Washington among best states for female entrepreneurs
The Evergreen State is among the top 10 best states for female entrepreneurs.
That’s according to FitSmallBusiness.com, a digital business publication.
Washington ranked No. 4 on the list after Texas (No. 1), Ohio (No. 2) and Minnesota (No. 3).
FitSmallBusiness.com said the state is well positioned to be the next Silicon Valley, thanks to big tech businesses like Microsoft, Amazon, Google and Bing.
This Northwest tech attraction also has produced some “incredible startups,” according to the report. The state gets high marks for having “no corporate tax rate (only a small Business and Occupation tax of 1.5 percent of gross receipts) and a higher overall ranking for female economic and well-being rating.”
FitSmallBusiness.com ranked each state for its desirability and outlook for female entrepreneurs by reviewing the following overall criteria: general business climate and opportunity (25 percent), the number of female-owned business (25 percent), economic and financial health (25 percent), and safety and well-being for women (25 percent).
A recent study by Biz2Credit revealed that women who apply for business loans typically get 45 percent less than their male counterparts, said FitSmallBusiness.com.
Stereotypes and dated traditions play into this. Ninety-four percent of venture capital firms are dominated by male decision-makers, according to Fortune magazine, while lingering concerns about the interruption of a woman raising a family leads some funders and supporters to question the likely success of female-owned ventures, said FitSmallBusiness.com.
But there’s reason to be optimistic. According to the University of New Hampshire, the number of female entrepreneurs is growing steadily in the U.S. Twenty-three percent of entrepreneurs seeking angel investing were female in 2018, up from 19 percent in 2014. Since 1972, female-owned businesses in the U.S. have surged 3,000 percent, said FitSmallBusiness.com.