Arrow Payment is proud to be a Women’s Business Enterprise (WBE). As its website states, “WBENC Certification is the most widely recognized and respected national certification for women-owned businesses in the U.S.”
After an intensive certification process, WBEs are able to access a support network that includes business opportunities specifically for women-owned firms. Additionally, WBEs gain more visibility within government and corporate supply chains, new networking opportunities with other women entrepreneurs, and educational opportunities.
While all of those reasons are great reasons to become WBE-certified, none of them were the driving force behind Arrow Payment’s choice to pursue certification. We’re not saying we don’t appreciate those other opportunities, or that we don’t partake in them, but we are driven by a different purpose.
Data Behind Women-Owned Businesses
Being a WBE is a badge of honor for Arrow Payments. Before we get into why, let’s look at some exceptional data from Fundera around women-owned businesses:
- There are 12.3 million women-owned businesses in the US
- Women-owned businesses in the U.S. generate $1.8 trillion each year
- 40% of US businesses are Women-owned businesses
- 64% of new women-owned businesses were started by women of color last year.
- Latina women-owned businesses grew more than 87% last year.
- Women-led private tech companies achieve 35% higher ROI
Those statistics are amazing. Women are bootstrapping businesses and joining the entrepreneurial workforce at rates not seen before. But there is a dark underbelly to that data as well. More than two million women left the workforce last year, largely as a result of the pandemic and subsequent need for more at-home caretaking and schooling.
Why It’s Important to Support Women-Owned Businesses
Women are often left behind when the winds of working environments change and the pressure ignites. Worse yet, it’s typically not by their own choice. As a women-led business, Arrow Payments desires to be an advocate for women in business and to do our part to make sure other women-led businesses have the resources they need to succeed in business and life.
We believe that supporting women-owned businesses is a way to invest in women’s economic empowerment, gender parity in commerce, and the improvement of the overall economy. It’s a way of being socially conscious while also supporting the greater good. Consider the following ways you can support women-owned businesses:
- Invest in and purchase from women-owned companies
- Build a network to help support women-owned businesses
- Mentor women and foster the entrepreneurial education of women
- Promote women-owned businesses on social media
- Use your voice to uplift women
What will you do to support women-owned businesses?
If you’re interested in learning more about how Arrow Payments can be your women-owned payments consultancy, contact us for a free consultation.