November 2019

The Spotlight is on women small business owners (SBOs)

Bank of America is excited to share the highlights of our 2019 Women Business Owner Spotlight, an annual study exploring the goals, challenges and everyday realities of women entrepreneurs across the country.

Hiring plans and confidence in the economy held steady year-over-year.

  • 25% intend to hire new employees in 2019.
  • 47% believe the national economy will improve in the next 12 months.
  • 52% said the same for their local economy.
  • 36% believe the global economy will improve.

While last year’s report found 84% of women entrepreneurs believe access to capital has improved in the last decade, more work remains to be done.

  • 42% believe they already have equal access to capital.
  • 34% believe it will take, on average, 14.4 years to achieve equal access to capital.
  • 24% believe they will never have equal access to capital.

When asked about the single factor that had the greatest impact on their business success, perseverance and integrity were tied as top characteristics. Other factors include:

  • Accountability (15%)
  • Ambition (15%)
  • Passion (15%)
  • Creativity (10%)

Read the entire Bank of America® 2019 Women Business Owner Spotlight.