The support women entrepreneurs need to flourish

Women entrepreneurs are starting companies at twice the rate of the overall growth of small businesses,^footnote1 and women-owned firms now account for more than four in 10 businesses in the U.S., employing millions and bringing in trillions in annual revenue.^footnote2 Still, female entrepreneurs face stiff headwinds, with Black and Hispanic-Latino women disproportionately challenged.

To help female entrepreneurs overcome stubborn barriers to success, the private sector is increasingly looking for ways to provide education, outreach, funding and more. For example, Bank of America increased its commitment to the microlender Kiva, which assists women entrepreneurs from over 70 countries. Kiva’s mission is to expand financial access to underserved communities, and since 2005 the nonprofit has enabled 4 million borrowers worldwide — four out of five of them women — to land small, crowd-funded loans worth a total of $1.6 billion.

In an effort to direct more capital to U.S.-based Black and Hispanic-Latino entrepreneurs, Kiva and Bank of America have launched the Bank of America Loan Fund for Women Entrepreneurs at Kiva, funded by a $1 million commitment from the bank, which matches Kiva loans dollar for dollar. The support for this program is an example of Bank of America’s commitment to help advance equality and economic opportunity. From entrepreneur funding and expanding home ownership to professional skills training and healthcare access, Bank of America continues to partner with innovative leaders to help communities implement solutions to society’s important challenges.

To pay for surgical and lab equipment, Baines applied for an $8,000 loan from Kiva, which she heard about from a local college’s business development office. “Once my funding request went live, I cried,” she says. “It was the most empowering thing watching strangers from around the world backing my cause.” The funds have allowed her to purchase equipment, and donations came in as well, including a surgery table from a former employer.

In August 2022, COPAW moved to a facility four times the size of the original. The larger space allows for higher surgical volume and has roughly 800 sq. ft. of dedicated cat housing on site. Additionally, COPAW now employs three veterinarians — offering low-cost spay/neuter surgeries, vaccinations, and wellness services. COPAW also now partners with other organizations to provide even higher volumes of wellness services, including monthly wellness clinics that are complimentary for pets owned by seniors.

And while the COPAW enterprise is growing quickly, the guiding philosophy that drove Baines to create her enterprise remains the same, “Pricing people out of care isn't going to prevent them from getting animals,” she says. “It's just going to prevent them from being able to adequately care for them.”

Support for Kiva is one part of Bank of America’s commitment to helping women and minorities get access to the resources needed to start successful long-term careers. Additionally, funding for the Bank of America Institute for Women’s Entrepreneurship at Cornell University helped a program focused on women, particularly those from Black and Hispanic-Latino communities, grow from 20,000 to 100,000 participants. Participants receive professional development training, career support and more. Learn more about the bank’s focus on skills development, professional training and providing access to resources for women, underrepresented communities, at-risk youth and more as a pathway to long-term success.

7/10/23