Women Entrepreneurs Are Quietly Building a $100 Billion Economy

Here’s something that might surprise you: Canadian women entrepreneurs aren’t just dabbling in business on the side. They’re actually running a massive economic operation that’s been hiding in plain sight.

A new study from Women Entrepreneurship Knowledge Hub and TD Women in Enterprise tells the story. Working with TD Women in Enterprise, researchers surveyed women business owners across the country between June and September 2025. What they found was pretty impressive.

These women control 20 per cent of Canadian businesses as majority owners, plus they’re partners in another 17 per cent. Put that together and you’re looking at more than $100 billion in annual revenue and one million jobs. That’s not small business, that’s serious economic force.

What’s more? Women entrepreneurs are incredibly resourceful. A whopping 84 per cent of them launch their ventures using their own savings, credit cards, and family support. They’re not waiting around for permission or perfect conditions; they’re just getting it done.

“Women’s entrepreneurship continues to gain momentum in Canada, rising from 17.6 per cent in 2024 to 20 per cent in 2025,” says Julie Dimitri, National Manager, Women in Enterprise. “At TD, we are fully committed to supporting women owners and women‑led businesses including a national team of Regional Managers specifically dedicated to women entrepreneurs and leaders. Genuine intention sits at the forefront of everything we do, guiding how we show up, listen, and deliver meaningful support.”

When the researchers asked about the biggest priorities for these entrepreneurs, the answers were straightforward. Just over half (53 per cent) are focused on scaling their businesses, while 49 per cent want to secure more financing and 47 per cent are working on cash flow management. Classic growth challenges that any successful business owner would recognize.

The study captured voices from all corners of Canada’s entrepreneurial landscape. They talked to women with disabilities (38 per cent), Black and racialized entrepreneurs (35 per cent), immigrants (24 per cent), Indigenous women (13 per cent), and 2SLGBTQI+ business owners (21 per cent). The diversity is striking.

So what do these successful women want from their banking relationships? It turns out their wish list is refreshingly practical. Nearly three-quarters (72 per cent) want to work with bankers who understand their specific business challenges. More than half (53 per cent) are looking for networking opportunities with other business owners. And 52 per cent want simpler application processes while 50 per cent are seeking industry-specific advice.

What’s more, despite all the options out there, these entrepreneurs show remarkable loyalty to traditional banking. A solid 83 per cent still prefer working with traditional banks, followed by credit unions at 47 per cent and developmental lenders at 32 per cent.

“We were encouraged to see that 53 per cent of women entrepreneurs are focused on scaling their businesses. Despite this, 43 per cent reported no current need for funding, while 37 per cent cited worries about debt repayment as a reason for not seeking financing,” notes Dimitri. “This is where we can make a real difference – by offering guidance, clarity, and trusted advice to help women business owners make confident, informed decisions.”

In the end, the research paints a picture of women who’ve figured out how to build substantial businesses, often with limited resources, and who know exactly what kind of support would help them grow even more.

That raises an interesting question: what happens when an economy powered by this kind of entrepreneurial drive gets the banking partnerships it’s actually asking for?

Hear for yourself at the “Supporting the Next Generation of Women Entrepreneurs” video hub.