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    2024 State of Women's Small Business Report by Block Advisors Reveals Resilience Despite Persistent Support Barriers

    Over 6,000 applicants of the Fund Her Future small business grant program show high confidence yet cite major barriers for women looking to start a business

    KANSAS CITY, Mo., Oct. 08, 2024 (GLOBE NEWSWIRE) -- Today, Block Advisors by H&R Block unveiled its 2024 State of Women's Small Business Report, which reveals that women entrepreneurs continue to face significant funding and support gaps, with these challenges being even more severe for BIPOC women. These systemic obstacles contribute to a personal confidence gap among owners themselves. Despite these barriers, many current business owners feel the outlook for their businesses' future is positive.

    While nearly all applicants (94%) express feeling ‘somewhat’ to ‘very’ positive about 2025, respondents also express being cautious with finances given the state of today’s economy. Over half of respondents (56%) claim inflation has affected their prices this year; and over the next six months to a year, some respondents believe they may be forced to cut expenses (44%) and raise prices again due to inflation (39%). Despite cautious optimism, the report highlights significant challenges in women’s entrepreneurial journeys. The challenges experienced are even more pronounced for respondents who are racially diverse.

    “Starting a business has its fair share of struggles – sustaining it brings additional challenges,” said Jamil Khan, Chief Small Business Officer at H&R Block. “This report sheds light on the ongoing obstacles, helping us better understand the resources, guidance, and tools to which women entrepreneurs of all backgrounds need access. It’s commonly known that 50% of businesses close within five years of opening – this report helps us understand how we can work with women founders to beat those odds.”

    The 2024 State of Women's Small Business Report by Block Advisors offers insights from 6,333 Fund Her Future grant applicants. The analysis underscores the profile, attitudes, and behaviors of these applicants, specifically in terms of the motivations, challenges, and needs of today’s women entrepreneurs. Block Advisors’ review of survey responses shows women founders' future confidence is fueled by a spirit of perseverance. The majority of respondents cited facing substantial funding and support gaps when starting their business. These barriers may play into the confidence gap that was noted in over half of respondents.

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    2024 State of Women's Small Business Report by Block Advisors Reveals Resilience Despite Persistent Support Barriers Over 6,000 applicants of the Fund Her Future small business grant program show high confidence yet cite major barriers for women looking to start a business KANSAS CITY, Mo., Oct. 08, 2024 (GLOBE NEWSWIRE) - Today, Block Advisors by H&R Block …