August 2022 newsletter - part 3 of 3

In 1975, a small group of women business owners banded together to say: enough is enough. Side by side, these women fought for opportunities for women business owners, for rights for women business owners, and most important of all, for respect for women business owners.

It was an uphill battle. There was no fanfare, no supportive community, and in fact, even other women scoffed at the idea that women should be independent business owners and have a say in their own business matters. But against all odds, the 12 women who founded the National Association of Women Business Owners (NAWBO) persevered to grow the powerhouse organization and network of women business owners that it is today while representing the voice of the more than 12M women businesses across the country.. 

Yet, NAWBO’s work is not done. There are still many barriers facing women entrepreneurs.

Lack of capital is the most pervasive issue facing women business owners. For example, in 2018, only 2.2% of venture capital went to women-owned start-ups. In 2021, 1,821 new female-owned businesses were started daily. 42% of the businesses in America are women owned. Of that 42%, about 50% of those firms are owned by women of color. African American/Black women control 21% of the businesses that are owned by women of color. Latina/Hispanic women own 18% of female-operated businesses, and Asian American women run 9% of American female businesses. Native American/Alaskan Native women represent 1.4%, and Native Hawaiian/Pacific Islander women account for just 0.3% of all female-owned businesses.

Women business owners, on average, receive $59,857 to start their businesses - 2.5 time less than their male counterparts receive in loans. This issue is even worse for Black women, with one study showing that 61% of Black women self-fund their total start-up capital. Latino-women owned businesses had an annual growth rate of 10% in 2020 up from 7%. Earned average revenue is $50,900 vs. $142,900 among all women owned businesses.

Women business owners and those of color even more so, are also subject to social prejudices. Many banks are still hesitant to lend to women due to old-school beliefs that women can’t handle money. Again, prejudices are even worse for minority women. In addition, many women business owners are still relegated to also filling traditional family roles. These roles are full time jobs themselves, adding significant strain to already busy women trying to run a business. We struggle to find balance一we are supposed to work all day, maintain our homes, our children, and our marriages, our extended families - all while growing revenues, employing staff, and, ah let’s not forget一taking care of ourselves and looking presentable after two hours of sleep. And we do this without the business networks and support that our male counterparts enjoy. 

That’s why this year, our platform is WEE for Equity (Wholistic, Empowered and Elevated. “Wholistic” is a word modified from the traditional spelling of “holistic;” here, we are capturing the ‘whole-ness’ of our community). This WEE platform has three initiatives - belonging and connection, leadership and community alignment across the state. 

Here is a breakdown. 

Wholistic - wholistic leadership for equity. It’s not about one of us. Or even one aspect of us. It’s about all of us一from the societal pressures, discriminations, and biases we face, to access to capital and funding, to self care and mental health. We women business owners do not exist in a silo. We are impacted by prejudice and bias, and as women business owners of color一even racism. 

As part of this WEE platform, we will focus on Belonging and Connection as an initiative. This initiative will be lead by Lavada English (Bright Places) (President of Ventura County/NAWBO-CA Secretary). 

Another focus is our WEE - Next Gen chaired by Alyson Dutch (Dutch + Brown Public Relations). Who are we wholistically without bringing up our next generations of entrepreneurs. 

Also as part of WEE we have the LGBTQ+ committee led by Amber Wallace (Dowitcher Designs/NAWBO-CA Immediate Past President). We want to ensure that our WBOs who are LGBTQ+ know we stand with them. 

At NAWBO-CA, we are not tired of talking about women business owners - all women business owners - including those who are Black women, Latina women, Asian women, LGBTQ+ women, Indigenous women, mixed-race women, and more. We are not tired of this because we are this. We will not tire of talking about the empowerment and elevation of all women business owners. And we owe it to ourselves to ensure that all boats rise, because at NAWBO-CA, we realize that all boats have not risen equally, equitably and without overcoming hardship, burdens, and barriers. 

This is what NAWBO National back in 1975 was founded on. This is what those 12 women stood up for when many across the aisle and across the nation tried to push them down. There was no bipartisan support - people on both sides of the isle did not support women business owner equity一 but what needed to happen was right. It was what mattered. And it propelled women business owners forward. 

That’s the NAWBO I stand with. That’s the NAWBO that California stands with: brave women business owners who make things happen and who band together against the injustices facing all women business owners. And sometimes we need to lend a hand or allyship- to a certain segment of our business women population. That is how it should be - a balancing act to ensure we all succeed. 

And together, no matter how we are attacked, persecuted, discredited, gaslighted and make some feel uncomfortable just by existing, we persevere. We are here as a collective body of women business owners to be a respite in a nation that does not always see us as equal.

The number of women of color-owned businesses have skyrocketed in the past couple years. In 2021, 47% of all businesses started by women were started by women of color. Before the pandemic, majority Black women-owned businesses grew at a substantially higher rate than any other female demographic.

We are also seeing more programs and opportunities dedicated to funding minority women-owned businesses. These programs and funds come from a wide variety of sources; from the federal government, to private investors, to nonprofits.

Goldman Sachs’ 10,000 Women program provides free business education online to women entrepreneurs around the world. Its Women Entrepreneurs Opportunity faculty help women in emerging markets access capital and financing, as well as grow networks and opportunities. Bank of America is doing its part through its Bank of America Loan Fund for Women Entrepreneurs at Kiva, which microfinances women-owned businesses around the world. In October 2021, Exelon announced a $36 million equity fund to help minority-owned businesses grow and expand.

