Sharon Miller: September 19, 2018

WOMEN ENTREPRENEURS ARE LEADING THE DIGITAL TRANSFORMATION, ACCORDING TO BANK OF AMERICA STUDY  

Women Business Owners More Confident about Revenue Prospects Compared to Last Year;

See Long-Term Progress on Access to Capital While Acknowledging Current Challenges

Sharon Miller

Head of Small Business, Bank of America

The Bank of America Women Business Owner Spotlight is an annual study exploring the concerns, aspirations and perspectives of 1,000 small business owners across the country. New findings from the 2018 Spotlight released ahead of National Women’s Business Owner Month in October reveal an increasingly confident mindset among women entrepreneurs with respect to the business environment and their outlooks for growth. In addition, the survey finds women leading the charge on the adoption of digital technologies in business, and also reports women business owners’ view that while access to capital for women has improved in the last decade, they still face greater challenges to business ownership compared to men.

Topics Bank of America Executive Sharon Miller is available to discuss include:

  • Economic outlook, concerns and growth expectations of women entrepreneurs across the country
  • Women leading the charge on the digital transformation of business
  • Progress and current challenges around access to capital

2018 Bank of America Women Business Owner Spotlight Key Findings:

Optimism boost

  • 58% of women entrepreneurs expect their revenue to increase in the year ahead – up 14 percentage points from 2017.
  • 56% plan to grow their business over the next five years (vs. 54% in 2017) and 21% plan to hire in the year ahead (vs. 19% in 2017).
  • Women business owners are also much more optimistic about the local and national economy than they were two years ago.

Leading on digital

  • One-third of women entrepreneurs currently use a mobile device to process digital transactions, compared to one-quarter of men.
  • Women business owners also lead men on accepting mobile payments, as well as using mobile devices for everything from paying employees to sending social media updates and hiring.

Access to capital is improving, but challenges remain

  • While it is promising that 84% of women business owners say access to capital for women entrepreneurs has improved in the last decade…
  • 68% say women today still face greater challenges in securing business financing compared to male business owners they know)

For more information, please visit: www.bankofamerica.com/smallbusiness/

 

More About Bank of America Executive Sharon Miller:

Sharon Miller is the Head of Small Business at Bank of America. Her team is responsible for delivering business and personal financial solutions to the company’s three million small business owners and entrepreneurs. Miller’s team of more than 2,500 associates delivers advice and guidance on cash management, business financing, home lending, investments and retirement. Prior to this role, Miller was Central Division Executive for Financial Center Sales and Merrill Edge® at Bank of America. Miller joined Bank of America in 1996. She started her career as a Financial Advisor in Houston, Texas. She has been an active member of Bank of America’s Diversity Council, has served on Merrill Lynch’s Director Advisory Council to Management and has held numerous market leadership roles across the country. Miller has held leadership positions in United Way, March of Dimes and Communities in Schools.

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