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Saturday, December 26, 2015

NerdWallet Predicts 50% of All Small Businesses Will Be Owned By Women By 2020

NerdWallet Predicts 50% of All Small Businesses Will Be Owned By Women By 2020
NerdWallet, an online personal finance information services company, predicts that more women will become business owners, increasing to 43 percent of all businesses in 2016 and to 50 percent of all businesses in the year 2020.

Gender gap closing

The gender gap between men-owned and women-owned businesses is clearly narrowing. According to the 2007 and 2012 U.S. Census Bureau Survey of Business Owners, 29 percent of small business owners were women in 2007, then grew to 36 percent by 2012. If the trend continues, NerdWallet predicts the percentages will grow to 43 percent by 2016, and then 50 percent by 2020.

What's driving the increase

NerdWallet small-business expert Cindy Yang says, “Online lending is making that possible.” As more lending becomes available to women-owned businesses, it is easy to see why growth continues.

Increase of women in male-dominated industries

In addition, NerdWallet reports that there has been an increase of women in traditionally male industries. This includes agriculture, forestry, fishing and hunting (a 40.5 percent increase); accommodation and food services (29.8 percent higher); and manufacturing (29.3 percent).

NerdWallet provides online information and tools to help consumers make financial decisions. The company was founded in 2009 as a web application and by 2015 had 200 employees and $64 million in funding.

Read more at www.nerdwallet.com/blog/small-business/small-business-2016-predictions/
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