Lending Library

For decades now, it’s been a game of catch-up for women in business—and they’ve gained a lot of ground. From 2019 to 2023, the number of new women-owned businesses grew at nearly double the rate of businesses owned by men. But the struggle is far from over. The statistics on women-owned businesses below highlight just how far women have come and the disparities we’ve yet to overcome.

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. 

Chinese culture is known for many things. Not only are they know for their business sense, but for their philosophy as well. So it’s no wonder that one of their most popular philosophers, Confucius, has a number of quotes related to running a business. Here are 5 of the best quotes by Confucius on running your small business:

Perseverance

“It does not matter how slowly you go so long as you do not stop.”

When applied to running a small business, it means you shouldn’t panic even if growth is slowing down. As long as your small business is not shrinking or losing money, you should not worry. Progress is always good even if it’s not always moving at breakneck speeds. Remember that running a business is a marathon, not a sprint. Even if you're not going to IPO in the first 3 months, if you persevere and keep at it, you will outlast many of your competitors.

Taking action and implementation.

“I hear and I forget. I see and I remember. I do and I understand.”

When running a business, you should remember that all the theories, planning, feasibility studies and constant meetings will never amount to anything if there is no implementation. Business is about hearing, seeing, doing, and understanding. Watch what your competitors are doing, keep your ears close to the ground, and take action.

Preparing for worst-case scenarios.

“Success depends upon previous preparation, and without such preparation there is sure to be failure.”

Confucius places a lot of importance in preparing for the worst-case scenario, regardless of how much success your business is currently enjoying. This is because he believes that when you find success, you have much more to lose and as such must ensure that your business should take any potential crisis into account. Keep in mind that when it comes to running a business, encountering a crisis is an eventuality. It’s not a matter of if, it's a matter of when.

Skill development

“The expectations of life depend upon diligence; the mechanic that would perfect his work must first sharpen his tools.”

In this quote, Confucius underscores the importance of continuing education and keeping one’s skills fresh. In any industry, there will always be new technology or practices, or standards to follow. If your knowledge is stagnant, you could be left behind by competitors who keep abreast of industry trends, and those who continue to learn new principles or skills.

Learning from strategy.

“He who learns but does not think, is lost! He who thinks but does not learn is in great danger.”

This quote teaches that when running a business, learning and strategizing always go hand in hand. There should always be an effort to learn from any strategy you’ve implemented – why it failed or why it succeeded. A business shouldn’t just jump from one strategy or campaign into another without learning from it. On the other hand, a business shouldn’t just focus on theories and strategies without ever considering if it fits with their business model or campaign. Learning something new from a competitor isn’t so useful if it does not apply to your business.

What about you? Do you have any other quotes by Confucius on running a small business?

Have you heard that you need to spend money to make money? It’s an oft-repeated sentiment, but it’s that “spend money” part where a lot of businesses get stuck. 

When you’re just getting your business idea off the ground and are pinching every last penny, accessing the capital you need to gain momentum can be a major and frustrating roadblock. Even more disheartening? Several of the most common reasons for small business failure come back to the lack of cold, hard cash. 

That’s where angel investors come (or should we say fly?) in.

What is an angel investor?

Let’s start with a simple angel investors definition: An angel investor is someone who provides capital to an entrepreneur or small business in its very early stages. We mean very early—sometimes the business is nothing more than an idea or a prototype. In exchange for financial backing, angel investors usually take equity in the company. 

Why are these investors called angels? Well, because they often act as a saving grace for a startup. Since angel investors are offering money at such an early stage, it’s considered a riskier investment. For that reason, angel funding is frequently one of the only options for new businesses struggling to access other, more traditional types of funding. 

Angel investors vs. venture capitalists: Is there a difference?

There's quite a bit of overlap between angel investors and venture capitalists. They're both investing money into a business in the hopes of getting a return.

However, there are some

There’s quite a bit of overlap between angel investors and venture capitalists. They’re both investing money into a business in the hopes of getting a return.

However, there are some notable differences between these 2 types of investors, including: 

• Investment stage: Angel investors invest early to help a business get started or go to market, whereas venture capitalists (VCs) typically like to finance the growth and expansion of a business that’s already a little more established. 
• Investment source: Venture capitalists invest money that’s pooled from other companies and funds, while angel investors typically invest their personal money. 
• Investment amount: For that reason, angel investments are typically smaller than the investments of venture capitalists. Statistics show that in 2020, the median deal size from an angel investor was $1.2 million. In comparison, an early VC invested $4.5 million, and a later VC invested $9.9 million. 

See? There's a distinction between these investors. However, both angel investors and VCs generally provide strategic advice, support, and expertise to the startups they invest in, along with financing. After all, any type of investor ultimately wants the business to be successful.

How to find angel investors for your small business.

Now that you know the basics, let’s get to the good stuff—how do you find angel investors?

If you’re like most people, you don’t have a huge web of connections who are willing to throw thousands or even hundreds of thousands of dollars at your startup—and that can make finding angel investors a challenge.

The good news is that there are some steps you can take to find funding for your brand new business (or even your business idea). 

1. Know the type of investment you're looking for.

As with any investment, it’s important you understand what you need. That will provide a lot of direction before you start pounding the pavement looking for money.

Do you need $10,000 to get your business going? Or do you need $1 million? Are you hoping to get what you need from a single angel investor? Or are you willing to open things up to many different investors? 

Answers to questions like those will not only help guide you as you start your search for investors but also make you look polished and confident—even if your business is brand new. 

2. Start with the people closest to you.

While many businesses discern between angel investors and a “friends and family round,” there’s quite a bit in common. In fact, many angel investors fund businesses of their friends and family.

So when you start your search for business investments, it can be best to begin in your backyard. Your loved ones likely won’t be investors who are accredited by the Securities and Exchange Commission (SEC), but they can still help get your business going. 

In fact, friends and family are a huge source of investment for startups, investing a combined $60 billion per year. In comparison, angel investors invest $20 billion in a year. 

