Supporting Women Leading Families: Omaha 100 Empowers Women to Build Wealth
By Malinda Williams, CEO of Omaha 100
During Women's History Month, it's important to shine a light on the challenges women have overcome in our history. As an example, did you know women could not even access their own business loans until the late ‘80s? It wasn’t until the passage of the H.R. 5050: Women’s Business Ownership Act in 1988 that women in many states could get a business loan without a male cosigner.That was only 35 short years ago.
Unfortunately, women still face unique challenges, particularly in navigating the world of finances and especially women leading their families. With most of our clients falling into this category, Omaha 100 has a deep understanding of these obstacles. Our mission is about giving people the tools and support they need to grow their money and pass on a legacy of wealth to their children and grandchildren.
Even though the U.S. has made some progress, there's still a big difference in how much wealth women have compared to men. Women continue to be paid less than men, about 69 cents per dollar in the U.S. A survey conducted by the Federal Reserve Board in 2019 showed that the wealth gap is even larger than the pay gap; households headed by women only have 55 cents for every dollar of wealth men's families have. This gap gets even bigger when we look at different races and whether someone is married or not.
This is also true for businesses owned by women. They're often smaller, which means they have less money saved up and can have a harder time getting through tough economic periods. That's why it's crucial to support women running businesses, too.
No matter which way you look at it, one thing is clear: women generally have less money than men.
As a Community Development Financial Institution, Omaha 100 is driven by mission, not profit. We work to serve the underserved – those who may not qualify for a loan through a standard bank. In carrying out our mission, we are making a difference by offering ways to own a home, get business loans, fix credit issues and, most importantly, learn about managing money. Our help goes beyond just giving out loans. We're here to guide you from learning about finances to actually getting a loan and buying a home or starting a business.
With wraparound services that begin with preliminary financial education and see clients through financing and closing, Omaha 100 is more than just a bridge to traditional banks, we are a force for positive change. We're breaking down the barriers that make it hard for women to own homes and be financially independent.
Check out the free resources available on our website, (https://www.omaha100.org/mortgage-app) including "What to Do to Get Approved" and "Required Items for Your Loan Application." These guides are made to help you understand and navigate the steps to achieve your dreams.
Reach out to learn more about what it takes for you to own a home and to take advantage of the support and resources we offer. You can send us an email at info@Omaha100.org, give us a call at (402) 342-3773 or visit our website at www.omaha100.org. Together, we can build a legacy of success and stability for women and their families for generations to come.
Articles that informed this post:
3.57% - Female led household with own children under 18 in the home
14.9% women 18-44 living in poverty
https://www.americashealthrankings.org/explore/measures/poverty_women/NE
https://statusofwomendata.org/explore-the-data/state-data/nebraska/
Gender Wealth Gaps in the US…
How CDFIs will help Women Entrepreneurs Thrive…
How much Black women make on the dollar