In the world of business, entrepreneurship transcends gender boundaries. Yet, the path for women entrepreneurs frequently entails distinctive hurdles and obstacles. First Bank of the Lake understands these unique challenges and takes pride in its collaboration with the Office of Women's Business Ownership (OWBO) at the Small Business Administration (SBA), striving together to cultivate gender equality and economic empowerment.
The landscape of entrepreneurship is evolving, and women are playing an increasingly prominent role in driving innovation and growth. However, despite their significant contributions, women-owned businesses still face unique challenges, particularly when it comes to accessing capital. A recent study performed by the National Women’s Business Council found that women entrepreneurs are less likely to receive funding compared to their male counterparts, highlighting the need for targeted support and resources1.
This is where the OWBO at the SBA steps in as a valuable ally for women entrepreneurs. Through a range of programs and initiatives, the OWBO works to level the playing field and provide women-owned businesses with the tools they need to succeed. From educational resources to networking opportunities, the OWBO offers comprehensive support aimed at supporting women entrepreneurs at every stage of their journey.
One of many ways the OWBO supports women entrepreneurs is by facilitating access to financing. Through partnerships with financial institutions like First Bank of the Lake, the OWBO connects women entrepreneurs with a variety of financing options, including SBA loans. These loans offer favorable terms and lower barriers to entry, making them an attractive option for small businesses seeking capital.
At First Bank of the Lake, we understand the importance of these financing options in helping women entrepreneurs bring their business ideas to life. That's why we work closely with the OWBO and other SBA programs to streamline the loan application process and provide personalized guidance to women-owned businesses. Whether it's navigating the complexities of loan eligibility criteria or developing a strong business plan, our team is committed to helping women entrepreneurs succeed.
In addition to financing, the OWBO also offers a wealth of educational resources and training programs designed to empower women entrepreneurs with the knowledge and skills they need to thrive. From workshops on business planning to mentorship opportunities with seasoned professionals, these resources provide invaluable support and guidance to women-owned businesses.
As a community bank, we are proud support women entrepreneurs in our community. By leveraging our expertise in small business lending and our commitment to personalized service, we aim to empower women entrepreneurs to achieve their goals and make a positive impact in our community. Through our partnership with the SBA and OWBO, First Bank of the Lake, empowers women-owned businesses to thrive and contribute to the economic growth and vitality of our communities. Together, we are building a more inclusive and equitable future for entrepreneurship, where all entrepreneurs can succeed.
1 https://www.nwbc.gov/research-data/undercapitalization-and-women-entrepreneurs/