When approaching friends and family for money for your small business, make sure you:

• Have a polished pitch: Knowing them personally isn’t an excuse to be sloppy. Clearly state the details of your business (including your mission, business plan, target market, and more) and the type of investment you’re looking for.
• Keep communication professional: Treat your friends and family like you would any business investor. Set a meeting and prepare for a formal presentation. You want your request for funding to be seriously considered rather than brushed aside as an off-hand remark.
• Give an out: Mixing business and personal relationships is always complicated—especially when you’re asking for money. Don’t pressure your friends and family, and make sure you offer an opportunity to turn you down without any hard feelings. 

Of course, it’s entirely possible the people in your immediate circle don’t have the means to invest in your business, even if they believe in you. Regardless of if they open their wallets, remember to appreciate their other methods of support and encouragement—those are important too. 

3. Grow your network.

Perhaps you don’t know somebody who’s prepared to invest in your business. But your friend might. Or your neighbor. Or your uncle. You get the idea. 

We’ll spare you the clichés about the importance of your network, but this web of contacts is particularly important when you’re looking for investments. 

Your best place to start is to connect with other small business owners in your area. The small business community is…well, small. They might have some insight into angel investors who are looking for new opportunities. 

Additionally, it can be helpful to find a mentor through SCORE, a nonprofit organization and partner of the US Small Business Administration (SBA). These mentors are established and experienced business professionals who have access to hard-won information and resources—which might include an “in” with an angel investor. 

4. Turn to designated platforms.

Thanks to the internet, we have piles of information right at our fingertips. There are a number of platforms designed to help entrepreneurs find angel investors without even leaving their couch. 

Some of the best options to check out include: 

• Angel Capital Association (ACA): Using the ACA member directory, you can choose your location and see a list of angel investors near your area. 
• AngelList: AngelList has a long list of angel investors in North America. You can also see details like their location and number of investments.
• Invstor: Invstor is another platform designed to help you find angel investors and venture capitalists. You’ll need to post a funding request by submitting some basic information about yourself and your business (like your industry and how much funding you need), and then choose if you’d like to access the investor network yourself or have Invstor send out a request to the network so interested investors can contact you. 

LinkedIn can also be helpful. Use the search functionality to search “angel investor” and then click the top menu option for “people.” From there, you can apply additional filters to narrow down by location, company, school, or even your degree of connection.

Pros and cons of angel investors.

For many small business owners and start-up entrepreneurs, the idea of an angel investor seems nearly divine – it’s right there in the name. Angel investors offer financial backing for infant businesses, many of which have a hard time finding funding from traditional sources.

The money an angel investor provides can be the difference between making your idea a reality or having it to keep it stored in a desk drawer. However, an angel investor is not going to dump a bunch of money in your bank account without any expectations. There are clear trade-offs that any business owner just starting out should be aware of.

Pros

• The money is not a loan: Probably the most exciting part about an angel investor is that the money they offer is not a loan, unlike funding you would find from a traditional bank or even from family. Instead of providing a loan of a specific amount of money, an angel investor buys an ownership stake in your business. Hopefully, the venture succeeds and both you and the investors make money. If your business never gets off the ground or fails to be profitable, the investor won't expect money back. A bank, of course, expects a loan to be repaid no matter whether your business sinks or swims.
• Angel investors believe in risk: Famously, angel investors believe in extremely risky ventures on the cutting edge of technology and industry. They are far more willing to back risk than a traditional bank because they don't expect their money back if you fall flat. Even if you get a bank loan, the bank might restrict the amount you can borrow at once to reduce the chance you won't get their loan back. Most angel investors have years of experience working with small business owners, so they have a sense for good ideas and quality people, even if a business concept seems outlandish now.
• Angel investors have a lot of money: Angel investors, especially the deep-pocketed Silicon Valley firms, have a lot of money. Depending on the size of your business, an angel investor can infuse your company with cash usually ranging from $25,000 to $500,000. Better yet, they can provide this money quickly and usually with no expectations that it will be returned. This investment can be critical for a business to hire the employees and buy the equipment necessary to get a venture off the ground. Because it is not a loan, the business owner does not have the added stress of worrying about how to repay the investment.

Cons

• The money comes with strings attached: An angel investor will not just hand you a check and leave you alone to do whatever you wish with the money. Angel investors will typically take a relatively active role to ensure the business grows toward profitability. This input can lead to conflict with a business owner. Also, by giving away equity, you are reducing the amount of money you would earn if the business is successful. It may not seem important when a business isn't earning money, but that will quickly change once you're profitable. Carefully review and understand any angel investor agreement; be suer to look at it with the lens that your business will earn a lot of money someday soon.
• They will push you: Ultimately, an angel investor wants his or her stake in your business to become profitable as soon as possible. Therefore, an angel investor's funds come with the expectations that you will expand and grow on a timetable that may not match your own. Perhaps profitability is not your primary motivation – maybe you want to sell tasty cupcakes in an underserved area or create a new social media platform. You might find yourself in conflict with an angel investor fast because your goals don't align. Before accepting any agreement, make sure you understand and harmonize with an angel investor's long term plan for your business.
• They expect a return on their investment: Of course, the stake an angel investor wants in your business is considerable. It is normal for an angel investor to want a 25% return on their investment. This expectation means that once your company turns a profit, an entire quarter of these profits will go to the angel investor. This amount can grow exponentially if your business takes off. Because they stand to make so much money, angel investors may seek to control more of your business than you like. Additionally, angel investors are usually not interested in first-time small business owners, no matter what the pitch is. they want to know that you know how to run a business before handing over thousands of dollars.

Angel investors aren't your only option.

Many businesses look to angel investors to get the financial backing they need at an early stage, and these types of investments certainly have their merits.

However, it’s not your only option to get your business rolling. You could crowdfund your business through a platform like Kickstarter or even apply for a business loan. 

While the little voice in your head might be telling you that you’ll never qualify for a loan, that’s not necessarily the truth. With Lendio, you can fill out a simple application (we promise, it takes 15 minutes), compare your lending options, and get your capital in less than 24 hours. 

