November 4, 2021 • 19 mins
Sharon Miller, President of Small Business and Head of Specialty Banking and Lending at Bank of America, knows that women-owned small businesses are vital to a resurgent, post-pandemic economy.
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Speaker 1 (00:05):
Welcome to Made by Women by the Seneca Women Podcast
Network and I Heart Radio. At a moment when businesses
face some of the biggest challenges in recent history, we
bring you inspiring stories, practical insights, and shared learnings to
help you successfully navigate in today's environment. Hi, I'm Pim Mazzarelli,
(00:27):
and thanks so much for joining us today. Now we're
not out of the woods yet, but as the U
s economy continues to emerge from the pandemic, it's clear
that one tremendous force will help drive America's recovery, and
that's small business. That should be no surprise. After all,
nine percent of all businesses in the US, or small businesses,
(00:51):
and a good percentage of businesses are owned by women,
about thirteen million in fact, and the pandemic hasn't slowed
them down. In women were twice as likely to start
a business as men were. Today, We're talking to someone
who knows the great potential of women owned businesses as
well as what they need. That's Sharon Miller, President of
(01:11):
Small Business and Head of Specialty Banking and Lending for
Bank of America. Under her leadership, Bank of America has
been recognized as the number one small business lender, and
it's no wonder that Sharon has been named one of
American bankers most Powerful Women to Watch in Banking for
the last three consecutive years. We're going to find out
from Sharon what women business owners need so that they,
(01:33):
their communities, and our country can succeed. Please enjoy my
conversation with Bank of America's Sharon Miller. Sharon, thanks so
much for joining us, Kim, Thank you so much for
having me today. So, Sharon, you run small business banking
for Bank of America, and just recently in the past
month or so, you've been given many additional responsibilities at
(01:57):
Bank of America and you are now one of the
more senior women in one of the most i should
say senior women in banking. Can you tell us a
little bit about how you got started, how long you've
been at the bank, and whether this was the career
you envisioned for yourself. Well, that's a that's a great question, Kim. I.
I started with the bank twenty five years ago and
began my career as a financial advisor, helping clients plan
(02:20):
for retirement, education planning. Um, you know, all different sorts
of items that we helped clients with every day. And
I did that for ten years and really enjoyed it.
And I moved into a leadership role within Wealth Management, uh,
and from there have moved to different cities across this
(02:43):
country to work with clients, to work with our teammates
across the country. And five years ago was asked to
lead small business And did I think this was something
I was ever going to do. No. I had no
experience really other than helping clients that were small business
(03:03):
owners with their personal finances. And you know, from five
years ago to today, every day I get up so
excited because entrepreneurs are the most spirited, positive can do
group and really the backbone of our economy. So they
inspire me every day. Uh. And yes, recently I have
(03:26):
also had added responsibility for our specialty lending, so our
mortgage lending for our wealth management clients, as well as
banking for Wealth Management and our auto lending business. So
it is certainly a great honor and privilege to be
able to work with more clients and more teammates across
(03:47):
our company. So you're not busy at all, not at all.
And I have two kids to so I'm a mom first.
You know, and it's so it is interesting and so
I understand, uh as we talk about women and women
business owners and competing priorities, I'm right there. Well, we
are so glad that five years ago the Bank made
that decision because you have been a huge supporter for
(04:09):
small business owners, but particularly for women owned businesses. So,
as you well know, a significant number of small business
owners have been hit really hard by the pandemic, and
women owned businesses especially for the brunt of that with
childcare issues, homeschooling, changes in consumer behavior that had a
negative impact on their businesses. But Bank of America recently
(04:33):
did a survey of women small business owners and found
some good news in that. What did you learn, Well,
women business owners are optimistic and most of them reported
to us that they felt that their business was in
good shape and they've adjusted to the pandemic conditions by
giving employees more flexibility. So these are the conversations we're
(04:55):
having with our business clients, and we know how challenging
it has been, and there has been so many competing
priorities for all of us, and as you mentioned, especially women, Um,
we do the brunt of you know, child rearing and
wearing multiple hats. If you're a business owner, you're wearing
(05:15):
even more hats. So you know, it is very encouraging
what we did here from our clients during this survey.
That's amazing how resilient women owned businesses were. We were
seeing so many businesses pivot in all different interesting ways,
and I think hopefully we're going to come out stronger.
