Throughout 2021, women-owned small companies had better losses than men-owned small companies, in response to Biz2Credit’s Annual Ladies-Owned Enterprise survey.
In comparison with men-owned companies, girls had better losses in internet earnings and general income, whereas seeing a better improve in bills, in response to the report.
2022 Biz2Credit Ladies-Owned Enterprise Survey
- Income: Down 4% to $475,707 in 2021 in comparison with $493,401 in 2020. In 2021, men-owned companies had $675,643 in income.
- Earnings: Down 26%, from $119,654 in 2020 to $88,895 in 2021.
- Bills: Up 3%, from $386,712 to $386,712
Throughout 2021, men-owned companies additionally misplaced cash, with earnings lowering by 12% from $155,411 to $136,147, whereas bills elevated by 1%.
Credit score Functions and Mortgage Awards
In 2020, 28% of all mortgage purposes got here from women-owned companies. In 2021, 33% of all mortgage purposes got here from women-owned companies. But the common mortgage measurement for women-owned companies in 2021 was $49,712, in comparison with $83,198 for men-owned companies. The very best variety of women-owned enterprise mortgage purposes had been in Texas (10.84%), adopted by Georgia, Illinois, Florida and California.
In 2021 the common credit score rating for women-owned companies was 580. The common credit score rating for men-owned companies was 594. And loan approval charges for every had been about the identical, 40% for girls and 41% for males.
The best variety of mortgage purposes from women-owned companies got here from service industries (32%), Different mortgage purposes got here from retail commerce (15%), lodging and meals (9%) and well being care and social service (7.4%) industries.
Ladies-Owned Companies Proceed to Develop
Though women-owned companies are traditionally not financed in addition to men-owned companies, they proceed to develop. There are 13 million women-owned companies within the US and those 13 million companies make use of 10 million individuals. From 2014 to 2019, the variety of women-owned companies has progress by 43%,
Affiliation of Ladies’s Enterprise Facilities Mortgage Report
The AWBC gives free providers to women-owned companies, together with assist with mortgage purposes, counseling and extra. Throughout 2021, AWBC shoppers had been awarded a 31% improve in Small Enterprise Administration loans. General the shoppers acquired 262,455,406 in SBA loans. The AWBC shoppers additionally acquired 73,458,887 in non-SBA loans.
AWBC Director Corinne Hodges referred to as the affiliation “financial first responders” for women-owned companies.
Biz2Credit and PPP Loans
As within the non-public sector, women-owned companies had robust mortgage approval charges (49%) however decrease mortgage quantities in comparison with men-owned companies, by way of the Biz2Credit PPP software platform.
Listed here are the mortgage quantities:
- PPP1: 70,000 girls owned, 114,970 males owned.
- PPP 2: 29,560 girls owned, 52,508 men-owned.
The general common for all PPP loans, 41,304 for girls, 78,229 for males.