Women-Owned Businesses Are Boosting the Economy

One of the fastest-growing sectors in the U.S. economy since 2019 may surprise you. It’s not the tech giants or corporate expansion, instead, it’s women-owned businesses, a trend not only reshaping industries, but also influencing how we think about entrepreneurship. From technology to medicine, digital services to retail, women are forging their own paths with new job opportunities and making their mark in the field.

What’s driving the success of these entrepreneurs? What resources help fuel their influence in contributing to economic growth? And how can Indiana Members Credit Union help you with your own women-owned business in Indiana?

 

According to the 2025 Wells Fargo Impact of Women-Owned Businesses Report, from 2019 to 2024, women-owned businesses grew 43.5% more than that of men-owned businesses, and revenue outpacing men-owned businesses by 6.8% in 2023-2024. As for employment, women-owned firms' aggregate employment growth rate was nearly tripled that of men-owned from 2019-2024 and 2023 to 2024. From the number of firms, 252.8% for employment, and 82.0% for revenue. 

Women entrepreneurs are expanding into a wide range of industries, with finance, insurance, real estate, transportation, and warehouse sectors showing the highest growth rates at nearly 50%. Historically, women-owned businesses have primarily focused on industries such as:

 

• Services (pet care, beauty, etc.)
• Professional, scientific, and technical services
• Administrative support, waste management, and remediation services
• Healthcare and social assistance

However, these women are now branching out into new territories, breaking through the barriers of traditionally female-dominated sectors. This isn’t just in the United States, but globally. 

According to the Global Entrepreneurship Monitor’s 2024/2025 Women’s Entrepreneurship Report, women entrepreneurs' startups went from an average 6.1% in 2001-2005 to an impressive 10.7% in 2024. In the U.S. in 2024, 1 in 10 women started their businesses, compared to one in eight men. 

 

Venture capital is no longer the only resource available for women entrepreneurs. Since the pandemic in 2020, investments into small businesses have been pouring in, with levels of funds, grants, and loan aids that haven’t been seen before. Besides Paycheck Protection Program (PPP) and community development financial institutions (CDFIs), small business loans from Indiana Members Credit Union can help these entrepreneurs grow or get their foot in the door. 

Women-owned businesses are not only contributing to the economy, but are more likely to invest in their communities, prioritizing sustainable growth, and creating new jobs. They’re also leading the way in shaping a more inclusive, diverse, and innovative entrepreneurial landscape. 

As they continue to break barriers, expand into new sectors, and reinvest in their communities, it’s clear that supporting women entrepreneurs is more important than ever. And at Indiana Members Credit Union, we are committed to helping women entrepreneurs succeed. After all, encouraging and providing the resources these women need to succeed will lead to a more prosperous and equitable economy for all.

 

1. Certification: Becoming certified in your field can unlock new opportunities and contracts. The Women’s Business Enterprise National Council (WBENC) and National Minority Supplier Development Council offer certifications that can enhance your business’s credibility and competitiveness.
2. Business Centers: Many business centers offer counseling, training, and networking opportunities. Indiana Members Credit Union’s business advisors can help you with questions you have when it comes to running or expanding your business. You can also explore resources available from  the U.S. Small Business Administration.
3. Networking: Networking is a powerful tool for any small business owner, especially for women entrepreneurs. Consider attending local business networking events in Central and Southern Indiana to connect with other entrepreneurs. You can find events through local business journals, Chamber of Commerce, Facebook groups, or platforms like Eventbrite. If you prefer word-of-mouth, other low-cost marketing options are also available to you! 

Supporting women-owned businesses in Indiana is more than just a trend; it’s an essential step toward building a more robust, innovative, and inclusive economy. To learn more about business loan options for women entrepreneurs in Indiana, contact Indiana Members Credit Union or visit a branch today.