But why is the Bank think it's important to focus
on women owned businesses? I mean, how do you feel
(05:37):
women owned businesses tied to the economy? Well, they are
just everything. I mean when I think about women and
the importance of women entrepreneurs in our country, I mean,
they're fundamental to driving a strong economy. And we also
know that women invest into their local communities and they
are opening businesses faster than our male count on our parts.
(06:00):
So it's so important to us to understand at Bank
of America, how women business owners are feeling. How can
we help them? And we're proud that over of our
business clients are women, and so it is very important
to us. Well that's actually a pretty staggering number. And
I'm happy to hear you talk about what some called
(06:21):
the double dividend, because I don't think most of us
recognize that women women owned businesses not only drive economic
growth because of their own businesses, which as you said,
they're starting at a faster clip than men, but they're
also reinvesting back into their community, so creating almost a
double dividend when we support women owned So that's that's
a really great point. And you've invested. I know the
(06:42):
Bank has invested more than two billion dollars um in
c d f I s, or community development financial institutions.
I think most people don't understand or just don't have
familiarity with what a c d f I is, uh
and how kind of critical that is to our economy
for small businesses. For those who don't know, could you
tell us a little bit about what c d f
(07:03):
I s are and why they're so important in supporting
women own businesses. Well, they're known as local loan centers
and they're typically they're not for profit providers of affordable,
responsible lending and technical assistance. And so we feel at
Bank of America it is so important to serve clients
(07:24):
of all types, and we especially want to make sure
that we are serving in low income and underserved clients
and communities. So when you think about c d f ies.
We partner with over two hundred and fifty across the country,
and we have invested over two billion dollars to provide
lending into communities where perhaps they wouldn't get ordinary lending.
(07:48):
And so it is important that we're there um and
we want to make sure that we're providing capital in
areas where there's opportunity gaps. And we do know that
almost six m entrepreneurs told us in our survey that
they don't have the same access to capital as their
male counterparts, and so that is, you know, a troubling
(08:09):
statistic as we think about growing business, accumulating wealth and
really uh providing that growth in the local economies. Yeah,
I mean access to capital is key. And I think
I'm hoping that the women owned business is listening to
this show look into their local c d f I
s and we'll talk about other sources of capital in
(08:29):
a few minutes. But the other thing that that I
know you found and that I'm excited to have partnered
with you on is the importance of education. Business education
in particular, a lot of people kind of are great
actually at running their businesses, great ideas, they've got the
kind of business savvy, but they might lack the formal
education that can just help them along a little bit faster.
(08:50):
And so I know in team, we worked with you
to help launch the Bank of America Institute for Women's
Entrepreneurship at Cornell, which I'm proud to say is my
alma matera. What does this institute do and why is
this important to the Bank, Well, this is a phenomenal program,
and Kim, I appreciate so much your partnership and phinucans
leadership and our entire E s G group for really
(09:13):
focusing on entrepreneurship and the importance of training and education.
And so this program at Cornell is the only online
Ivy League certificate program for women business owners in the world, UH,
and we are offering it to women business owners. It's
a twelve week course, UH six courses within that twelve weeks,
(09:37):
and it helps women build skills and access resources so
that they can scale their business. Because you're right, you
may have an idea for a business, but then you think, well,
what's next, how do I UH scale this or how
do I find different distribution avenues? All of these are
topics that we cover and I'm so happy to say
(09:57):
that during the pandemic, we actually exp ended the opportunity
to fifty women entrepreneurs to complete this program. And what
is really really important about that of our entrance into
this program once we expanded our women of color and
so this has been just a an amazing opportunity to
(10:20):
not only advance women, but women of color as well.
So we are very very focused on this and it's
just an important part of how we help support the community.
And I mean it's an amazing program because you're doing
it in a way that makes it free of charge.
So you're getting this Ivy League certificate free of charge.
(10:40):
So that's an amazing thing. You know, you mentioned the
statistics which are kind of staggering. Um, first of all,
fifty is a huge number of women to get through
the program being a women of color. What is the
success of this program tell you about women's attitude towards entrepreneurship. Well,
it confirms what we've seen at the macro level. We
know that women are launching and growing their businesses at
(11:03):
record rates and so you know, the the data that
we see the most common motivations for women starting their
own business coming out of this pandemic. It's I want
to be my own boss. I want to be able
to have flexibility, I want to pursue my passion. And
so I do think that, you know, during the pandemic,
it made us all reflect, uh, you know, how how
(11:23):
do we see our future and what do we really
want to contribute? And women in a big way are
going out there and they are starting and following their
passion through their business. Yeah, that's such an important point.
