Optimism Growing Among Women-Owned Small Businesses

A new Key4Women Confidence survey finds positive trends among women-owned small businesses, from business growth in the future to optimism on a more level business environment.

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Nov 18, 2019, 08:47 ET

CLEVELAND, Nov. 18, 2019 /PRNewswire/ -- Business is good, according to women small business owners. A new Key4Women 2019 Financial Confidence Survey Report finds many women believe their business growth is set to continue and expand, and we could see a more level field among business ownership between men and women. The report, which surveyed 250 women small business owners, finds 71% are highly optimistic of achieving their goals in the next 12 months, a 5% increase from 2018. Business growth is also expected, as nine out of ten respondents say they plan to grow or expand their business within the next two years.

Full Key4Women 2019 Financial Confidence Survey Report: https://www.key.com/businesses-institutions/business-expertise/articles/2019-financial-confidence-survey.jsp

"It's very clear that optimism is the feeling among women small business owners," said Barb Smith, KeyBank Senior Vice President and Director of Key4Women. "We know the impact Key4Women can make for many women, and now we're seeing an environment where the differences in place are leading to the fruition of business growth."

Unlocking Access to Funding

One of the greatest difficulties for women starting their own businesses is access to funding for capital. 44% of women business owners have used their own personal funding to raise their start-up capital. The Confidence Survey Report shows that access is getting easier. In 2018, only 21% of women say they found no difficulty to access funding. That number has grown to 25% in 2019.

Leveling the Business Field?

While there are currently fewer women-owned small businesses compared to men, many women believe that could be changing. Among the women small business owners surveyed, 73% believe within the next five years, the number of businesses owned by men and women will either be similar, or women will own more businesses. Only 27% believe men will continue to own more businesses than women.

"Glass ceilings can be broken. We see that every day with the initiatives pursued by Key4Women. What can matter more today than it ever has is the right kind of guidance, having a strong network like Key4Women to rely upon for support to help grow their own businesses in the most effective way," said Barb Smith. "If we can continue the trends of access, along with the optimism we're hearing in survey results like this, we are truly going to see women in business reach new levels, and we'll all be better for it."

For more information about the Key4Women^®, please visit https://www.key.com/key4women

About Key4Women®

Since 2005, Key4Women® has supported women leaders and entrepreneurs through advocacy, connections and empowerment to help their careers and businesses thrive. The Key4Women® program is uniquely focused on introducing women business leaders to a network of likeminded professionals—both men and women; providing customized financial wellness and business development resources; and offering a platform to discuss overarching trends women experience in the workplace.

About KeyCorp

KeyCorp's (NYSE: KEY) roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $146.7 billion at September 30, 2019. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of over 1,100 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. © 2019. KeyCorp. CFMA 191113-694083

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