WASHINGTON, June 17, 2013 /PRNewswire-USNewswire/ -- The National Association of Development Companies (NADCO) and the National Association of Women Business Owners (NAWBO) announced today that they have formed a strategic partnership to promote capital access and small business lending options for women business owners and female entrepreneurs.
"Since 1975, NAWBO has been the unified voice of America's women-owned businesses representing the fastest growing segment of the economy and the interests of all women entrepreneurs across all industries," said Diane Tomb, President and CEO of NAWBO. "One of the biggest impediments to the establishment and growth of woman-owned businesses is the lack of access or awareness of lending options. We are proud to partner together with NADCO to bring options and training to more women."
Women play an important role in the U.S. economy: women own nearly 8 million businesses that employ 13 million workers and generate $1.2 trillion in sales. According to the SBA Office of Advocacy, woman-led businesses are one of the fastest growing groups of entrepreneurial firms.
According to the NAWBO 2013 State of Women-Owned Business Survey, nearly a quarter of women business owners did not seek a new loan or line of credit because they did not believe they would get it. This fear is not unfounded: loan approval rates for women-owned companies are 15%-20% lower than they are for their male-owned counterparts.
"Expanding the opportunity of entrepreneurship for women is vital to our national success," added Beth Solomon, President and CEO of NADCO. "But what's become clear is that entrepreneurship needs the fuel of capital for success. Our nationwide network of nearly 270 Certified Development Companies will work hand-in-hand with NAWBO, SBA and other small business leaders and lenders to ensure that 2013 is the year of the female entrepreneur."
Over the course of National Small Business Week, NADCO and NAWBO will be highlighting the role and accomplishments of female business leaders all across the country and will continue to work with their members to empower and equip women small business owners.
Founded in 1975, the National Association of Women Business Owners (NAWBO) propels women entrepreneurs into economic, social and political spheres of power worldwide by: strengthening the wealth creating capacity of our members and promoting economic development within the entrepreneurial community; creating innovative and effective change in the business culture; building strategic alliances, coalitions and affiliations; and transforming public policy and influencing opinion makers. Learn more at www.nawbo.org.
The National Association of Development Companies (NADCO) is the trade association of Certified Development Companies (CDCs) - nonprofit companies that have been certified by the Small Business Administration (SBA) to provide financing for small businesses under the SBA 504 Program. NADCO represents nearly 270 CDCs, serving all 50 states. In 2012, the industry provided $6 billion to nearly 10,000 U.S. small businesses.
SOURCE National Association of Development Companies (NADCO)