I mean, it's so true the pandemic. I was talking
to someone earlier today and she said, if the pandemic
didn't make you self reflective, you're not human exactly. And
(11:46):
I think that's a really a great point. And it's
so of course, as we know we were saying, you know, uh,
women sort of did bear an additional burden, particular with
employment and childcare. And I do think a lot of
people are thinking differently about what they want to do
with their lives and their careers, and starting a business
is certainly one path that I know we all heavily support.
(12:07):
We'll be back with Seneca's Made by Women after this
short break. So you had mentioned earlier one of the
big obstacles to women's success of course, and this is
I think the reported pretty well in the press is
(12:27):
access to capital. And we know that women have had
a harder time access in capital, whether it's loan capital,
equity capital, although we have seen some improvement in recent years.
But we were again so excited to partner with you
to launch the Bank of America Access to Capital Directory
just a month ago. Uh. You know, tell us a
(12:47):
little bit about that directory and why the bank launched it. Well,
I mean it's the first of its kind platform and
it is a phenomenal resource to help educate women business
owners on how do you navigate that capital landscape? Uh,
and identifying potential sources for funding. You know, when we
talk to our clients and women in particular, our survey
(13:10):
that we just completed, it indicated that of women have
never applied for a business loan or line of credit.
And that's troubling. I think that we've got to be
out there in front and saying here are ways that
you can access capital, uh, and here are ways to
scale your business. And it's important that we have this
(13:31):
tool that that is interactive, that can you know any
stage of your business, you can look and you can
understand what is available, whether it be through a loan,
whether it be through a capital infusion. Who your partners
are out there in the community that want to invest
in businesses. So this is so important. Uh, it's a
(13:53):
first step and we've got, you know, more work to do.
And that's the great thing about what we do, Kim.
It feels like, you know, every day there is more
we can do to help and to provide that education,
the training, you know, the resources and just get the
information out there. Yeah. I think that another statistic that
you just gave us kind of amazing about the percentage
(14:15):
of women who have applied for a loan. Why do
you think that is? I mean, why is it? Is
it educational? I know, for example, the bank has really
great resources on understanding different types of capital. Even through
this directory Women's Capital Directory dot com. There's lots of
resources are that can point you to learning. But what
do you think is holding women back? Well, I think
it's it's our nature as women. I believe that you know,
(14:38):
we want to have everything right, we want to have
the answers and so what I encourage UM entrepreneurs to do,
all entrepreneurs, but in particular women, UM, I feel it's
important that you talk to a partner early on because
you don't have to have all the answers. You're here too. Um,
(14:59):
you show us your business, what are your what are
you trying to achieve, what is your passion, and we
can be the partner to say, here's what you're going
to need to do if it is uh, you know
about scaling, or you need to access capital, or maybe
it's not time to access capital, maybe you need to pivot.
So these are the conversations we have every day. And
(15:22):
I do think in particular with women, we want to
have all the answers. We want to have it right
before we go in. So I say, don't wait, come
in before you know the answers and we can help
guide you. Well, I think that's really important advice. As
an entrepreneur myself and kind of working with entrepreneurs over
all these years, it's hard to be objective sometimes about
(15:43):
where you are with your own business or what makes
the most sense. Uh, you know, you get so kind
of attached to what you're doing sometimes just hard to see,
you know, get perspective. So I think having a trusted
partner who can give you the financial advice and also
just you know, give you a reality check on what
makes sense. I mean, I think a lot of women
own business are held back, they're not scaling because they
(16:06):
have Yeah, there's been a lot of uh resistance, I think,
and it's not I don't think it's our fault, the
women entrepreneur's fault. I think there's just been a lack
of dialogue really with women owned businesses about access to
capital and like you said, this perfectionistic everything has to
be perfect for your business to succeed, and in fact
that that's not the case. So I think you guys
(16:26):
are doing a lot to sort of demystify a lot
of this. Is there any final advice you would give
women entrepreneurs in this moment coming out of COVID we
hope and getting ready to either pivot or or start
a new business. Well, I mean, we know that new
businesses are being created at our record levels. I mean
that's that's without a doubt coming out of this pandemic.
