Female entrepreneurs need more access to capital — and mentors

It would be hard to argue that Women’s History Month has ever held as much social resonance as it does now. As we take March to acknowledge the many individual feats by pioneering women, the rising tide encouraging the values of diversity, inclusion and empowerment remind us all that we need to stand up for one another. There are many ways to encourage women to be the best they can be. Two that come to mind are mentorship and providing access to capital for female entrepreneurs.

A 2016 Babson College study reported that businesses owned by men are four times as likely to receive venture capital funding, even though 36 percent of small businesses in the U.S. are women-owned. Moreover, women entrepreneurs seeking capital are more likely to be turned down for loans than men, with only one in 23 dollars in loans going to a woman.

Workplace advancement is another arena for women to exert their scope of influence to benefit those who follow. It starts by being an example for someone to emulate, but we can do more. A 2017 study by professional services firm Egon Zehnder found that only 54 percent of women have access to senior leaders who act as mentors.

The importance of mentorship to professional advancement cannot be understated. But effective mentorship must be a two-way street. Women in senior positions must make it a point to share with the next generation. Conversely, women looking to progress in their professional journey should actively search for a mentor they identify with, trust and feel they can share confidentially their thoughts.

Joining professional groups with like-minded women is a place to start. For example, the Women’s Chamber of Commerce of Palm Beach County offers female professionals an environment to engage, empower and support each other.

As we near the conclusion of Women’s History Month, let’s really take to heart the plurality of that title — “women’s” not “woman’s.” Go out and frequent the women-owned businesses in your neighborhood. Join a women’s leadership or mentorship group. Create new opportunities to invest in one another and work together toward writing our own history.

FABIOLA BRUMLEY, WEST PALM BEACH Editor’s note: Fabiola Brumley is Bank of America’s market president for Palm Beach County.