MWBC: 70% of Women Owned Businesses have annual receipts of less than $25K and Only 10% have employees

Posted on July 2, 2018 by - News

MINORITY WOMEN ONLY ACCOUNT FOR 14% OF THE REVENUE –

according to the Women’s Chamber of Commerce “Wake Up Call” Report.

 

28% of all women-owned businesses are operated by women of color, but there’s a large disparity between what this percentage reaps in annually. The gap between revenue between minority women and white women-owned business revenue is gigantic – it’s a gulf, not a gap.

 

Table Courtesy of 2017 US Women’s Chamber of Commerce “Wake Up Call Report”

 

What is causing this gap?

 

“Women now own some 30% of all businesses in the U.S. accounting for 9. 4 million firms. And African-American women control 14% of these companies or an estimated 1. 3 million businesses,” said Congresswoman Brenda Lawrence at the 2017 Creating the Conditions for Minority Women Entrepreneurs to Succeed Symposium held by the Democratic Women’s Working Group. “Despite these numbers minority female entrepreneurs start their ventures with less funding than men, receive less money from private investors and have lack of access to capital and peer and mentorship networks,” Lawrence said.  “We need to create an environment where minority women are encouraged to grow their businesses which generate jobs and economic security in their communities.”

 

While Congresswoman Brenda Lawrence summarizes this perfectly, the true scope of our challenge can’t be explained in just a few words – so we’ve decided to explain it at a conference.

 

On September 6, 2018, in San Jose, the CalAsian Chamber in partnership with National ACE will be presenting our first ever Minority Women’s Business Conference – an event we can assure you has our entire staff inspired and excited.

 

While both the CalAsian Chamber and National ACE  have been part of large initiatives to advocate for and empower the minority community, never have we purely focused on the minority women community. Both organizations are led by minority women, Chiling Tong and Pat Fong Kushida, who have made it their mission to not only host this event but also, to educate our memberships of the challenges minority women in business face.

 

In an effort to highlight the challenges posed to minority women-owned businesses, and spread the word about our event, our staff is putting together a series of blog posts, discussing the current state of affairs for minority women in business today and what ideas have been proposed so far.

 

Minority-owned businesses are an engine of employment in minority communities. If given the opportunity to truly grow and flourish, we can revitalize minority communities and diversify the workforce.

 

Let’s Reinvent What’s Possible.

 

Hear from leaders Betty Yee, California State Controller, Fiona Ma, Member of the California Board of Equalization and more on what their take on this challenge is and what can be done September 6 at our Minority Women’s Business Conference.

 

Subscribe to receive blog content and newsletters discussing minority women in business insights as we get closer to the event date!