And so I do think it's so important that you
(16:48):
have a partner, you have a trusted advisor, that you
get help, whether that be online um through the tools
that we have available. There's a lot of resources out
there um, that you can go online to really research,
but then go in and talk to a business banker
so that you have the understanding of what's happening. I mean,
(17:09):
we operate in ninety local markets across this country. I mean,
we're a huge bank, but we operate in ninety local markets.
And that's because every market is a little different. And
so what's happening in San Francisco is very different than
in San Antonio versus New York. So you know, we
are here in the local communities, we know businesses local
(17:32):
uh and and this is really what is going to
help us come out of this pandemic and really move
the economy forward. We know that that is the engine.
Small business is the engine of the US economy, and
so it's so important that we are all supporting those
small businesses, whether it be shopping small business, you know,
(17:54):
supporting them through uh, you know, the communities and then
all of the areas that we can help across our country.
So I just think it's important for all of us
to support small business. I couldn't agree more. I agree
we should definitely make a pitch for everybody listening to
shop women owned. So Sharon, it's just a pleasure to
have you. Thanks so much for joining us. Thank you
(18:15):
so much for having me, Kim. I appreciate you having
me on the show. It's always so wonderful to talk
to Sharon Miller and such important information. Now, hearing Sharon
talk about the potential of women entrepreneurs gives me so
much optimism for the future. Here are three things I
took from the conversation. First, as Sharon tells us, women
(18:38):
entrepreneurs are critical to the U. S economy, to our communities,
and to our country. Second, women entrepreneurs can benefit tremendously
from a business education, and thanks to Bank of America,
they have access to an online Ivy League program offering
a certificate in Women's Entrepreneurship at no cost. That's the
Bank of America Institute for Women's Trepreneurship at Cornell. Lastly,
(19:03):
access to capital is one of women entrepreneurs greatest needs.
That's why we at Seneca Women, in partnership with Bank
of America, created the Bank of America Access to Capital Directory.
There you can find information on loans, grants, and equity capital,
including VC funds. You can also nominate a fund to
be included in the directory. Go to women's Capital directory
(19:24):
dot com to learn more. Made by Women is brought
to you by the Seneca Women Podcast Network and I
Heart Radio, with support from founding partner PNG
Welcome to Made by Women by the Seneca Women Podcast
Network and I Heart Radio. At a moment when businesses
face some of the biggest challenges in recent history, we
bring you inspiring stories, practical insights, and shared learnings to
help you successfully navigate in today's environment. Hi, I'm Pim Mazzarelli,
(00:27):
and thanks so much for joining us today. Now we're
not out of the woods yet, but as the U
s economy continues to emerge from the pandemic, it's clear
that one tremendous force will help drive America's recovery, and
that's small business. That should be no surprise. After all,
nine percent of all businesses in the US, or small businesses,
(00:51):
and a good percentage of businesses are owned by women,
about thirteen million in fact, and the pandemic hasn't slowed
them down. In women were twice as likely to start
a business as men were. Today, We're talking to someone
who knows the great potential of women owned businesses as
well as what they need. That's Sharon Miller, President of
(01:11):
Small Business and Head of Specialty Banking and Lending for
Bank of America. Under her leadership, Bank of America has
been recognized as the number one small business lender, and
it's no wonder that Sharon has been named one of
American bankers most Powerful Women to Watch in Banking for
the last three consecutive years. We're going to find out
from Sharon what women business owners need so that they,
(01:33):
their communities, and our country can succeed. Please enjoy my
conversation with Bank of America's Sharon Miller. Sharon, thanks so
much for joining us, Kim, Thank you so much for
having me today. So, Sharon, you run small business banking
for Bank of America, and just recently in the past
month or so, you've been given many additional responsibilities at
(01:57):
Bank of America and you are now one of the
more senior women in one of the most i should
say senior women in banking. Can you tell us a
little bit about how you got started, how long you've
been at the bank, and whether this was the career
you envisioned for yourself. Well, that's a that's a great question, Kim. I.
I started with the bank twenty five years ago and
began my career as a financial advisor, helping clients plan
(02:20):
for retirement, education planning. Um, you know, all different sorts
of items that we helped clients with every day. And
I did that for ten years and really enjoyed it.
