The growth story
According to the US Census Annual Business Survey, women-owned businesses (employer firms) grew 21% over the past five years — more than double the rate of men-owned firms (10%). Including non-employer firms (sole proprietorships, freelancers), women own approximately 14 million businesses.
Growth has been particularly strong among women of color: Black women-owned businesses grew 67% over the past decade, the fastest of any demographic.
The revenue + financing gap
Despite faster growth, women-owned businesses on average generate 47% less revenue per firm than men-owned. Most of this is structural: women-owned firms are concentrated in lower-margin sectors (personal services, healthcare support, retail) and tend to operate without external capital.
The Federal Reserve Small Business Credit Survey shows women-owned firms are approved for full financing 39% of the time vs 49% for men-owned — even controlling for credit risk profile. They're also less likely to apply in the first place.