The Power of Women-Owned Businesses in the U.S. Economy

Women entrepreneurs are a driving force in the U.S. economy. With over 14 million women-owned businesses, generating $2.7 trillion in revenue and employing 12.2 million people, their contributions are significant. The 2024 Impact of Women-Owned Businesses report, commissioned by Wells Fargo, highlights how these businesses are growing and shaping industries across the country.

At Ascendus, we believe in the power of small businesses to create lasting economic impact. We provide access to capital and financial education so that women entrepreneurs can expand, innovate, and build strong businesses that contribute to their communities.

Women-Owned Businesses: A Key Driver of Growth

According to the 2024 Impact of Women-Owned Businesses report by Wells Fargo, women-led businesses continue to expand their role in the economy. Between 2019 and 2023, they:

• Started 1.7 million new businesses
• Created 1.4 million jobs
• Added $579.6 billion in revenue

Research from EY’s Study on the Societal Value of Women-Led Businesses further highlights the role these businesses play in job creation, innovation, and reinvestment in local communities.

Opportunities for Expansion

While women-led businesses are growing at an impressive rate, access to capital remains a crucial factor in their long-term success. Many entrepreneurs are looking for the right financing solutions to help them expand their businesses, hire employees, and enter new markets.

Another key factor in business growth is childcare affordability. Many entrepreneurs balance business ownership with caregiving responsibilities, and access to reliable childcare solutions helps create even greater economic opportunities.

What’s Driving Business Success?

Entrepreneurs continue to find ways to strengthen their businesses through:

• Digital Expansion – Many are using online platforms to increase their reach.
• Diversification – Business owners are entering a wider range of industries, including finance, insurance, and transportation.
• Scaling Strategies – Businesses with employees are growing steadily and contributing to job creation.

How We Support Women Entrepreneurs

At Ascendus, we provide financing solutions that help entrepreneurs grow and strengthen their businesses. Our support includes:

• Flexible and fair financing options designed for business expansion
• Business coaching to improve financial planning and decision-making
• The Get Ready Line of Credit, which helps business owners build financial stability
• Childcare Business Loans, supporting entrepreneurs in the childcare industry to increase access to quality care for families

Looking Ahead: Strengthening the Economic Impact of Women Entrepreneurs

Women-led businesses are making a lasting impact on the economy, creating jobs, and driving innovation. With greater access to capital and resources, these businesses can continue to grow and create new opportunities.

At Ascendus, we are committed to helping entrepreneurs succeed and build thriving businesses that strengthen communities.

For more insights, access the full 2024 Impact of Women-Owned Businesses report by Wells Fargo here and the EY Study on the Societal Value of Women-Led Businesses here.

Are you looking for capital and financial support to grow your business? Learn more about our financing solutions: ascendus.org/products