And I moved into a leadership role within Wealth Management, uh,
and from there have moved to different cities across this
(02:43):
country to work with clients, to work with our teammates
across the country. And five years ago was asked to
lead small business And did I think this was something
I was ever going to do. No. I had no
experience really other than helping clients that were small business
(03:03):
owners with their personal finances. And you know, from five
years ago to today, every day I get up so
excited because entrepreneurs are the most spirited, positive can do
group and really the backbone of our economy. So they
inspire me every day. Uh. And yes, recently I have
(03:26):
also had added responsibility for our specialty lending, so our
mortgage lending for our wealth management clients, as well as
banking for Wealth Management and our auto lending business. So
it is certainly a great honor and privilege to be
able to work with more clients and more teammates across
(03:47):
our company. So you're not busy at all, not at all.
And I have two kids to so I'm a mom first.
You know, and it's so it is interesting and so
I understand, uh as we talk about women and women
business owners and competing priorities, I'm right there. Well, we
are so glad that five years ago the Bank made
that decision because you have been a huge supporter for
(04:09):
small business owners, but particularly for women owned businesses. So,
as you well know, a significant number of small business
owners have been hit really hard by the pandemic, and
women owned businesses especially for the brunt of that with
childcare issues, homeschooling, changes in consumer behavior that had a
negative impact on their businesses. But Bank of America recently
(04:33):
did a survey of women small business owners and found
some good news in that. What did you learn, Well,
women business owners are optimistic and most of them reported
to us that they felt that their business was in
good shape and they've adjusted to the pandemic conditions by
giving employees more flexibility. So these are the conversations we're
(04:55):
having with our business clients, and we know how challenging
it has been, and there has been so many competing
priorities for all of us, and as you mentioned, especially women, Um,
we do the brunt of you know, child rearing and
wearing multiple hats. If you're a business owner, you're wearing
(05:15):
even more hats. So you know, it is very encouraging
what we did here from our clients during this survey.
That's amazing how resilient women owned businesses were. We were
seeing so many businesses pivot in all different interesting ways,
and I think hopefully we're going to come out stronger.
But why is the Bank think it's important to focus
on women owned businesses? I mean, how do you feel
(05:37):
women owned businesses tied to the economy? Well, they are
just everything. I mean when I think about women and
the importance of women entrepreneurs in our country, I mean,
they're fundamental to driving a strong economy. And we also
know that women invest into their local communities and they
are opening businesses faster than our male count on our parts.
(06:00):
So it's so important to us to understand at Bank
of America, how women business owners are feeling. How can
we help them? And we're proud that over of our
business clients are women, and so it is very important
to us. Well that's actually a pretty staggering number. And
I'm happy to hear you talk about what some called
(06:21):
the double dividend, because I don't think most of us
recognize that women women owned businesses not only drive economic
growth because of their own businesses, which as you said,
they're starting at a faster clip than men, but they're
also reinvesting back into their community, so creating almost a
double dividend when we support women owned So that's that's
a really great point. And you've invested. I know the
(06:42):
Bank has invested more than two billion dollars um in
c d f I s, or community development financial institutions.
I think most people don't understand or just don't have
familiarity with what a c d f I is, uh
and how kind of critical that is to our economy
for small businesses. For those who don't know, could you
tell us a little bit about what c d f
(07:03):
I s are and why they're so important in supporting
women own businesses. Well, they're known as local loan centers
and they're typically they're not for profit providers of affordable,
responsible lending and technical assistance. And so we feel at
Bank of America it is so important to serve clients
(07:24):
of all types, and we especially want to make sure
that we are serving in low income and underserved clients
and communities. So when you think about c d f ies.
We partner with over two hundred and fifty across the country,
and we have invested over two billion dollars to provide
lending into communities where perhaps they wouldn't get ordinary lending.
(07:48):
And so it is important that we're there um and
we want to make sure that we're providing capital in
areas where there's opportunity gaps. And we do know that
almost six m entrepreneurs told us in our survey that
they don't have the same access to capital as their
male counterparts, and so that is, you know, a troubling
(08:09):
statistic as we think about growing business, accumulating wealth and
really uh providing that growth in the local economies. Yeah,
I mean access to capital is key. And I think
I'm hoping that the women owned business is listening to
this show look into their local c d f I
s and we'll talk about other sources of capital in
(08:29):
a few minutes. But the other thing that that I
know you found and that I'm excited to have partnered
with you on is the importance of education. Business education
in particular, a lot of people kind of are great
actually at running their businesses, great ideas, they've got the
kind of business savvy, but they might lack the formal
education that can just help them along a little bit faster.
