Block Advisors by H&R Block unveiled its 2024 State of Women Small Business Report, which uncovers findings from over 6,000 applicants of its Fund Her Future Small Business Grant program. Jamil Khan, H&R Block chief strategy and small business officer, joins Wealth! to break down some key insights from the report.

"So interestingly, there's a really high level of optimism and confidence about the next year. When they think about the business, their financial position over the next year, they feel really good. Having said that, there's a little bit of a contrast. There's also some concerns around inflation, and over the next year, as you can see in the data here, 44% feel they may be forced to cut expenses and also will need to raise prices again. But despite that, there still is a lot of optimism about the next year and the future state of their business," Khan says of the report.

In addition, the report found significant funding and support gaps for women starting businesses. Khan notes that of the women surveyed who have applied for a bank loan, 42% of them have been denied — a figure much higher than for male-owned businesses. He notes that 50% of Black women were never approved compared to 36% of white women. Because of this dynamic, he notes that 90% of these women-owned small businesses are using personal financing to get started, whether it be using their savings or credit cards.

"What it's doing is putting some people off from actually starting their new business. But there's, like I said, a huge amount of optimism. So people are investing, they're starting small and then they're trying to bring in their revenue, which is why, as I mentioned earlier, you'll see some prices might be increasing," Khan adds.

Watch the video above to hear what Khan says about the importance of the upcoming Small Business Saturday.

Also catch Yahoo Finance's recent coverage of the 50th anniversary of the Equal Credit Opportunity Act — a landmark law that granted women the right to obtain credit independently of their male relatives — featuring a panel of women leadership in finance.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Melanie Riehl