and tips, and just have a good time.
The webpage is www.hausofbeads.com and you can like Gu’s on Facebook at “Beadfairy”. The website has class schedules and examples of things you can learn to make.
Please join us for the ribbon cutting ceremony and RSVP to the contacts listed for Gu’s Haus of Beads.
Chesapeake Economic Development Launches Free Mobile App
Chesapeake – Today The Chesapeake Economic Development Department officially launched its ChesVA Biz app which is available with download on the Economic Development website (www.chesapeakeva.biz) and through the iTunes or Google Play stores.
App users are instantly granted access to the location of Chesapeake’s available properties and urgent business news. In addition, the Business Directory and Business Resources features provide immediate access to the departments, agencies and web links that answer the pressing needs of the business communities. Those features alone make the app an invaluable time-saver and resource in the lives of on-the-go professionals.
As the economy regains momentum people are constantly looking for more reasonable and efficient ways to tackle complex, data intensive business challenges. In an attempt to drive and support commerce, this free mobile app, developed by the Chesapeake-based company Web Teks, is a resource to support the critical needs of any business person in one easy-to-use package.
“This new mobile app provides a wealth of important information that will aid the decision making process of businesses,” said Steven C. Wright, Director of Economic Development. “This tool compliments the business attraction and retention efforts of the department.”
The “push notification” service will also allow a smart device to periodically receive brief business updates that may offer a competitive advantage. Ultimately, the app turns a smart device into a data-rich personal assistant, available 24 hours a day, seven days a week.
Users can download this new mobile app on a smart device by connecting to iTunes or visiting the Google Play store. Enter Chesapeake Virginia Economic Development or ChesVA Biz in the search area to locate this free product.