That quick application could be all that stands between you and the funding you need—and you won’t even have to part with equity or beg your loved ones for money to get it.

The number of small businesses has been increasing in the United States over the past several years. Last year, the White House announced that more than 10 million small businesses were created in 2021 and 2022. Along with its growth in the total number of businesses, the U.S. is also seeing growth in the number of women-owned businesses in the country.

The number of women-owned businesses in the U.S. increased 13.6% from 2019 to 2023, making up 39.1% of all of the country’s businesses, according to research from Wells Fargo. In total, women own 13.8 million businesses employing 10 million workers and generating $3.9 trillion in revenue across the U.S. While this growth may be encouraging for women small business owners to see, it’s helpful to see which states are more favorable to start and run a new small business in.

Lendio analyzed seven metrics to determine the best states for women small business owners, including factors such as share of employer businesses owned by women, percentage of female-owned businesses that earn a revenue of $1 million or more, percentage of patents filed by women, and women’s VC funding (deal count) per woman-owned businesses.

Key findings

• Washington is the no. 1 best state for women small business owners. The percentage of woman-owned businesses in Washington outpaces every other state at 42% and has the highest percentage of female-owned businesses that earn a revenue of $1 million or more (34%).
  
• Delaware has the highest women’s VC funding deal count rate per women-owned businesses in the country. 6% of women-owned businesses in Delaware receive VC funding. This is a much higher percentage than the rest of the states, averaging at 1.16% of women-owned businesses receiving VC funding. Many businesses around the United States are incorporated out of Delaware, which is a contributing factor to this high percentage.
  
• Top states are mainly concentrated in the west. Delaware and Maryland are the only non-western states that reached the top 10 states on this list. Top states typically had higher shares of employer businesses owned by women (ex: 39% in Montana and Oregon) and higher percentages of growth of women-owned businesses from 2012 to 2020 (ex: 22% in Utah).

Top states

No. 1: Washington

Washington is a great state for women small business owners, considering 42% of its small businesses are owned by women. Of those businesses, 34% make a revenue of $1 million or more. Washington’s employment rate among women (59%) is also high compared to other states. Other studies have also consistently ranked Washington as a great state for women’s overall economic and social well-being.

No. 2: Colorado

Colorado scores high for percentage of employer businesses owned by women (36%), employment rate among women (63%), female-owned businesses that earn a revenue of $1 million or more (27%), and percent change of women-owned businesses from 2012 to 2020 (19%). Each of these high scores makes Colorado a well-rounded state for women small business owners.

No. 3: Delaware

With a high percentage of patents filed by women (13%) and the highest percentage of women’s VC funding per woman-owned businesses (6%), Delaware is a great state for women small business owners to start and run their businesses in.

No. 4: Oregon

Scoring higher than the averages in most of the metrics we measured, Oregon is an excellent state for women small business owners. Some categories it scores exceptionally well in include percentage of employer businesses owned by women (39%), percentage of female owned businesses that earned a revenue of $1 million or more (29%), and percentage of patents filed by women (15%).

No. 5: California

As a powerhouse in share of employer businesses owned by women (38%), percentage of female-owned businesses that earned a revenue of $1 million or more (32%), and percentage of women’s VC funding per woman-owned businesses (4%), California can be a great state for women small business owners.

No. 6: Utah

With a high growth in the number of women small business owners between 2012 and 2020 (22%) and high employment rate among women (60%) Utah is a great place for women small business owners to start and run their small businesses.

No. 7: Maryland

With more and more women becoming small business owners in Maryland (12% increase between 2012 and 2020), the state can be a fantastic option for women looking to start and run their own small businesses. The state also has a high percentage of women filing patents (14%), making it a great place for women inventors.

No. 8: Arizona

Arizona has a high percent increase of women small business owners between 2012-2020 (17%) and a high percentage of female-owned businesses making a revenue of $1 million or more (30%). These high rankings place Arizona eighth on our list, making it an outstanding state for women small business owners. 

No. 9: Hawaii

Hawaii is an exceptional state for women small business owners. The Aloha State scores higher than average in share of employer businesses owned by women (38%), percentage change of women owned businesses between 2012 and 2020 (29%),  and percentage of female-owned businesses that made a revenue of $1 million or more (25%).

No. 10: Wyoming

Much like Hawaii, Wyoming also scores higher than average in share of employer businesses owned by women (38%) and percentage of female-owned businesses that made a revenue of $1 million or more (31%). Landing at spot number ten, Wyoming is a great state for women small business owners.

Runners-up

The runner-up states tend to more broadly excel in their share of employer businesses owned by women (34% average) and in their employment rates among women (58% average). For example, Montana has a 39% share of employer businesses owned by women and 61% of its women are employed.

Few other runner-up states scored lower percentages in the categories stated above. However, those states make up for lower-than-average percentages in these categories with higher-than-average percentages in other categories. For example, Vermont ranks at 32% in its share of employer businesses owned by women (lower than the average of 34%), but 13% of its patents are filed by women (11% average) and 2% of its women-owned businesses received VC funding (1.16% average).

5 tips for women to start businesses.

Women have valuable experiences and skills they can contribute when building their own businesses. While it can be exciting to run your own business, getting your new gig up and running takes a great deal of effort. These tips will help you get going with your startup:

1. Develop a robust business plan – Start with a well-researched business idea, focusing on your unique value in the industry or niche that you’ve chosen. Consider finances, marketing tools, and your operations plan.
   
2. Research loan and grant opportunities for women – The SBA offers programs, grants, and loan aid for women entrepreneurs. One example of aid the SBA provides is through the Office of Women’s Business Ownership, which helps advocate for, educate, and support women entrepreneurs. Various organizations and nonprofits also offer financial support and programs for women entrepreneurs.
   
3. Set up strong legal and financial foundations – Research the differences between LLCs, sole proprietorships, and corporations and choose what type of business structure makes that most sense for your business. Also, separate your personal and professional finances and make sure you are complying with federal and local regulations.
   
