As I looked around the room, I saw empowered women of Iowa who have already accomplished so much for themselves, and in doing so, contributed so much to our state and local communities. It’s energizing to see the drive these women have to succeed. 

This week is National Small Business Week. Although women-owned businesses may seemingly make up a small portion of our state and nation’s businesses, they play a significant role in our economy. Nationally, 36 percent of all businesses are women-owned, and these businesses account for 12 percent of all business sales, which accounts for $1.4 trillion, and 15 percent of employment. In Iowa, the2017 State of Women-Owned Businesses Report by American Express found that the state’s women-owned businesses collectively employ 89,500 people and contribute more than $13.9 billion to the state’s economy annually.

While Iowa has a long history of ranking near last in the number of women-owned businesses, things are changing. We’re closer to ranking 30th of the 51 U.S. states and territories that are recorded. Factors in helping us increase our ranking include:

1. Access to capital – Women entrepreneurs have the ability to access capital through SBA and other lenders, government guaranteed loan programs designed for women-owned businesses, and other resources to help these business owners get financing to start or grow their business.

2. Mentorship – You’ve heard it over and over again: Business leaders in Des Moines are willing to meet and provide advice. We also have the support of numerous organizations dedicated to helping women business owners succeed, such as the Iowa Center for Economic Success, Small Business Development Center, Women’s Resource Center, Greater Des Moines Partnership, local chambers and countless other groups across the state.

3. Small business-friendly environment – Factors such as having a low cost of living, a pool of skilled workers and welcoming communities are all important in helping new businesses succeed.