In the wake of the worst economic downturn in two generations, the American economy is beginning to revive. One indication of a healthy national economy is the number of businesses being started, as revealed through the number of entrepreneurs applying for loans. While it is not an easy time to get funding to start a business, some people may have a natural lagniappe for such a venture: men.
A Congressional report released in July revealed that though women own approximately one-third of small businesses in America, they only “account for less than 5 percent of dollars borrowed through traditional small business loans.”
This is not the only indicator that women are getting less financial help than their male counterparts: the report also showed that women are more frequently turned down for private loans, and those who do secure capital “generally do so under much less favorable terms,” reports the Washington Post.
There are several governmental programs at the federal level to help women secure funding, but despite this, women entrepreneurs are still far less likely to receive investments or seed capital than men. One such initiative was launched in January 2013, as seen through changes made in the Small Business Administration Women-Owned Small Business Federal Contract Program intended to make it easier for women to access federal start-up contracts.
Regardless of challenges that women entrepreneurs deal more with than men, women-owned businesses are, of course, held to the same legal standards regarding contract workers, sexual harassment, and business dissolution. Bearing this in mind, working for a woman could be more likely (and more rewarding) in coming years.
According to a recent survey, 56 percent of women plan to hire more employees within the year, and 68 percent of women surveyed expected that their businesses would continue to grow.
Understanding your rights as a worker—no matter what gender your boss—is crucial for any American. If you or someone you know suspects that he has been experienced unlawful business practices in Northern Illinois, the most important step is to contact an attorney. Contact an experienced Illinois employment law attorney at the Miller Law Firm for a consultation today.