News & Resources

Women-owned businesses less affected by recession

Aug 08, 2011 Brian Bradley

Capital Access Network, a data collecting and analyzing organization, has reported that businesses owned by men are suffering more than women-owned business during the recession, CUinsight reports. Taking into account thousands of small businesses, CAN's study found male-owned businesses experienced a 3.6 percent drop in sales, while women only saw a 1.5 percent decrease. Glenn Goldman, CEO of CAN, emphasized that 2010 showed women-owned businesses were more resilient than men during the ongoing economic strain of the United States. "This is the first time we have reported year-over-year card sales broken down by the gender of the business owner," he told the news source. "Our findings indicate that, this past quarter, women-owned small businesses seem to be rebounding faster out of the recession than those owned by men.” Their organization can't pinpoint why women's businesses are suffering less than men's, but their study does find that people are alternating their credit card decisions. High gas prices may be affecting how consumers purchase, and the public is using their credit cards less and less on main street businesses, and more so for non-main street stores.