(08:50):
And so I know in team, we worked with you
to help launch the Bank of America Institute for Women's
Entrepreneurship at Cornell, which I'm proud to say is my
alma matera. What does this institute do and why is
this important to the Bank, Well, this is a phenomenal program,
and Kim, I appreciate so much your partnership and phinucans
leadership and our entire E s G group for really
(09:13):
focusing on entrepreneurship and the importance of training and education.
And so this program at Cornell is the only online
Ivy League certificate program for women business owners in the world, UH,
and we are offering it to women business owners. It's
a twelve week course, UH six courses within that twelve weeks,
(09:37):
and it helps women build skills and access resources so
that they can scale their business. Because you're right, you
may have an idea for a business, but then you think, well,
what's next, how do I UH scale this or how
do I find different distribution avenues? All of these are
topics that we cover and I'm so happy to say
(09:57):
that during the pandemic, we actually exp ended the opportunity
to fifty women entrepreneurs to complete this program. And what
is really really important about that of our entrance into
this program once we expanded our women of color and
so this has been just a an amazing opportunity to
(10:20):
not only advance women, but women of color as well.
So we are very very focused on this and it's
just an important part of how we help support the community.
And I mean it's an amazing program because you're doing
it in a way that makes it free of charge.
So you're getting this Ivy League certificate free of charge.
(10:40):
So that's an amazing thing. You know, you mentioned the
statistics which are kind of staggering. Um, first of all,
fifty is a huge number of women to get through
the program being a women of color. What is the
success of this program tell you about women's attitude towards entrepreneurship. Well,
it confirms what we've seen at the macro level. We
know that women are launching and growing their businesses at
(11:03):
record rates and so you know, the the data that
we see the most common motivations for women starting their
own business coming out of this pandemic. It's I want
to be my own boss. I want to be able
to have flexibility, I want to pursue my passion. And
so I do think that, you know, during the pandemic,
it made us all reflect, uh, you know, how how
(11:23):
do we see our future and what do we really
want to contribute? And women in a big way are
going out there and they are starting and following their
passion through their business. Yeah, that's such an important point.
I mean, it's so true the pandemic. I was talking
to someone earlier today and she said, if the pandemic
didn't make you self reflective, you're not human exactly. And
(11:46):
I think that's a really a great point. And it's
so of course, as we know we were saying, you know, uh,
women sort of did bear an additional burden, particular with
employment and childcare. And I do think a lot of
people are thinking differently about what they want to do
with their lives and their careers, and starting a business
is certainly one path that I know we all heavily support.
(12:07):
We'll be back with Seneca's Made by Women after this
short break. So you had mentioned earlier one of the
big obstacles to women's success of course, and this is
I think the reported pretty well in the press is
(12:27):
access to capital. And we know that women have had
a harder time access in capital, whether it's loan capital,
equity capital, although we have seen some improvement in recent years.
But we were again so excited to partner with you
to launch the Bank of America Access to Capital Directory
just a month ago. Uh. You know, tell us a
(12:47):
little bit about that directory and why the bank launched it. Well,
I mean it's the first of its kind platform and
it is a phenomenal resource to help educate women business
owners on how do you navigate that capital landscape? Uh,
and identifying potential sources for funding. You know, when we
talk to our clients and women in particular, our survey
(13:10):
that we just completed, it indicated that of women have
never applied for a business loan or line of credit.
And that's troubling. I think that we've got to be
out there in front and saying here are ways that
you can access capital, uh, and here are ways to
scale your business. And it's important that we have this
(13:31):
tool that that is interactive, that can you know any
stage of your business, you can look and you can
understand what is available, whether it be through a loan,
whether it be through a capital infusion. Who your partners
are out there in the community that want to invest
in businesses. So this is so important. Uh, it's a
(13:53):
first step and we've got, you know, more work to do.
And that's the great thing about what we do, Kim.
