Atlanta Is Paving the Way for Women in Business Despite Challenges
Atlanta, a city known for its hustle and innovation, is becoming a critical hub in the burgeoning world of women-owned businesses. It’s an exciting time for entrepreneurial women, but one filled with its fair share of challenges.
According to the recent 2024 Wells Fargo Impact of Women-Owned Businesses report, there are a whopping 14 million women-owned businesses across the United States, making up about 39.1% of all businesses. That means they employ over 12.2 million workers and generate an enormous $2.7 trillion in revenue! What a feat!
In the stretch from 2019 to 2023, women-owned businesses showed their prowess, growing nearly twice as fast as those owned by men. But here’s the kicker: despite these gains, women still wrestle with significant hurdles when it comes to accessing business capital. Imagine only 1.9% of venture capital funds going to businesses started by all-female founders. It’s hard to believe, especially when gender diversity is known to boost financial returns by 15% above the industry medians.
The situation becomes especially sticky in the real estate sector. There, despite all the chatter about diversity, equity, and inclusion, the numbers hold steady at about 36.7% representation for women over the last 15 years. Talk about an uphill battle!
Affordable Housing: A Sector in Crises and Opportunity
Closer to home, the same headwinds challenge women developers in Atlanta’s affordable housing market. Even though the city is grappling with an affordable housing crisis, women who are ready to contribute solutions often find themselves short on leadership opportunities and access to the dreaded capital. It’s tough operating when the means to get projects off the ground are out of reach.
Yet, there’s a silver lining. A movement is rising, fueled by the dedication to balance the scales. Enter the Women’s Affordable Housing Network (WAHN), a stellar group that has grown into a nationwide powerhouse with 24 chapters across the country. After all, there’s strength in numbers!
WAHN has been active in the Peach State, recently hosting its first-ever national conference right here in Atlanta. Their collaboration with organizations committed to women’s leadership and affordable housing underscores a long-needed dialogue about access to capital and policy solutions.
For those eager to dive in, the upcoming December 4 Regional Housing Forum is the place to be. It promises to feature a rich exchange among representatives from WAHN’s Atlanta chapter and others who are knee-deep in the affordable housing sector. The spotlight will shine on unraveling capital constraints and unearthing potential solutions that could offer women more significant opportunities in this vital industry.
Let’s Keep the Conversation Going!
The strides being made are promising, but the journey isn’t over. As cities like Atlanta continue to foster conversations and provide platforms for women in business, the hope is clear—ignite change, inspire action, and pave new roads for future generations.
If you’re passionate about these issues, staying informed and engaged can drive more meaningful changes in Atlanta and beyond. Today’s challenges could be tomorrow’s triumphs, and isn’t that something we all love to watch unfold?
