For women looking to start a business, they stand a chance with only 1 out of every 20 business loans and 4 cents of every dollar. The rest go to men.
A sample of women-owned businesses in Karmalize
Linda Scott writes in “The Double XX Economy” [1] that years of sexism, cultural attitudes, the financial industry, and the good old boy’s club have led us here [2]. This funding gap is still not getting fixed today. Women entrepreneurs get approved less often and for smaller amounts than men. Women-owned businesses start small and stay small [3].
Until funders and investors do better, Scott suggests that “purposeful consumption” of women-owned businesses is something all of us can do.
Karmalize can help. In one year we’ve grown from zero to 1,600 crowdsourced women-owned businesses. Let's give them our support, shall we?
[1] Linda Scott, “The Double XX Economy: The Epic Potential of Women’s Empowerment”, 2020
[2] Maria Cantwell, Chairwoman, US Senate Committee on Small Business and Entrepreneurship, “21st Century Barriers to Women’s Entrepreneurship”, Majority Report of the US Senate Committee on Small Business and Entrepreneurship 2014
[3] Jessica Battisto, Dell Gines, Claire Kramer Mills, Federal Reserve Bank of New York and Kansas City, “Small Business Credit Survey: Report on Women-owned Firms”, November 2017