NAWBO and ADP have released the results of a survey of women business owners. Nearly 92% of women-owned businesses are microbusinesses, businesses with fewer than 25 employees. While the businesses may be small, they provide the lion’s share of the family income, with 63% of the business owners providing 50-100% of the household income. By giving these businesses the resources to grow, we will see an opportunity to increase wealth in our most underserved populations.
“Women business owners are the drivers of our nation’s economy and the leaders in our communities,” says Karen Bennetts, NAWBO National Board Chair. “By supporting women business owners and providing them with the necessary resources, we are building the bridge to wealth creation, allowing them to grow and scale their businesses. We appreciate the support of great companies like ADP who recognize this vital section of the American economy.”
“ADP is proud of our partnership and of supporting women-owned businesses and organizations, like NAWBO, that help propel women entrepreneurs into economic, social and political spheres of power worldwide. Women-owned businesses create a huge impact on our economy and we recognize the importance of supporting and partnering with organizations like NAWBO so that we can help further their opportunities for success,” says Laci Buzzelli, Senior Vice President of Sales for ADP Small Business Services.
According to the 2021 Annual Business Survey (ABS), which covers the reference year 2020, women-owned 1.24 million or 21.4% of employer firms in the U.S. Women-owned businesses account for $1.9 trillion in receipts, 10.9 million employees, and $432.1 billion in annual payroll.