According to a recent survey by Bank of America, 63% of women business owners feel they need to work harder to achieve the same level of success as their male counterparts.
This Women’s History Month, it’s important to highlight the ways women can access capital, an essential part of entrepreneurship and achieving success. Although a quarter of women business owners say they have experienced challenges accessing capital for their businesses, I believe working with the right financial institution helps break down these barriers.
In 2015, my husband and I partnered to create International Veterinary Supplies (IVS), a veterinary and animal supply distributorship that provides supplies for caretakers of large animals, including farmers and ranchers, clinics and universities, veterinarians, and pet owners. While we started in a small building housing both our warehouse and office, our company grew exponentially. Within seven years of opening our doors, we were distributing overseas to Asia, South Africa, Japan, and more. While the quick growth was exciting, we needed a financial institution to not only provide capital but provide reliable support. That’s where Bank of America came in.
Through Bank of America, I obtained loans that doubled our inventory, supporting the growth we’d seen and giving us the platform to continue growing. They helped us survive a global pandemic when so many other family-owned businesses were forced to close their doors. And most importantly, I felt like I mattered to the bank representatives. They heard my needs as a Hispanic woman entrepreneur and knew me on a personal level.
Bank of America exemplifies genuine inclusivity throughout the process of accessing capital. Their representatives are deeply attuned to the diverse experiences and needs of individuals from various cultural backgrounds, fostering an environment of trust and understanding. This creates space for open, honest conversations, ensuring customers – women and minorities alike – feel heard and supported when navigating entrepreneurship.
To support women entrepreneurs, we need more financial institutions to invest in women. I encourage more companies to take a chance on women entrepreneurs to help close this gap. Only then will financial institutions begin to be truly effective in the lives of women entrepreneurs.
(Alicia Jaime is co-owner and president of International Veterinary Supplies in Urbandale, Iowa. She can be contacted at [email protected].)
(Editor’s note: This column includes edits made by the author to the original printed version.)
