Empowering Success: The Role of Community Banking in Women-Led Business Growth
The Midwest is a hotbed for women-owned businesses, and Kansas City is at the forefront. According to the U.S. Census Bureau, around 39% of businesses in Kansas City are owned by women, and the number of women-owned businesses increased by 21% between 2014 and 2019, outpacing the 17% national average.
At Midwest BankCentre, we have been supporting women in business for decades. Over 22 years ago, we founded Women Connect, an advisory board and professional network dedicated to female entrepreneurs. These remarkable women, who span a wide array of fields, regularly come together as fellow businesswomen and friends to share and learn from each other, exchange referrals and ideas, and talk about their professional and personal lives.
In addition to this, half of our executive team are women. This diversity gives Midwest BankCentre strong insights into how we can best serve other female leaders. Having these women at the leadership table, as well as our Women Connect Advisory Board, allows the Bank to listen and tap into what female business leaders really want, as opposed to what we think they might want. This sparks innovation, leading to products and services that are tailored to the unique challenges faced by local women in business.
We have the tools to support women-owned businesses at every stage of their growth. For entrepreneurs just starting out, we offer a robust SBA lending program to help them lay the foundation for growth. For larger, more established businesses, we provide a wide variety of commercial loans and treasury management services to take their business to the next level.
By supporting women in business through facilitating their connections, listening to them, lifting their voices, and learning from them, we promote not only their growth but the growth of our entire region. The success of women in business directly impacts the vibrancy of our local economy, creating jobs and fostering innovation. In the Kansas City area, women-owned businesses generate $6.6 billion in revenue annually and employ nearly 60,000 people, according to the Women’s Business Center.
By supporting women in business through facilitating their connections, listening to them, lifting their voices, and learning from them, we promote not only their business’ growth but also the growth of our entire region. The success of women in business directly impacts the vibrancy of our local economy, creating jobs and fostering innovation.
Supporting institutions that prioritize the success of women in business contributes directly to their achievements and strengthens the entire community. At Midwest BankCentre, we are proud to recognize and amplify the incredible contributions of women entrepreneurs and business leaders.
It Matters Where You Bank.
Originally published in the Kansas City Business Journals Ask The Expert Column on 7/26/2024 by Danny Pogue, President – Commercial, Retail & Small Business Banking.