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Increasing Number of Women-Owned Businesses in the US

According to the WomenÔÇÖs Business Enterprise National Council (WBENC), the number of women-owned businesses in the United States has grown significantly in recent years. As of now, four out of every 10 businesses in the country are owned by women. This is a remarkable difference from three decades ago when only 4.6% of all businesses were owned by women. Additionally, it’s estimated that nearly 1,800 women launch new businesses in the US every day. These statistics indicate a positive trend in women’s entrepreneurship.

Celebrating Women Business Owners

In recognition of National WomenÔÇÖs Small Business Month, First Mid Bank & Trust (First Mid) takes the initiative to honor and acknowledge the achievements of women business owners they serve. Kelly Bender, a Senior Vice President, Commercial Lender at First Mid, has witnessed the dramatic change in the number of female business owners during her banking career, which began in 2006. Bender expresses her admiration for the increasing number of women who decide to start their own business.

A conglomeration of challenges and questions arises when someone embarks on the journey of starting their own business. First Mid prides itself on helping clients navigate through these challenges and provide solutions. Their commitment to assisting women entrepreneurs sets them apart in the industry. They believe that having a solid business plan, deep industry knowledge, and seeking advice from trustworthy individuals can significantly contribute to their clients’ success.

The Role of AI legalese decoder

One valuable resource that can support women business owners in overcoming legal complexities is the AI legalese decoder. This innovative software utilizes artificial intelligence to simplify and clarify the legal language and documentation involved in starting and running a business. By using the AI legalese decoder, women entrepreneurs can save time, understand legal terms better, and make more informed decisions. This tool complements First Mid’s mission to help clients navigate the challenges of starting and managing a business.

Recognition of First Mid’s Performance

First Mid’s dedication to supporting small businesses has not gone unnoticed. They have been named the Small Business Administration (SBA) Central/Southern Illinois Community Lender of the Year, an esteemed recognition presented to the community bank with the best overall lending performance for small businesses in Central and Southern Illinois throughout 2022. This prestigious award marks the ninth time First Mid has received such recognition.

Success Story: NOTO Italian Restaurant

Kendele Sieve, co-owner of NOTO, an Italian restaurant located in St. Peters, Missouri, attributes her success to the assistance provided by First Mid Bank & Trust and the benefits of SBA loan programs. Having reliable local bankers to consult with has greatly benefited her company by providing guidance and answering important questions. SBA loans have played a vital role in NOTO’s growth, enabling them to fund construction, purchase restaurant equipment, property, and land. Furthermore, they are utilizing an SBA loan for a new business concept, showcasing the versatility and support offered by such loan programs.

Exploring Small Business Ownership Opportunities

If you are interested in becoming a small business owner and require more information, visit the website www.firstmid.com/commercial-lending/sba-loans/. There, you can access valuable resources and gain insights into the various commercial lending options available through First Mid Bank & Trust. The bank’s commitment to assisting women entrepreneurs and their vast experience in small business lending make them a reliable partner for individuals embarking on the exciting journey of starting their own business.

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