4. Network – Connect with other entrepreneurs, women, and mentors who can help in the entrepreneurship journey. Spread the word about your business by joining groups specific to your industry and getting involved with the local business community.
   
5. Practice patience – Starting and running a business takes time and patience. By putting the right tools in place, you'll be able to stay tenacious while establishing your business.

Conclusion

Women’s contributions to the American economy continue to grow and become more pronounced. While women-run businesses are becoming more common, they still come across hurdles that aren’t as common for male-run businesses to face. For example, as of February 26, 2024, 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. 

This fact, along with our findings emphasize the importance of empowering and acknowledging the importance of women entrepreneurs, encouraging their continual success in business.

Methodology

We used the most recent data for the seven metrics listed below to determine the best states for women entrepreneurs. We used a Z-score distribution to scale each metric relative to the mean across all 50 states and Washington, D.C., and capped outliers at 3. A state’s overall ranking was calculated using its average Z-score across the seven metrics. In cases where states were missing data due to a low sample size, the remaining metrics were averaged to determine their overall scores. Here’s a closer look at the metrics we used:

• Share of employer businesses owned by women including shared ownership, 2021 (Census Bureau)
• Employment rate among women, 2022 (Bureau of Labor Statistics)
• Percentage of female-owned businesses with a revenue of $1 million or more (Census Bureau)
• Percentage change in total women-owned businesses (total number of employer and nonemployer firms) from 2012 (Census Bureau- 2012) to 2020 (Census Bureau- 2020)
• Percentage of patents filed by women (U.S. Patent and Trademark Office)
• Women’s VC funding (deal count) per women-owned businesses (Pitchbook)
• Gini index of overall income inequality (Census Bureau, 2021)

*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.

Creating and maintaining a vision for your company is just as important for your businesses long-term success as marketing and selling is. Vision not only motivates you and your employees, it helps you stay focused on the goal and work together toward something.

Visualizing goals

"If you want to reach a goal, you must 'see the reaching' in your own mind before you actually arrive at your goal."

– Zig Ziglar

Researchers have proven that visualizing an outcome and the process you'll use to get there can substantially increase the likelihood of you reaching your goal. Whatever your business's goals are, visualize it constantly. Think about what your business will look like when you get there.

Direction

"To the person who does not know where he wants to go there is no favorable wind."

– Seneca

If you don't know where you want your business to go or what you want from it then you're going to be lost, and nothing will go your way. How could it when you don't know what direction you want to go? As a business owner, part of your job description is leading your company in the right direction. Plot a course, and steer your ship, so you're not wasting time and energy being blown around the entire ocean.

Dreaming and having a vision.

"Whatever you can do or dream you can, begin it. Boldness has genius, and magic and power in it. Begin it now."

– Goethe

Dreaming and having a vision is important. It is the first step to creating something. But being confident and working hard are the key ingredients which will help your business succeed. So make sure you are confident about where you want to take your business then just start doing it.

Leadership

"Management has a lot to do with answers. Leadership is a function of questions. And the first question for a leader always is: 'Who do we intend to be?' Not 'What are we going to do?' but 'Who do we intend to be?'"

– Max DePree

A leader is someone who leads the business to success. But how can the leader lead, if he himself does not know where he's going? As a leader, you should always ask the right questions and in this case the right question is 'who do we intend to be?'. This means that having a vision for your business is important, once you have that, then you can formulate a plan as to what would be the best way to reach that vision.

Having a growth mindset.

"If you limit your choices only to what seems possible or reasonable, you disconnect yourself from what you truly want, and all that is left is a compromise."

– Robert Fritz

When you dream, you should dream big. Similarly, when you envision something for your business, you don't have to limit your vision to something which seems possible. Think outside the box, be unique and try to see beyond the limits. If you are able to do that, then your business will definitely grow and your business will stay on the forefront of innovation.

Lendio is a business lending marketplace that allows you to compare multiple financing offers side by side. It’s a low-pressure way to explore different business loan terms in one place. Compare options for a small business loan today.

It’s time to close the funding gap and open more women-owned small businesses.

As of 2020, there were more than 13 million women-owned businesses (including sole proprietorships and employer firms). That sounds like a lot, right?

But that number actually hides a trillion-dollar missed opportunity. According to Morgan Stanley, if women-owned (and minority-owned) businesses were funded at the same rate as white male-owned businesses, gross receipts could increase by $4.4 trillion. 

Women can start any small business they want—including full-time or side businesses, franchises, and home-based businesses. Let’s take a look at services that are in high demand for female entrepreneurs in 2024.

Growth industries for 2024.

To be a successful small business, you need customers. What’s the easiest way to get customers? Give them what they want. With that in mind, here are some industries that are poised for growth in 2024 and beyond.

Automotive batteries

As the production of and demand for electric vehicles has increased it has led to a shortage of automotive batteries. McKinsey predicts demand for EV batteries will grow by 30% by 2030. This opens up opportunities for new businesses to present new solutions for boosting the supply chain from access to raw materials to factory construction and design.

Home healthcare services

We’ve entered what many demographers are calling the “gray tsunami:” aging baby boomers. “As boomers age through their 60s, 70s, 80s and increasingly beyond, the ‘big bulge’ of the boomer generation will contribute to the overall aging of the US population in coming decades,” said Stella Ogunwole, a demographic statistician with the US Census Bureau. This aging population represents new workforce needs, as aging-in-place services (vs. nursing homes and skilled living facilities) become more desirable.

Mental health

A national shortage of mental health specialists and an ever-growing need for their services represent a widening gap that bears great possibilities for small businesses that can meet that need. “On average, countries spend only 2% of their health budget on mental health initiatives, so it’s going to take entrepreneurs to step up to the plate to fill the void.” This requires some specialization, but if you’re eligible to provide mental health services—or brainstorm business ideas with those who can—the opportunity is yours to seize.

Education and E-Learning

The e-learning industry is projected to become a $375-billion industry by 2026. And there’s no slowdown ahead, with multiple avenues for growth: “E-learning won’t be the only potential trend in the education market. Tutoring options to help school kids ‘catch up’ on lost learning will be needed,” too. And businesses utilize their own corporate internal e-learning platforms to educate employees and train them on new skills.

