BUILDING A BRIGHT FUTURE FOR WOMEN ENTREPRENEURS: This is the twenty-sixth in a series of informative monthly articles for North Carolina businesses from PNC in collaboration with BUSINESS NORTH CAROLINA magazine.

In the 35 years since the Women's Business Ownership Act of 1988 was signed into law, the face of entrepreneurship in the U.S. has changed dramatically. According to 2022 data from the U.S. Small Business Administration's Office of Advocacy, women now own 43.2% of the nation's small businesses. In North Carolina, 44.3% of the state's nearly 1 million small businesses are owned by women.

While the pace of women's business ownership is moving in the right direction, experts agree much work remains to address the unique challenges women entrepreneurs face among which is a lack of access to capital. In fact, unequal access to credit is one of the main drivers of the 257-year economic gender gap identified by the World Economic Forum's 2020 Global Gender Gap Report, which inspired PNC's Project 257[R]: Accelerating Women's Financial Equality initiative.

"Access to capital is a complex issue, especially for new businesses, because banks generally cannot provide conventional financing to companies with less than a three-year track record," says Beth Marcello, head of Women's Business Development at PNC. "Another factor to consider is that women typically aren't willing to leverage their home or personal credit to finance a startup, even when they believe in it with all of their heart and soul."

To help address the credit gender gap, PNC recently expanded its collaboration with the global nonprofit Coralus (formerly SheEO)--a provider of 0% interest loans, mentorship and support to women and nonbinary entrepreneurs--to launch the PNC Bank + Coralus Collective, a cohort of entrepreneurs and financial advisors collaborating for growth and success.

In establishing the Collective, PNC covers the $1,100 annual contribution for 100 entrepreneurs to join the Coralus community. In addition to the benefits of Coralus membership, each participant in the Collective is paired with a PNC-Certified Women's Business Advocate to serve as a sounding board--and is granted access to PNC financial workshops and knowledge-exchange sessions.

Among the members of this cohort are Charlotte-based Jill Marcus, president of Something Classic, and Raleigh-based Kristi D. Tally, founder and CEO of KD7 Enterprises Inc.--two talented entrepreneurs who have channeled their passions into successful ventures.

PATHWAYS TO ENTREPRENEURSHIP

As a political science major and member of Davidson College's first national championship-winning women's tennis team, Marcus assumed her career...