SAN DIEGO COUNTY, Calif. — On Friday, at the Academy of Our Lady of Peace San Diego campus, leaders in the community participated in a women's symposium to share their own experiences in the professional world. And to inspire future women politicians, educators, and business owners.
RISE San Diego partnered with the Kim Center of Social Balance, in support of the organization's research project on the impact of COVID-19 on women-owned businesses.
CBS 8 spoke with the Executive Director of Kim Center for Social Balance, Dr. Kim Hei-ock, before the conference, who shared the new data about how COVID-19 impacted women-owned businesses in San Diego County.
Dr. Hei-ock shared that women-owned businesses are 40% of San Diego county business, with potential to contribute socially and economically while providing income for their families.
The report showed that following COVID-19 impact of women-owned business in San Diego:
- 25% of women didn’t apply for relief funds because they didn’t know if they qualified.
- Only 5% of businesses that received financial assistance were women-owned
- Gender equity could boost San Diego’s GDP by at least 9%
Dr. Hei-ock says the goal of these findings are to accelerate workplace equity and partner with local banks, unions, and businesses and give women better access to capital in order to invest, increase jobs and create revenue.
According to the report, women's participation in the workplace is critical to economic success, but systemic inequity prevents women entrepreneurs from fully contributing. Crisis exacerbates the consequences of inequity but there is a lack of locally specific data to inform targeted solutions.
- Women are one of the most vulnerable populations during a crisis.
- COVID permanently shut down 26% of women-owned businesses nationally.
- San Diego industries that were hardest hit and have the slowest recovery also have a high proportion of women-owned businesses.
“RISE San Diego is proud to partner with the Kim Center for Social Balance, as part of our constant effort to achieve equity in the workplace, as well as in all places of our society, especially in San Diego County. We encourage key stakeholders to join the LEAP Coalition, and support business women receive the fair and equal treatment and consideration they deserve” said Tony Young, President & CEO of RISE San Diego.