On July 1, 2009, Ursula Burns became the first black woman to head a Fortune 500 company. Only four Black Women have ever led a Fortune 500 company. Wharton, Jr. became Chairman and CEO of TIAA-CREF - distinguishing him as the first black CEO of a Fortune 500 company.įranklin Raines became the second black person to lead a "Fortune 500" company, when he became CEO of Fannie Mae in 1999. Of these 20 executives, there are currently 4 active CEO's, representing less than 1% of the Fortune 500 top leadership. Only 20 black executives have ever made it to the Chairman or CEO position of a " Fortune 500" listed company. Contact us to learn more about the options and benefits available to you.The "Fortune 500" is a list of the 500 largest companies in the United States as compiled by Fortune magazine.
Tompkins Trust Company offers a variety of business loans including installment loans, lines of credit, commercial mortgages and equipment leasing. While these loan programs aren’t only for women-owned businesses, they typically are helpful to women. The SBA 504 loan program is used for fixed assets and real estate. The SBA 7a program is typically used to increase working capital, finance inventory or equipment or to purchase real estate. Some of the best business loan options for women are available through the SBA’s 7(a) and 504 loan programs. An SBA loan is a guaranteed loan that helps make financing more accessible and affordable for business owners. However, of all SBA loans granted, loans for women made up 18%. but only take in 16% of conventional small business loans each year.
Interestingly, women-owned businesses account for 30% of small businesses in the U.S. New York State Small Business Development Centerīecause there are still barriers for access to capital for women, the Small Business Administration has prioritized helping women business owners get funding.Find your local Women’s Business Center or similar resource in New York:
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This is a free service that provides a range of training opportunities designed to help level the playing field for women in business. The SBA’s Office of Women’s Business Ownership oversees the Women’s Business Centers to help female entrepreneurs start and grow their business. Find your local SBA District Office in New York to take advantage of this free training and consulting. It also offers general business counseling and training through local SBA district offices.
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The Small Business Administration offers several programs for women in business through its Office of Women’s Business Ownership to teach women entrepreneurs how to get federal contracts and access to capital or credit. To help women in business finance their companies, here are some helpful resources from Tompkins Trust Company, as well as funding options available to female entrepreneurs in upstate New York.įree training for women entrepreneurs in New York Although the Women’s Business Ownership Act passed in 1988 removed the requirement for a female entrepreneur to have a male cosigner when taking out a business loan, women-owned businesses are less likely to apply for new credit when they need it for fear of being denied, according to a report by the National Women’s Business Council. Accessing capital has historically been a challenge for female entrepreneurs. Being a woman in business has its rewards and challenges.
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