It feels like, you know, every day there is more
we can do to help and to provide that education,
the training, you know, the resources and just get the
information out there. Yeah. I think that another statistic that
you just gave us kind of amazing about the percentage
(14:15):
of women who have applied for a loan. Why do
you think that is? I mean, why is it? Is
it educational? I know, for example, the bank has really
great resources on understanding different types of capital. Even through
this directory Women's Capital Directory dot com. There's lots of
resources are that can point you to learning. But what
do you think is holding women back? Well, I think
it's it's our nature as women. I believe that you know,
(14:38):
we want to have everything right, we want to have
the answers and so what I encourage UM entrepreneurs to do,
all entrepreneurs, but in particular women, UM, I feel it's
important that you talk to a partner early on because
you don't have to have all the answers. You're here too. Um,
(14:59):
you show us your business, what are your what are
you trying to achieve, what is your passion, and we
can be the partner to say, here's what you're going
to need to do if it is uh, you know
about scaling, or you need to access capital, or maybe
it's not time to access capital, maybe you need to pivot.
So these are the conversations we have every day. And
(15:22):
I do think in particular with women, we want to
have all the answers. We want to have it right
before we go in. So I say, don't wait, come
in before you know the answers and we can help
guide you. Well, I think that's really important advice. As
an entrepreneur myself and kind of working with entrepreneurs over
all these years, it's hard to be objective sometimes about
(15:43):
where you are with your own business or what makes
the most sense. Uh, you know, you get so kind
of attached to what you're doing sometimes just hard to see,
you know, get perspective. So I think having a trusted
partner who can give you the financial advice and also
just you know, give you a reality check on what
makes sense. I mean, I think a lot of women
own business are held back, they're not scaling because they
(16:06):
have Yeah, there's been a lot of uh resistance, I think,
and it's not I don't think it's our fault, the
women entrepreneur's fault. I think there's just been a lack
of dialogue really with women owned businesses about access to
capital and like you said, this perfectionistic everything has to
be perfect for your business to succeed, and in fact
that that's not the case. So I think you guys
(16:26):
are doing a lot to sort of demystify a lot
of this. Is there any final advice you would give
women entrepreneurs in this moment coming out of COVID we
hope and getting ready to either pivot or or start
a new business. Well, I mean, we know that new
businesses are being created at our record levels. I mean
that's that's without a doubt coming out of this pandemic.
And so I do think it's so important that you
(16:48):
have a partner, you have a trusted advisor, that you
get help, whether that be online um through the tools
that we have available. There's a lot of resources out
there um, that you can go online to really research,
but then go in and talk to a business banker
so that you have the understanding of what's happening. I mean,
(17:09):
we operate in ninety local markets across this country. I mean,
we're a huge bank, but we operate in ninety local markets.
And that's because every market is a little different. And
so what's happening in San Francisco is very different than
in San Antonio versus New York. So you know, we
are here in the local communities, we know businesses local
(17:32):
uh and and this is really what is going to
help us come out of this pandemic and really move
the economy forward. We know that that is the engine.
Small business is the engine of the US economy, and
so it's so important that we are all supporting those
small businesses, whether it be shopping small business, you know,
(17:54):
supporting them through uh, you know, the communities and then
all of the areas that we can help across our country.
So I just think it's important for all of us
to support small business. I couldn't agree more. I agree
we should definitely make a pitch for everybody listening to
shop women owned. So Sharon, it's just a pleasure to
have you. Thanks so much for joining us. Thank you
(18:15):
so much for having me, Kim. I appreciate you having
me on the show. It's always so wonderful to talk
to Sharon Miller and such important information. Now, hearing Sharon
talk about the potential of women entrepreneurs gives me so
much optimism for the future. Here are three things I
took from the conversation. First, as Sharon tells us, women
(18:38):
entrepreneurs are critical to the U. S economy, to our communities,
and to our country. Second, women entrepreneurs can benefit tremendously
from a business education, and thanks to Bank of America,
they have access to an online Ivy League program offering
a certificate in Women's Entrepreneurship at no cost. That's the
Bank of America Institute for Women's Trepreneurship at Cornell. Lastly,
(19:03):
access to capital is one of women entrepreneurs greatest needs.
That's why we at Seneca Women, in partnership with Bank
of America, created the Bank of America Access to Capital Directory.
There you can find information on loans, grants, and equity capital,
including VC funds. You can also nominate a fund to
be included in the directory. Go to women's Capital directory
(19:24):
dot com to learn more. Made by Women is brought
to you by the Seneca Women Podcast Network and I
Heart Radio, with support from founding partner PNG
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