The nearly 13 million small businesses owned by women nationwide are essential to the U.S. economy. Accounting for 42% of U.S. small businesses, they employ nearly 9.4 million people and generate $1.9 trillion in revenue annually.
Healthy and growing women-owned businesses are vital to an inclusive economic recovery, yet women entrepreneurs face distinct challenges, including fewer resources and less access to professional networks, on top of having a greater share of caregiving duties.
“For many small businesses, having access to trusted experts in areas like marketing, business planning, technology and legal can be a critical turning point for getting back to growth,” says Jenny Flores, head of Small Business Growth Philanthropy at Wells Fargo. Right now, the company is deploying over $55 million from its Open for Business Fund to 93 nonprofits across the country to provide more women and diverse entrepreneurs with resources.
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