NAWBO event image, caption: Melissa Blatt speaking at the WealthWise Women event at the Biltmore
Phoenix is home to a very active and growing community of business owners. According to a study, Phoenix outpaced the GDP growth rate of other U.S. cities by almost double after the pandemic. That was due in large part to the small-business-friendly ecosystem that supports entrepreneurs to launch their ventures in Arizona.
Where do women stand in this picture? Nearly 50 years ago, a group of women led by Susan Hager, co-founder of NAWBO, descended upon Washington, D.C., legislators. They carried a vision they needed to execute on: legalizing the right for women to work on their own behalf as business owners. In 1974, they helped pass what is now known as the Equal Credit Opportunity Act. Until then, banks required a woman to bring a man along to cosign any credit application, regardless of their income. This act enabled women to launch businesses of their own. In the following year, 1975, the first woman-owned commercial bank opened in New York City — First Women’s Bank. As Margaret Mead says, “Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has.”
We have come a long way since that time. Now entering its 50th year in existence, NAWBO has chapters around the country and is one of the longest-running women business organizations in the country. NAWBO Phoenix hosts events to help women expand their business and grow assets. One attendee said, “I go to a ton of events like this in the Valley, and what you’re doing here has the most electricity of them all.”
1975 bill, caption: Equal Credit Opportunity Act, passed 50 years ago
Indeed, women business owners are entering a new era of power and influence, and Phoenix is no exception. According to a recent ground-breaking study by Wells Fargo, the number of woman-owned businesses in the U.S. during the same timeframe increased at nearly double the rate of those owned by men. Woman-owned businesses represent 39.1% of all businesses (more than 14 million) and employ 12.2 million workers. This wasn’t always true, however. During the period of the pandemic and beyond, the growth of woman-owned businesses has been impressive. According to statistics from the Wells Fargo report:
- From 2019 to 2023, woman-owned businesses’ growth rate outpaced the rate of man-owned businesses by 94.3% for the number of firms, 252.8% for employment and 82.0% for revenue.
- Nearly half a million woman-owned businesses with revenues between $250,000 and $999,999 grew their aggregate revenues by about 30%.
- Between 2019 and 2023, Black/African American woman-owned businesses saw average revenues increase 32.7% and Hispanic/Latino woman-owned businesses 17.1% compared to all woman-owned businesses’ 12.1% rise.
As we continue to develop NAWBO Phoenix’s role in supporting women’s business growth, we offer special events to our members and community. This includes a Pitch Competition for women building their following, selling services and raising money. Applicants receive free training to compete in the event early spring 2025 at our signature summit, Women with Vision. This day-long event includes break-out sessions and inspiring panelists on topics ranging from finance to mental health to tax prep and leadership, as well as powerful speeches and an award ceremony. To attend, find information on the NAWBO Phoenix website listed below.
NAWBO members find these in-person events to be the most powerful way to connect. One CEO said recently of attending our WealthWise Woman event, “I have assembled my entire team from tax to book-keeping to virtual assistant to marketing — from women I met at these events.”
Susan Hager caption: Susan Hager, co-founder of NAWBO
As we enter NAWBO’s 50th year, we turn to inspire more leaders like Susan Hager who will continue to change history for the better. As we continue building NAWBO’s local impact, membership is on the rise. More women entrepreneurs seek a supportive and inspiring community that will provide access to growing their business. As women join our events, they meet new clients and expand their reach. If this sounds like something you want too, join us by visiting https://www.nawbophx.org/.
Additional resources for women in business include:
- 40 small-business grants for women listed by NerdWallet.
- Women in Business Grants 2024/2025 from USgrants.
- Women-owned business certification through WBENC for support and development programs and the SBA for federal contracting opportunities. (From https://bigideasforsmallbusiness.com/state-of-women-owned-businesses-in-2024)
Joanna McPherson is a leader, speaker, and 6x founder. As a coach, she provides expert training to confidently deliver a transformative message that builds a following, drives business, and changes lives for the better. A graduate of Harvard University, Joanna has founded and led schools, non-profits & businesses in the U.S. and abroad since 2005, and has unique expertise as a professional actor and Buddhist meditation guide. To inspire the next generation of global leadership, Joanna serves as strategic advisor on boards in the U.S., Rwanda and Costa Rica, and serves as NAWBO Phoenix President-Elect. More at joannahortonmcpherson.com.