Celebrities are getting in on the opportunity to lift up fellow women as well. This year, Jennifer Lopez teamed up with a microfinance nonprofit, Grameen America, and pledged $14 billion in loan capital to 600,000 Latina-owned small businesses. The Eva Longoria Foundation is similarly dedicated to empowering Latina entrepreneurs. Sara Blakely, owner of Spanx, has donated millions of dollars to women-centered charities and entrepreneurial programs through The Spanx Foundation.

And NAWBO-CA’s own Felena Hanson (NAWBO-San Diego) started Hera Hub, an international female-focused business accelerator and co-working space for women. She is also the founder of an accelerator program supported by Bank of America through NAWBO-San Diego. 

We would not have this voice, and this space were it not for our partners through the years. We are especially grateful to our partners who stand by us supporting our inclusive mission:

Empower - we empower ourselves by using our voices. Our empowerment will be aligned with our advocacy committee co-chaired by Cynthia Suero-Gabler (Suero-Gabler Enterprises). We currently have two legislative advisors - Lori Kammerer and Jessica Dubroff - both experts in legislative affairs and policy. We encourage inclusively all members to be a part of this committee - your voice impacts the policies that impact us all. And we want you involved so that when Propel 2023 (April/May of next year) comes, that you will continue that strong commitment to using your voice.

Here also is our continued alignment with NAWBO-CA Education Fund led by Past NAWBO-CA President Mindy Bortness (Communication Works). Our NAWBO-CA Pathways program is designed to create customized pathways and mentorship for those women with interest in further leadership and interest in getting on corporate boards. While representation of women and women of color on corporate boards is improving, it is still not good enough.

Today, only 9% of Russell 3000 companies have gender-balanced boards, with women of color being significantly under-represented. In the past two months, the percentage of newly appointed board members that are women decreased by 8%. Women are not expected to reach 50% of board seats in the US until 2030. In California, 16% of company boards are gender-balanced. And while this number seems small, the sad truth is that it has the second-most gender-balanced company boards in the country. Even worse, the growth of gender-balanced boards in California slowed down significantly after SB826 was struck down. 

Our Education Chair Megan Rios (Rios Designs) will be empowering our WBOs through educational programming.

Elevate - we elevate women business owners to have more opportunities to connect, expand their networks, and to have more business opportunities. Our Marketing efforts will be led by Sandra Lee (ES Advertising) who has another powerful committee to elevate our brand, our voice and our impact. 

Procurement is a piece of that. My passion and expertise is in procurement. I have seen businesses grow tens of thousands even millions by leveraging certifications and opportunities in public contracting. We will continue our partnership with the Women’s Business Enterprise Council West as certifying agents for women business owners and for corporate pursuits. Furthermore, we will partner with various public agencies for public agency contracting as we elevate more women business owners in business opportunities. 

And that, my friends, is wholistic leadership, empowering and elevating leadership.

WEE for Equity for you. WEE for Equity for me. WEE for Equity for us.

WEE 

This is our NAWBO-CA. We stand on the shoulders of the women business owners who fought hard against oppression, against discrimination, against being disgraced, shunned, and considered insignificant. We stand on the shoulders of these women who wanted to change the status quo. Who demanded respect, not popularity. I fight for this. NAWBO-CA fights for this.

Join me. Join us.

By being a member, you continue to help us in advocating on behalf of all women business owners in the state of California. It is the fifth largest economy with more than 1.4M women business owners. Our voice in California needs to be wholistically leading and inclusive; our voice needs to be elevated and heard to create impact and our voice needs to be heard for economic opportunities. 

As NAWBO’s founding President Susan Hager said: "Get a seat at the table or build your own table, and make sure to include other women." 

We stand with all women business owners. In all your glory. In all your struggles. In all your defeats and all your successes. We are NAWBO-CA and we are here with you. For you. Always. 

We have more work to do as we propel women businesses forward. And we won’t forget the past leadership whose shoulders we stand upon as we continue to elevate women business owners and NAWBO-CA. I am forever thankful to the Executive Committee and Board of NAWBO-CA. To our Immediate Past President Amber Wallace (Dowitcher Designs), as she led the chapter through a tumultuous time compounded by COVID-19  impacts. She kept the fire going, and we are all thankful for her commitment and unyielding service to NAWBO-CA. Also I would also like to thank Hilary Lentini (Lentini Design & Marketing) and Jennifer Dizon (Hood & Strong), for their unyielding support and ‘bleeding’ teal for their sisters. And while Lynette Coverly’s (CoverlyPro) tenure on the Board has ended, we also thank her for her passionate service. 

When we help each other, we find we can elevate one another. This article speaks to that. As past president Hilary Lentini (Lentini Design & Marketing) always says:

“onward.” 

Forever in Service,

Schenae Rourk

President, NAWBO-CA

&

President and CEO, Redwood Resources

Impassioned Leader. Impassioned Advocate. 

PS: Sorry for the delay. A month of travels and then COVID delayed this third part of the series

Become a Member Today - All Welcome

Become a member of one of the local chapters within the state. And even if you’re not a woman-owned business you can still join as a supporting member一either as an individual or a non-woman owned business. We even have rates for those who don’t want to get all of our emails and yet want to support the organization and our cause. Contact Schenae directly for more information!

Inland Empire :: In person Networking event | September 15 | Palm Desert

San Diego :: Meet for Coffee! | September 16 | Mission Bay

Silicon Valley :: Crystal Chair Award Gala 2022 | September 20 | Santa Clara

Santa Barbara :: Cybersecurity Panel Discussion | September 21 | Hybrid