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V O L . X X X N O. X I M AY 1 3 , 2 0 2 4 18 S M A L L B U S I N E S S at's a tall order in a state where women own only 41.3% of close to 150,000 small businesses — defined as those with fewer than 500 employees — although they make up 48.9% of workers at those enterprises, according to a November 2023 report by the U.S. Small Business Administration. And, in a state where more than 90% of the population is white, racial minorities own only 3.4% of small busi- nesses; Hispanic-owned businesses are even rarer, making up only 1.6% of the total. 'Elevating voices and experiences' Out of 33.3 million small businesses nationwide, women own 43.4% of the total while racial minori- ties own 20.4%, an SBA barometer shows. A separate report, by American Express, shows that while the percentage of women-owned busi- nesses jumped from 4.6% in 1972 to 42% in 2019, women of color account for only half of all female- owned businesses. It also shows a widening dispar- ity between minority and non-minority women. While businesses owned by minority women saw their average revenue drop from $67,800 in 2014 to $65,800 in 2019, revenue at non-minority women- owned businesses increased from an average of $198,500 to $218,800 over the same period. One explanation offered by researchers is that as more younger women become entrepreneurs, the entry of smaller, young companies to the mix means lower average revenue figures. However, women in general are also still paid less than men, earning 82 cents for every dollar made by men in 2022, about the same as 20 years earlier, Pew Research Center data show. Noting an even wider pay gap for women of color, Mo-Phillips blames systemic and structural barriers such as gender bias and discrimination for hindering their access to financial resources. A Small Business Energy Loan and other incentives from Efficiency Maine can help you upgrade your facilities to high-performance, energy-efficient systems like heat pumps and variable refrigerant flow (VRF) retrofit systems. Learn more at efficiencymaine.com/ small-business-energy-loans/ Financial Solutions for Energy Projects Improve the Comfort and Energy Efficiency of your Facilities F O C U S F I L E P H O T O / J I M N E U G E R Grace Mo-Phillips, program director at the CEI Women's Business Center South, leads the BIPOC Women's Business Navigator. She is also the founder of Belle Cove LLC, exporting frozen seafood to Asia and Europe. Our programs are designed to elevate their voices and experiences, provide equitable opportunities for business success and cultivate a culture of respect and support, allowing these remarkable women to flourish. — Grace Mo-Phillips CEI Women's Business Center South » C O N T I N U E D F RO M P R E V I O U S PA G E

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