Financing Women and Women of Color Entrepreneurs in Utah

Summary: In 2023, Utah was ranked one of the top 10 states for business for its skilled workforce, robust economy, and business-friendly environment. Yet a study by Clarify Capital revealed that Utah ranks among the worst states for women-owned businesses, highlighting a stark gender disparity in the state’s business environment. Differing attributes of women- and men-owned businesses - such as workforce size, industry, and operational histories - in Utah contribute to challenges in accessing capital, even when accounting for factors like financial literacy, mistrust of financial institutions, and business sophistication. This disparity also represents an opportunity for financial institutions, which are currently underserving an important sector of the business economy.
How can financial institutions better serve underrepresented entrepreneurs? Sorenson Impact Institute and JPMorgan Chase & Co. hosted a virtual convening to explore this topic in depth. Utah-based entrepreneur McKenzie Bauer and representatives from financial institutions discussed the challenges and opportunities to remove barriers to access to capital.
This conversation features:
Dr. Nzinga Broussard of Sorenson Impact Institute
Danielle Wright of J.P. Morgan Private Bank
Sara Day of Utah Microloan Fund
Mary Milodragovich of MoFi
McKenzie Bauer of Thread Wallets and Female Founders Only
About Sorenson Impact Institute’s Virtual Convenings
Sorenson’s Virtual Convening Series features solutions-oriented discussions with members of the Institute and its community of impact leaders. Together we take a deep dive into the most pressing issues of our time, exploring challenges, opportunities, and learnings to scale actionable solutions. Learn more at sorensonimpactinstitute.com/virtual-convening