When lockdowns began in early 2020, none of us could have imagined the long road ahead. The world we had known until then changed so quickly in front of us that we were forced to adapt hastily to survive and thrive.

We all were shaken out of our slump, impacting almost every sector – especially the entrepreneurial world. The pandemic triggered an unexpected boom in entrepreneurship with Americans starting businesses at record rates. Easier access to financing, especially business loans for women, can be attributed to the development.

Interestingly, this surge was led by women entrepreneurs in the US, who created 1.4 million jobs and added $579.6 billion in revenue to the economy. Between 2019 and 2023, women-owned enterprises grew faster than men's: 94.3% for the number of businesses, 252.8% for employment, and 82.0% for revenue. Four years on, it has become increasingly clear that women-owned companies are still driving economic growth in the US, boosting revenue, and employing more people at a quicker rate than men-owned businesses.

But what spurred this growth? According to the 2024 Wells Fargo Impact of Women-Owned Businesses Report, various support systems – from financial support to innovative digital tools – helped these businesses to flourish. Even today, these systems are readily available to help any women-owned businesses to succeed.

Let’s dive in to understand how these systems helped businesses accelerate growth at a time when the world had almost come to a standstill.

Financial Support and Investment

One of the most significant aids for women-owned businesses has been access to financial support. According to various reports, banks and community development financial institutions (CDFIs) played a crucial role. These institutions provided much-needed capital, like grants and business loans for women, helping businesses stay afloat and even expand during tough times. Women entrepreneurs, particularly those of colour, benefited from these investments, which were essential for their business growth.

Local-Level Support Programs

Local initiatives have also been instrumental. Programs focusing on supplier diversity, women's business centres, and specialized training have provided tailored support. These initiatives offer everything from business training to networking opportunities, making it easier for women to start and grow their businesses. For instance, the U.S. Small Business Administration (SBA) offers a variety of programs through its Office of Women’s Business Ownership (OWBO) and Women’s Business Centers (WBCs). These programs provide business training, counselling, and access to federal contracts and capital.

Government Initiatives

Government programs have been a lifeline. The SBA's Women-Owned Small Businesses (WOSB) Federal Contract Program aims to increase contracting opportunities for women-owned small businesses. This program, along with others, provides essential resources that help women entrepreneurs navigate the complexities of running a business.

Technological Advancements

The rise of e-commerce and digital tools has been a game-changer. Platforms like Shopify and Etsy have made it easier for women to start businesses with minimal upfront costs. Social media marketing and Fintech innovations have also played a significant role. These tools have made it easier for women to reach a broader audience and manage their businesses more efficiently.

Networking and Mentorship

Connecting with other entrepreneurs has proven invaluable. Networking events, online forums, and mentorship programs offer women the chance to learn from those who have been there before. The SBA's women's business centres provide counselling and training, helping women entrepreneurs build a supportive network.

Certification Programs

Certifications like the Women’s Business Enterprise (WBE) and Women-Owned Small Business (WOSB) provide significant advantages. These certifications open doors to federal contracts and other business opportunities. They also offer credibility, making it easier for women-owned businesses to attract customers and investors.

Flexible Work Arrangements

The pandemic has also led to more flexible work arrangements, which have benefited women entrepreneurs. Companies are increasingly adopting gender-inclusive workplace policies, including flexible hours and remote work options. These changes have made it easier for women to balance their business responsibilities with personal commitments, such as childcare.

Inclusive Entrepreneurship Programs

A foundation of resources, programs, and networks has been laid over the past decade, preparing women to take the entrepreneurial leap during the pandemic. These programs are designed to be inclusive, offering support tailored to the unique challenges faced by women entrepreneurs.

The resilience and growth of women-owned businesses post-pandemic are a testament to the effectiveness of these support systems. Whether you're seeking business loans for women or looking to expand your network, the landscape is more supportive than ever. By leveraging these resources, women entrepreneurs can continue to drive economic growth, create jobs, and innovate. The future looks bright for women-owned businesses, and with the right support, there's no limit to what they can achieve.