Women-owned businesses struggling to recover from pandemic recession

Accounting software firm Freshbooks discovered that on average, women-owned businesses are taking nearly three-times longer to recover from the financial setbacks of the pandemic, compared to businesses owned by men.
By , NewsRadio 1120 KMOX

ST. LOUIS, MO (KMOX) - In December, KMOX News told you how far more women than men have lost jobs during the pandemic. A new report says women-owned businesses are now having a harder time recovering.

Accounting software firm Freshbooks looked at invoices, revenue, expenses and new clients, as well as surveying business owners about how they were bouncing back from COVID related lockdowns.

"On average it's looking like it's taking about 11 weeks for women to recover and it took about three weeks on average for men-owned businesses to recover," says Katie Townsend, Senior Manager of Insights and Communications at Freshbooks.

Townsend says there a few possible reasons why women-owned businesses are having a harder time getting back on their feet.

"Businesses that are dominated by women, for instance social assistance, education, health care, those were the industries that were hardest hit when social distancing regulations took place," she says.

Townsend also points out, many women surveyed by Freshbooks said they had to put their business on hold when schools closed to take care of children.

Townsend says even in industries that rebounded quickly -- such as construction -- women are recovering much slower than their male counterparts.

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