Women-owned Businesses in New York are Breaking Through
Women-owned Businesses in New York are Breaking Through
"Breaking Through: Harnessing the Economic Potential of Women Entrepreneurs," a new report from the Center for an Urban Future, was published in March and the progress it documented for New York women-owned businesses was one of many reasons to celebrate during this year’s Women’s History Month. Jonathan Bowles, Executive Director of Center for an Urban Future, and his team are known for thorough, accurate, and inclusive reporting and this was no exception.
The study (which you can download here) reports that more than 62% of all 
new businesses created in NYC from 2002 to 2012 were women-owned businesses, bringing the total proportion of NYC businesses owned by women from 32% in 2002 to 40% by 2012.
Through interviews conducted in all five boroughs, Center for an Urban Future confirmed that the city’s growing immigrant community is spawning thousands of businesses, with women often starting companies out of their kitchens and living rooms in order to provide or supplement family income or as alternatives to low-wage jobs. However, the report also found that 91% of all women-owned firms in NYC have no paid employees because their growth is limited by lack of capital, lack of training, and limited access to networks and connections needed to grow.
Of the $13.6 million in loans made from 2002 to 2015 to BCNA’s clients, $5 million was made to women. While the number of loans to women increased from 30% to 45%, the total amount lent was only 36%, as the majority of the businesses did not have the capacity to borrow higher amounts.
As "Breaking Through" points out, if only one-quarter of the 376,405 women-owned businesses in New York City with no employees added a single employee in the next three years, it would result in more than 94,000 new jobs.
This year’s BCNA’s Job Creator Award, presented at our annual Immigrant Heritage Week Awards ceremony went to Patricia Williams of T & T Express Shipping in Brooklyn, who has created 10 full times jobs since she founded the company. In 2016, we are hoping to provide loans to more women entrepreneurs like Patricia Williams, who use the funds to grow their businesses and add much-needed jobs to the New York Economy.
