Resilient Women SBOs Thrive Amid Economic Challenges

In an era of rising inflation, fluctuating commodity prices, and shifting interest rates, the tenacity and optimism of women small business owners (SBOs) serve as a light of hope. According to the Bank of America 2023 Women and Minority Business Owner Spotlight, 63% of female entrepreneurs anticipate revenue growth in the following year, and an astonishing 73% believe they are well-prepared to weather economic downturns.

Women have enormous economic power in Oklahoma City, with women-owned enterprises contributing to the state's success. Between 2015 and 2019, these companies grew by a whopping 10%. Notably, the survey states that if all women in the state took a single day off from work, Oklahoma's GDP would suffer a $222.4 million loss, highlighting the importance of women in the local economy.

However, the research highlights the problems that women SBOs confront, particularly during Women Small Business Month. The persistent issue of work-life balance is one of the top three obstacles, with 34% identifying as caretakers, which often leads to fatigue and lower company focus. Mental health is critical, with 53% ranking it as strong and 42% rating it as fair. Access to finance remains a major worry, with 49% believing they do not have equal access, and 31% believing it will never be accomplished. Economic concerns, such as inflation, the political situation in the United States, and borrowing rates, continue but have not stopped these entrepreneurs.

Despite these obstacles, female SBOs maintain their confidence and adaptability. Bank of America continues to encourage female entrepreneurs, recognizing the importance of their contributions to the growth of local and national economies. The bank is devoted to empowering company owners and assisting them in realizing their ambitions.