Health and wellness

Wellness continues to be a growing priority among consumers. A McKinsey survey found Black consumers have the greatest need for wellness products and services that meet their needs. The boutique fitness industry is also projected to grow at a compound annual growth rate (CAGR) of 7.63%. With a growing demand for personalized health and fitness products and services, women can narrow down their target market for their app, product, or fitness space to find a profitable business idea.

Pet care

Pet owners have started taking the health of their pets more and more seriously. The global pet supplement market, for example, is expected to grow at a CAGR of 5.9% from 2024 to 2030. Whether you want to focus on personalized nutrition or smart pet technology, animal lovers are eager to explore new products for their furry friends.

E-commerce

We’re shopping online, and for a wider range of products, than ever before. The International Trade Administration estimates the B2B e-commerce market will be valued at $36 trillion by 2026. E-commerce offers numerous growth opportunities for small businesses, whether you’re a B2B shipping company that can help deliver the goods or a boutique with unique items to sell.

Physician or nurse practitioner

The United States is in desperate need of more doctors. It’s projected we could see a shortage of between 37,800 and 124,000 physicians by 2034. If you’re considering a return to school, starting a career in family medicine or pediatrics would open the door to your own private practice.

Small business ideas for women who want to work from home.

Are you a woman who’s looking to start a business from home? You’re far from alone: in US workplaces, according to Forbes’s coverage of a LinkedIn survey, women are 26% more likely than men to apply to work remotely. This desire easily translates to those looking to start their own businesses as well.

Here are some growth-forward options for your own female-owned small business—and they’re easily startable from your own home.

Consulting services for nonprofits

Nonprofits can be excellent clients for a home-based consulting service. Nonprofits have the same backend office processes as any other business—including HR, legal, administrative, and technology—but they typically have less support staff than a for-profit business. Evaluate your skill set (bonus points if it includes fundraising or grant writing) to find what you can market to a nonprofit.

Cybersecurity consulting

If you have a background in cybersecurity, the time to start your own consulting business is now. According to ZipRecruiter, “The average annual cybersecurity consultant salary in the United States is more than $110,000.” Cybersecurity consulting also allows you to participate in an important fight against cybercrime, which is expected to skyrocket in the next four years reaching a global cost of $13.82 trillion by 2028. If you need to brush up on your cybersecurity credentials, never fear: the small-business insurance marketplace Insureon has you covered with a list of required credentials.

E-learning

The e-learning boom is a huge opportunity for female entrepreneurs skilled in creating content, developing mobile apps, or administering backend learning management systems—all easy roles to fill from home. If you aren’t tech-savvy, though, no worries: the education market holds diverse opportunities for engineers and non-coders alike. Children need catch-up tutoring to counter remote learning gaps, and adult workers require upskilling to prepare for new roles post-pandemic.

Fintech franchise

The world of fintech offers a vast array of at-home female-owned business options: whether you’re interested in investment management, mobile banking, lending, crowdfunding platforms, or any other fintech niches (depending on your past experience), this sector could be perfect for you.

Fitness coaching

Once a more specialized offering, at-home fitness coaching—whether remotely over social media/Zoom or drop-in at-home classes—has become more common since the pandemic drove many trainers online. These days, interested customers can do yoga in their living room or take CrossFit classes in their garages. If you can coach them—either in-person, remotely, or through pre-made video options on YouTube or other platforms—they’re eager to find your woman-owned fitness business.

Food-related services

When you hear the phrase “home-based food business,” you might immediately think of making birthday cakes. That’s viable, for sure—but so are meal kits and meal delivery options, as the aging population and remote workers alike seek home-cooked meals that won’t require them to grocery shop or clean excess pots and pans. Before you dive in, though, make sure to check state and local ordinances around operating food-based businesses from home.

Human resource (HR) services.

If you’ve previously worked in HR, have you considered growing those skills into a home business? With the right credentials, working as an HR consultant is in high demand and offers tremendous flexibility. Daniel Borz of SHRM has an additional idea: “Instead of becoming a[n HR] generalist, working with clients across a wide range of industries, consider branding yourself as a specialist in a particular field or service.” This will help you thrive with a focused mission and to differentiate yourself from other work-from-home consultants.

Online store

Online shopping is here to stay, so you could set up an online store as your home-based business. An Etsy shop or Screen Print Direct, may be the perfect option if your products fit the art or creative categories (e.g., jewelry or woodworking items). You could also offer B2B solutions, allowing you to tap into a massive growth sector. According to Bigcommerce, “In 2020, the global B2B e-commerce market was valued at $14.9 trillion—over 5 times that of the B2C market.”

Virtual assistant

The rise in solopreneurs and small businesses means that more folks than ever need help managing their calendars, meetings, and more—but they lack the staff that a larger company might provide. This presents the perfect opportunity for virtual assistants, who can manage these tasks from home. As Gathering Dreams puts it: “As a virtual assistant, you get to choose who you work for and what tasks you take on. You’ll be able to manage your own schedule and work from anywhere.”

Affiliate marketing

Already got a sizable website traffic or SEO savvy? You’re practically already set up to work as an affiliate marketer—especially if your website represents a particular niche. Shouting out a brand or product that you believe in to convert your followers to that brand’s customers is valuable to all parties involved, and it can net you solid income. The best part? Once the content is made, your earnings are largely passive income, allowing you to focus on the next task ahead.

Freelance writing

Between writing for SEO, editing a company’s social media content, or providing grant writing services to nonprofits, there are numerous great options for putting your writing and editing skills to work as a woman-owned small business—and since all you’ll need is a computer and a WiFi connection, it’s a perfect WFH gig. Credentials for some of these skills, like SEO writing, can also be earned for free from reputable sites like HubSpot or Google.

