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Celebrating the Importance of Women-Owned Businesses

February 12, 2025/in Insights

Women’s History Month is a time when everyone can honor the legacy and impact of women. In celebration of this important time, our lens is on the vital role women play as entrepreneurs and small business owners. In fact, women started 49% of new businesses in the United States in 2021, up from just 28% in 2019. […]

In the Know: Credit Union Statistics

January 16, 2025/in Insights

Here’s a Look at Today’s Key Stats Surrounding the Credit Union Industry Credit unions have come a long way since their inception in 1901. Alphonse Desjardins, a Canadian journalist who organized a credit union in his home with an initial deposit of 10 cents, brought the concept to the United States. In 1909, the first American […]

Celebrating the Importance of Women-Owned Businesses

February 12, 2025/in Insights

In the Know: Credit Union Statistics

January 16, 2025/in Insights

Full Sized Blog Element (Big Preview Pic)

Celebrating the Importance of Women-Owned Businesses

February 12, 2025/in Insights

In fact, women started 49% of new businesses in the United States in 2021, up from just 28% in 2019.

AVANA CUSO’s Brianna Vaughan, CUDE, Executive Vice President, Operations points out, “Female business ownership is growing at a quicker rate than ever before, appearing to only gain more strength throughout the pandemic. This not only shows the ambition of women but also their increasing importance to the economy.”

Here we’ll reflect on the history of women-owned businesses in the U.S. and highlight some of the resources available to aid their growth.

The History of Women-Owned Businesses in the U.S.

The first woman-owned business in the United States dates back to pre-Revolutionary War times. In 1739, Eliza Lucas Pinckney gained control over her family’s three plantation operations in South Carolina when she was just 16 years old after the passing of her mother and father.

There was a similar pattern that ensued throughout the 18th and 19th centuries as women would inherit businesses from their husbands as they passed away. However, the 20th century saw a distinct shift as women became more independent and direct with their entrepreneurial endeavors.

This led seamlessly into the World War II era when women joined the workforce in droves, which ended up causing a large push for female entrepreneurship.

A few decades later in 1988, a study assessed the state of women in business, leading to a report titled: “New Economic Realities: the Role of Women Entrepreneurs.” Following this report, Congress enacted H.R. 5050, the Women’s Business Ownership Act of 1988, which protected women’s equitable access to capital, established Women’s Business Centers and created the National Women’s Business Council (NWBC).

The Recent Years of Women-Owned Businesses

Taken from a 2020 report by the NWBC, women-owned businesses make up 42% of all businesses in the United States. This represents about 13 million businesses, employing 9.4 million workers, and generating nearly $2 billion in yearly revenue.

However, even though males are still the majority owners of businesses in the country, gross receipts for women-owned employer firms saw more growth between 2012-2019 than male-owned equivalents – 51.9% growth for women compared to 34.2% for men.

Plus, since the turn of the 21st century, the number of women-owned businesses has increased by 114%.

How AVANA CUSO Supports Women-Owned Businesses

It’s clear that the rate of women’s business ownership has benefited from H.R. 5050, which eradicated discriminatory lending practices against women. Prior to this, many states had laws that required women to have a male relative co-sign a business loan.

Even still, only 27% of women seek external financing for their businesses. Additionally, women-founded startups get less than half the funding as startups founded by males, even though they generate 10% more income in a five-year period.

Amy Miller, AVANA CUSO’s Credit Union Relationship Officer, says, “While there has been significant progress in recent decades, there is still a widespread funding gap that women business owners face today. At AVANA CUSO, we focus on equitable lending practices that grow businesses, create jobs and improve communities.”

As the country’s best Credit Union Service Organization (CUSO), AVANA CUSO helps credit unions offer better service and more competitive rates on commercial real estate loan products. This translates into broader, richer support of business owners, regardless of gender.

In the Know: Credit Union Statistics

January 16, 2025/in Insights

Here’s a Look at Today’s Key Stats Surrounding the Credit Union Industry

Credit unions have come a long way since their inception in 1901. Alphonse Desjardins, a Canadian journalist who organized a credit union in his home with an initial deposit of 10 cents, brought the concept to the United States. In 1909, the first American credit union was born: St. Mary’s Cooperative Credit Association. Since then, credit unions have multiplied, with more than 5,400 credit unions across the nation and more than $17 trillion in combined assets. Credit unions continue to thrive, growing at healthy rates, according to the latest credit union statistics.

