Tropical Financial celebrates women and their companies during this National Women’s Small Business Month. Our credit union is here to help them start, grow, and achieve the dreams of their founders and leaders.
Tropical Financial supports them by providing access to capital through business loans and lines of credit; commercial real estate financing; Select Business Checking, designed for small businesses; equipment and vehicle financing; merchant services; and its Partner Company program.
The need for financial support is great. Women own over 13 million companies that employ more than 10.1 million people and provide $264 billion in wages to employees, says the Small Business Administration. Women-owned businesses earned $1.8 trillion in revenues.
Florida is home to many of them, ranking second in the nation for women-owned businesses, according to a study by tech-employee company Deputy.
The National Women’s Business Council reports that women-owned employer firms (20.9% of all businesses with employees) rose 16.7% between 2012 and 2019, and gross receipts increased 51.9%. Those firms saw a 28% rise in the number of workers during the period.
There was also good news for the 10.9 million women-owned businesses without employees. They account for 41% of all non-employer firms in the country. Those firms enjoyed revenue growth of 20.1% between 2014 and 2018.
The credit union’s leadership reflects its commitment to women. They hold seats on our board of directors and serve in key leadership positions, including multiple vice president positions. These ensure women have a seat at the executive table.