Social media consulting

If you have experience running social for a brand or business—transitioning into a social-media consulting career makes the perfect at-home small business. According to Sprout Social, “Social media consultants are individuals or agencies who work with clients to improve upon, optimize and grow their social media presence.” Some specialize in one area for multiple clients, like restaurants, whereas others might manage a single brand’s entire presence across platforms.

Graphic designer

If you’re a female entrepreneur with a knack for visual creativity, a graphic design business might be a great fit for you. From logo design to advertising illustrations to infographics to typeface design and beyond, working from home as a graphic designer has relatively low startup costs. Bonus: you can partner with other women-owned small businesses to kickstart the visual elements of their businesses!

Why are home-based small businesses ideal for women?

You can save money with a home-based business by eliminating offsite office expenses and (possibly) claiming tax deductions for part of your home. Eliminate your commute, and you have extra time in your day.

Home-based businesses also confer tremendous flexibility, especially for women who also manage complex domestic situations—whether that’s childcare, elder care, or more.

Side business ideas for women.

A side business can be a great way to try out your small woman-owned business idea. You can also use it to supplement your day job—to step into full-time business ownership, earn extra income, or diversify your income.

Side business ideas for women include:

Educational services

• Tutoring
• Music lessons
• Test preparation

Home care services

• Caretaker services
• Cleaning services
• Lawn care services
• Home repair services
• Technology assistance services
• Interior design
• Child care services
• Transportation service

Investments

• Franchise
• Real estate
• Airbnb
• Refurbishing/reselling

Digital businesses and services

• Virtual assistant
• Blogging
• Freelance writing
• Freelance graphic design
• Freelance web/mobile app developer
• ETSY shop

Why could these side businesses be successful for women?

A side business or part-time business that targets industries with big markets helps set you up for success.

For example, your next customer could be aging in place to avoid the cost of long-term care facilities. The so-called longevity industry is projected to be a $13.5-trillion industry by 2032. By 2034, the Census Bureau predicts that an estimated 77 million people will be 65 years of age or older. That’s a lot of elderly people who may need help with meals, household chores, home healthcare, transportation, and personal assistance.

Cleaning services aren’t glamorous, but they can be profitable. Verified Market Research predicts the global market will be worth $101.98 Billion by 2030. 

In addition to traditional real estate or franchise investments, women can consider purchasing a Airbnb investment property in a high-demand area. If you have woodworking skills, you could refurbish antique furniture or use your sewing ability to bring new life to quality vintage clothing.

How to start a woman-owned business.

Starting a women-owned business follows the same principles as starting any business.

Broad steps to starting your woman-owned business include:

1. Write your business plan.
2. Secure your financing.
3. Plan your pricing strategy.
4. Launch your product or service.

Any of the ideas listed above could be your full-time small business, side hustle, or home-based business. Focusing on growth industries is helpful, as the potential for future success is greater. Ultimately, identifying your unique abilities and passions and using those to launch your own successful woman-owned small business will serve you best of all.

As a small business owner, you know the value of flexibility. Circumstances can change rapidly, for better or worse—a few days of bad weather or a positive Instagram post from a popular influencer can have huge impacts on a small business’ cash flow. In many cases, business is seasonal—companies need to prepare for a busy season while experiencing a slow season, meaning they need funds that aren’t flowing in as revenue. This is why many turn to business lines of credit.Business lines of credit are very flexible and don’t carry the stringent application requirements like some other forms of financing, like term loans. However, they can provide as much as $250,000 with interest rates as low as 8%.

How does a business line of credit work?

A business line of credit is a financing method that allows businesses to access money as expenses arise.

They are more similar to a business credit card than to a business loan because you don’t receive a lump disbursement all at once that requires monthly repayment.

If you access funds through a business line of credit, interest accrues on any balance that is not paid down through repayments. As you pay down the balance, the amount of credit available to use increases.

Limits on a business line of credit are set by a lender. Lines of credit are typically renewed over time, assuming the borrower’s creditworthiness remains in good standing.

Business lines of credit can be secured or unsecured. With a secured line of credit, a borrower puts up cash or assets as collateral in case of default. No collateral is required for an unsecured line of credit. If you want to access a large line of credit, as in greater than $100,000, a borrower might want you to put up collateral in a secured line of credit arrangement.

Business line of credit pros:

• Revolving access to credit, usually without the need for collateral
• Credit limits often higher than with credit cards
• Interest rates typically lower than credit cards

Business line of credit risks:

• Repayment terms might not be as good as other financing methods, like term loans
• Approval processing time is usually longer than with credit cards
• Credit cards are more likely to offer 0% APR introductory terms than business lines of credit

When to consider a business line of credit.

A business line of credit might work well if you find your business in one of these scenarios:

• Seasonal business fluctuations: If your business sees its fortunes rise and fall with the seasons, a line of credit can keep you afloat during the quieter months.
• Cash flow shortages: Consider a credit line when late payments from clients affect your daily operations. It can bridge the gap and help maintain smooth business continuity.
• Inventory purchases: Bulk buying often saves money, and access to a credit line means taking advantage of such savings without depleting your cash reserves.
• Capitalizing on opportunities: When an opportunity for growth presents itself unexpectedly, a business line of credit allows you to act swiftly and decisively.
• Emergency preparedness: Unforeseen expenses, such as equipment repairs or natural disasters, can strike at any time. A line of credit provides a safety net for these scenarios.
• Credit building: Establishing and using a line of credit responsibly can help build your business's credit profile, opening the door to better financing options in the future.
• When you need a higher credit limit: Scaling your operations often requires more significant financial backing. If your business is growing faster than anticipated or you're making pricier investments and you're consistently maxing out your existing credit, it might be time to explore options for a higher credit line. This ensures you have the capital needed to sustain that growth while keeping your finances manageable.
• When credit cards aren't an accepted form of payment: Sometimes, specific vendors or large transactions require alternate payment methods. A business line of credit provides the flexibility to handle such situations with ease, ensuring that your operations run without a hitch.

How does a business credit card work?

Assuming you are one of the 191 million Americans who have at least one credit card, you can probably understand business credit cards—they are credit cards created for businesses.

