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Women take strides
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March 28, 1997: 3:45 p.m. ET
Firms owned by women are growing fast in cities across the country
From Correspondent Rhonda Schaffler
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NEW YORK (CNNfn) -- The economy has been growing faster than many analysts predicted, with many of the new jobs being created at businesses owned by women.
Nancy Ruddy, president of Cetra/Ruddy, started up her New York-based architectural and interior design firm a decade ago, borrowing money by using her house as collateral.
"I started out as a tiny three person firm and basically I started the firm, had difficulty getting financing, so I basically financed the company myself. In those days, banks were not interested in lending women start-up money," said Ruddy.
That is changing, and today, Ruddy is one of the 8 million businesses in the U.S. owned by a woman. That figure represents an 87-percent increase over the level a decade ago. The growth rate was highest in Portland, Seattle, Phoenix, Houston, and Nashville.
In those cities, the number of women-owned businesses increased by an average 96 percent.
Sharon Hadary, executive director of the National Foundation for Women Business Owners, said, "These numbers have been a wake-up call to the economic policy makers, especially to the financial institutions and to the corporations, many of whom have said, 'Wow, this is a good growth market.'"
Banks, recognizing the market, are now aggressively seeking women entrepreneurs.
Lucile Reid, executive vice president of Wells Fargo said banks are "actively seeking the small business loan market and reaching out to women."(169K WAV) or (169K AIFF)
While banks are increasing their lending programs for women, women-owned businesses still have, on average, lower credit lines than those offered to businesses run by men.
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