AVANA CUSO takes a look at today’s key stats surrounding the credit union industry, showing they’re integral to our nation’s economy.

National Credit Union Membership Growth

Despite a global pandemic and economic crisis, credit union membership is on the rise. According to Callahan & Associates, credit union membership is now at 4%, its highest rate since 2018. Membership reached approximately 130.2 million, with 5 million people joining credit unions between Q3 2020 and Q3 2021.

Another way to put those numbers into context? Roughly 30% of Americans are credit union members, per the New York Credit Union Association.

Global Credit Union Membership Growth

The Credit Union Times reported in its 2020 statistical report that the World Council of Credit Unions (WOCCU) saw a 29% year-over-year increase in international credit union membership. The major increase was attributed to advanced data collection in India, clarifying there are actually 91 million members instead of the 20 million reported in 2019.

Credit Union Membership & Leadership Gender Breakdown

The WOCCU also documented gender- and age-based statistics to shed light on the ranging demographics of credit union members and leaders.

60% of members in Asia, Africa and Europe are men, while membership in Latin America is split 50-50. Unfortunately, North American credit unions did not report gender information.

The average age of credit union members remains rather consistent around the world:

North America: 53
Europe: 48
Asia: 45
Latin America: 44
Africa: 39

In terms of leadership, in Europe, women make up approximately 61% of credit union board of directors and 51% of credit union CEO positions. However, in Asia, Africa, Latin America and North America, men hold a majority of leadership positions.

Market Share

Despite their growth over the years, credit unions hold a smaller share of the market compared to older and larger institutions of banking, which date back to 1782. Credit unions hold 7.5% of the financial services market, compared to the 92.7% share held by banks.

Of the over 5,400 credit unions in the US, about 4,990 of them are federally insured with the National Credit Union Administration. There are 128.6 million members who use federal credit unions.

Credit Union Statistics: Loan Solutions

Credit unions are highly regarded for their variety of loan solutions, which are typically offered with better terms than other financial institutions. The National Credit Union Administration reports federally insured credit unions have approved $1.22 trillion in total loans, with an average loan balance of $16,187. The Q3 2021 call report summary noted the loan-to-share ratio was 69.9%, down from 75.6% the year prior, which typically indicates a lower risk for the credit union.

According to Callahan & Associates, nationwide loan demand—both federally insured and not—continues to increase, with total loan originations reaching $594.9 billion in Q3 2021.

Credit Union Stats: Online Banking

Mobile banking is a way of life for customers and financial institutions. So it’s no surprise the Credit Union Times reported 5.6 million credit union members signed up for online banking in 2020, an increase of 39%. On average, 4.6 million members have signed up annually since 2015. Such growth is likely attributed to the enhanced user experience members receive from mobile and online banking.

About AVANA CUSO

Established in 1998 and headquartered in Simi Valley, CA, AVANA CUSO offers competitive commercial real estate loans. We partner with credit unions and connect them to investors across the United States. Additionally, we uniquely support and guide our partners through the entire loan process. AVANA CUSO is a proud member of the AVANA Family of Companies.

About us

AVANA CUSO is one of the most seasoned credit union service organizations (CUSO) focused on commercial real estate. Established in 1998.

Half Sized Blog Element (Single Author Style)

Half Sized Blog Element (Multi Author Style)

Celebrating the Importance of Women-Owned Businesses

In the Know: Credit Union Statistics

Celebrating the Importance of Women-Owned Businesses

In the Know: Credit Union Statistics

Full Sized Blog Element (Big Preview Pic)

Celebrating the Importance of Women-Owned Businesses

The History of Women-Owned Businesses in the U.S.

The Recent Years of Women-Owned Businesses

How AVANA CUSO Supports Women-Owned Businesses

In the Know: Credit Union Statistics

Here’s a Look at Today’s Key Stats Surrounding the Credit Union Industry

National Credit Union Membership Growth

Global Credit Union Membership Growth

Credit Union Membership & Leadership Gender Breakdown

Market Share

Credit Union Statistics: Loan Solutions

Credit Union Stats: Online Banking

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