Going a little deeper, a credit card is more than just a plastic rectangle. The card represents an agreement between the credit card company and a borrower. The borrower purchases goods and services from vendors using funds made available by the financier. As per the terms agreed to by both parties, the borrower then pays back these funds over time—typically with interest if a balance is not paid down within one repayment period.

Business credit cards are usually unsecured, meaning the borrower does not have to offer collateral as part of the agreement.

Business credit card pros:

• Approval period for credit card usually takes less than 24 hours, often just minutes
• Credit cards are usually unsecured and don’t require collateral
• Many credit cards have introductory offers or allow users to accrue points and cash back

Business credit card risks:

• Credit cards typically have higher interest rate terms than many other forms of small business financing
• Credit cards often have lower credit limits than business lines of credit
• Some bills, like rent, cannot be paid via credit card, but can be paid from a line of credit

When to consider a business credit card.

A business credit card might work well if you find your business in one of these scenarios:

• For everyday purchases: Use a business credit card for routine expenses. It's perfect for office supplies, software subscriptions, or travel expenses, all while helping you keep personal and business expenses separate.
• Reward programs: Choose a credit card that offers rewards like cash back, points, or travel miles. It's a smart way to benefit from the spending that you're already doing.
• Building credit: Just as with a line of credit, responsible use of a business credit card can bolster your company's creditworthiness, potentially leading to more favorable loan terms in the future.
• Employee expenditures: Issue cards to key staff members to streamline procurement processes and expense tracking, while setting individual credit limits to maintain control over spending.
• Simplified accounting: Consolidate your business expenses on a credit card for clearer bookkeeping. Many cards offer integration with accounting software, making reconciliation processes smoother.
• Interest-free periods: Take advantage of credit cards that offer 0% introductory APR. It’s a great way to manage cash flow if you can pay off the balance before the promotional period ends.
• Easier approval: Sometimes, obtaining a business credit card is quicker and requires less documentation than securing a business loan or credit line, especially for emerging businesses.
• Tracking expenses: Keeping tabs on where your money's going is essential for any business. By using a business credit card, you can monitor expenditures with ease, thanks to detailed monthly statements and categorization of expenses. This clarity not only simplifies budgeting but can also highlight spending patterns, helping you to identify potential savings and make informed financial decisions.

Business line of credit vs. credit card: The difference.

Business credit cards are good for everyday one-off expenses like office supplies and travel expenses. Business lines of credit are good for larger or recurring expenses, like rent or bills from vendors. Many of these types of expenses won’t accept credit cards but will accept funds from a line of credit.

Business lines of credit usually have maximum credit levels that are much larger than credit cards, so they are better for bigger purchases.

Approval for a business line of credit often takes longer than with credit cards, sometimes 1 or 2 weeks. In some situations, credit card applications can be approved nearly instantaneously.

Interest rates for lines of credit tend to be lower than for credit cards. Interest rates for lines of credit can be as low as 8%. Interest rates for credit cards are often between 10% and 20%, although many have introductory offers with 0% APR.

Imagine a yoga studio that is usually slow leading up to the holiday season but expects a large increase in class size after New Year’s resolutions to get fit and meditate more. With a business line of credit, the studio can buy equipment, rent larger spaces, and hire more teachers during the slow time so they are ready for the crowds on January 2. 

On the other hand, the yoga studio might want to take on expenses as they come—perhaps it realizes a week in that it needs more yoga mats. The studio can use a business credit card to take care of this expense.        

Business line of credit vs. credit card: Which one works best for you?

Choosing between a business line of credit and a credit card will depend on how much credit you need, how fast you need it, and for what expenses. For some industries that are seasonal and require large inflows of capital, like construction and healthcare, a business line of credit can be ideal. For others, like restaurant and trucking companies, you might have a lot of one-off smaller expenses like pots and pans or fuel. A business credit card might be best here.

Either way, you can see all your business line of credit options at Lendio, which works with top financiers to show you options in minutes.

*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, interest or factor rates, or trends may expire, or may no longer be relevant.

Black-owned businesses are essential to the US economy, driving innovation, creating jobs, and contributing to the community. However, these businesses often face unique challenges that hinder their success. Discover the state of Black-owned businesses in the US, including key statistics, contributions to the economy, challenges, and access to business financing.

Key facts

• There are an estimated 3.7 million Black-owned businesses in the United States and an estimated 161,422 Black-owned businesses with at least one employee in the United States.
• The District of Columbia has the highest percentage of Black-owned businesses (35%) and employer firms. (15.17%).
• Florida has the largest total number of Black-owned businesses (461,149) and employer firms (18,502).
• World Wide Technology is the largest Black-owned business with $17 billion in annual revenue. 
• Black or African American women own an estimated 58,974 businesses with at least one employee, employing 481,930 employees.
• The number of Black-owned businesses increased 13.6% from 2017 to 2020.
• 47% of Black business owners who apply for a loan are denied.

Number of Black-owned businesses in the United States.

The 3.7 million Black-owned businesses in the United States make up 11.3% of all businesses, coming close to the 13% Black population percentage. However, only 2.7% (161,422) of the United States employer firms are Black-owned businesses. Given employer firms are more likely to be profitable and face fewer challenges in acquiring credit, increasing the percentage of Black employer firms is crucial to improving the success of Black entrepreneurs.

States with the most Black-owned businesses.

Large states such as California, New York, and Texas along with Southern states, Florida and Georgia, contain the highest number of Black-owned businesses.

States with the highest percentage of Black-owned businesses.

The District of Columbia has the highest percentage of Black-owned businesses along with other Southern states Georgia, Maryland, Mississippi, and Louisiana. 

Top 10 Black-owned businesses

The following section highlights the top Black-owned businesses in the US based on their annual revenue. From World Wide Technology to Hightower Petroleum Co., these companies have made significant contributions to the US economy across various industries such as technology, automotive, food service, and media.

1. World Wide Technology:  $17 billion annual revenue

World Wide Technology is a technology solution provider that offers innovative and customized IT solutions to businesses of all sizes. World Wide Technology was founded by David Steward in 1990 and is based in St. Louis Missouri.

2. Act 1 Group: $2.8 billion annual revenue

Act 1 Group is a global consulting and staffing firm that provides professional services in the fields of technology, government, and entertainment. The company was founded in 1998 by Janice Bryant Howroyd, who is often referred to as the first African American woman to build a billion-dollar business. Howroyd started the company with just a single office in California and has since grown it into a multinational corporation with over 17,000 global clients. 

3. Bridgewater Interiors: $2 billion annual revenue

Bridgewater Interiors L.L.C. is a Black-owned automotive supplier founded by Ron Hall Sr. and his wife Joyce that provides interior parts and components to major car manufacturers such as General Motors and Ford. The company was established in 1998 and is headquartered in Detroit, Michigan.

4. Coca-Cola Beverages Florida: $1.2 billion annual revenue

Coca-Cola Beverages Florida L.L.C. is a Black-owned Coca-Cola bottler founded by Troy Taylor in 2015 that produces, distributes, and markets Coca-Cola products in Central Florida. The company is headquartered in Tampa, Florida, and has become one of the largest privately held Coca-Cola bottlers in the United States.

5. Modular Assembly Innovations: $1.12 billion annual revenue

Modular Assembly Innovations L.L.C. is a Black-owned company founded by Billy Vickers in 2003 that provides modular assembly solutions to the automotive industry. The company is based in Dublin, Ohio.

6. Bridgeman Foods: $870 million annual revenue

Bridgeman Foods is a holding company founded by Ulysses Bridgeman Jr. in 2016 that operates several restaurant chains, including Chili's Grill & Bar and Fazoli's. The company is based in Louisville, Kentucky, and has become a major player in the restaurant industry.

7. Thompson Hospitality: $800 million annual revenue

Thompson Hospitality Corp. is a food service provider founded by Warren Thompson in 1992 that operates restaurants and other food service facilities across the United States. The company is headquartered in Reston, Virginia.

8. The Anderson-DuBose Co.: $703 million annual revenue

The Anderson-DuBose Co. is a food service distributor founded by Warren Anderson and Wendell DuBose in 1991 that provides products to McDonald's restaurants across the United States. The company is based in Lordstown, Ohio, and has been recognized for its exceptional customer service. 

9. Urban One: $484 million annual revenue

Urban One Inc. is a media company founded by Cathy Hughes in 1980 that operates radio stations, digital media outlets, and cable television networks. The company is headquartered in Silver Spring, Maryland. 

10. Hightower Petroleum Co.: $450 million annual revenue

Hightower Petroleum Co. is a fuel distributor founded by Milford Hightower in 1984 and is based in Middletown, Ohio. The company is one of the largest minority-owned petroleum distributors in the United States. 

Contributions of Black-owned businesses

Black-owned businesses are an integral part of the American economy, contributing significantly to the growth and development of various industries.

• Healthcare and social assistance is the most common sector for Black-owned businesses.

• Black-owned businesses produce about $183.3 billion in annual receipts, employing 1.4 million employees.
• New Mexico has the highest percentage increase (323.8%) in new Black-owned startups from the year 2020-2021.
• Vermont had the highest percentage increase in jobs (93%) at Minority Business Enterprises from 2021 to 2022. 

Funding and access to credit

When starting a business, getting funding and access to business loans can be a significant challenge, particularly for entrepreneurs of color.

• 84% of businesses with at least one employee started by a person of color relied on personal savings, friends, or family to fund the business.
• 28% of businesses with at least one employee started by a person of color have obtained a business loan vs 48% of white-owned startups.
• 47% of Black business owners who apply for a loan are denied.

Current challenges

Like other small business owners, Black business owners report growing sales and hiring qualified staff as their most common challenges.

• 63% of Black business owners identified reaching customers/growing sales as an operational challenge.
• 53% of Black business owners identified hiring or retaining qualified staff as an operational challenge.

Black-owned businesses are a vital component of the American economy, driving innovation, creating jobs, and contributing to the community. Despite the challenges they face, such as limited access to funding and credit, Black entrepreneurs continue to make significant strides in various industries. The statistics presented above demonstrate the progress made by Black-owned businesses in recent years but also highlight the need for continued support and resources to ensure their continued success. It is crucial to address the systemic barriers that hinder the growth of Black-owned businesses and provide equal opportunities for all entrepreneurs regardless of their race or ethnicity.

References

2021. U.S. Census. https://data.census.gov/table/ABSCS2021.AB2100CSA01?q=Small%20Business&t=Race%20and%20Ethnicity&y=2021.

U.S. Census. Accessed February 8, 2024. https://data.census.gov/table/ABSCS2021.AB2100CSA01?q=Small%20Business&g=010XX00US$0400000&nkd=ETH_GROUP~001,SEX~001,VET_GROUP~001.

“Business ownership.” 2020. National Equity Atlas. https://nationalequityatlas.org/indicators/Business-ownership.

“Nonemployer Statistics by Demographics series.” n.d. U.S. Census. Accessed February 9, 2024. https://data.census.gov/table/ABSNESD2020.AB2000NESD01.

“Top 100.” n.d. Black Enterprise. Accessed February 8, 2024. https://www.blackenterprise.com/be100s/top100/#top-100.

“2023 Report on Nonemployer Firms: Findings from the 2022 Small Business Credit Survey.” 2023. Fed Small Business. https://www.fedsmallbusiness.org/reports/survey/2023/2023-report-on-nonemployer-firms.

“2023 Report on Startup Firms Owned by People of Color: Findings from the 2022 Small Business Credit Survey.” 2023. Small Business Credit Survey. https://www.fedsmallbusiness.org/reports/survey/2023/2023-report-on-startup-firms-owned-by-people-of-color.

“2022 Minority Businesses Economic Impact Report.” n.d. NMSDC. Accessed February 8, 2024. https://nmsdc.org/wp-content/uploads/2023/08/NMSDC-2022-Minority-Businesses-Economic-Impact-Report-May-2023.pdf.