Breaking $1 Million: How Women-Owned Businesses Scale

Forbes

2 days ago

Getting past $1 million in revenue is like conquering Heartbreak Hill in the Boston Marathon. It's not the steepest part of the race, but it comes late—when you're tired and the real test begins. For entrepreneurs, especially those who are women, reaching this milestone follows years of hard work, limited resources, and an uneven playing field. It's a hurdle that separates those who stall from those who scale.
Why Breaking The $1 million Revenue Barrier Matters
For small business owners, scaling from six figures to seven is not just a revenue benchmark—it's a test of infrastructure, capital readiness, and resilience. Many women entrepreneurs find themselves stuck at this stage, especially in capital-intensive sectors like construction.
Reaching that $1 million milestone isn't the starting line. Like Heartbreak Hill, it's a mental and physical hurdle that separates those who push through from those who stall out. But once over that hill, momentum builds. Opportunities expand. And the potential for economic impact skyrockets.
Kimelyn Harris, who leads Small Business Growth Philanthropy at Wells Fargo Foundation, explains: 'What we learned from our earlier $420 million Open for Business Fund is that many businesses were doing well, but they weren't able to grow to the next level.' The goal was not just to provide working capital but advisory services as well.
The Open for Business Growth Fund shifts the focus from basic technical assistance to in-depth advisory services that address the complex, individualized challenges growth-stage businesses face. By funding one-on-one coaching and specialized guidance, the initiative ensures entrepreneurs receive strategic support in areas like capital planning, hiring, and market expansion.
That insight led to the launch of the Open for Business Growth Fund, a next-phase initiative focused on small businesses with between $250,000 and $5 million in annual revenue. It launched in Chicago but will expand to other cities. Unlike many traditional grant or loan programs, this one emphasizes flexible capital and high-touch advisory services.
'True economic mobility starts with ownership,' said Harris. To get there, entrepreneurs need more than microloans—they need tailored tools for sustainable scale. Open for Business Growth Fund partners with community organizations that provide the capital, coaching, and connections for entrepreneurs.
Women-owned construction firms are among those most at risk of stalling before scale. Construction businesses operate in a uniquely challenging environment: Cash flow is often delayed by months, payment terms are inconsistent, and project-based income can make standard financing underwriting models unworkable.
'Having the revenue isn't the same as having the cash,' said Brad McConnell, CEO of Allies for Community Business (A4CB), a Chicago-based Community Development Financing Institution (CDFI) and Wells Fargo Foundation partner. The CDFI sees a lot of high-potential entrepreneurs who look great on paper but get declined by banks because they don't fit the standard underwriting profile. It uses more flexible lending criteria when evaluating loan applications.
To help entrepreneurs navigate the ups and downs of cash flow, A4CB offers flexible financing—working capital lines and revenue-based loans that adjust with a company's monthly income. That flexibility is critical in construction, where delayed payments can derail even the most experienced contractors.
Through a partnership with Hirer360, a nonprofit that specializes in construction training, A4CB is targeting the unique needs of the industry. While Hirer360 helps firms learn how to bid competitively, secure bonding, and navigate union requirements, A4CB delivers the capital needed to take on larger jobs.
Forest Brown's Climb To $1 Million And Beyond
One business owner benefiting from this collaboration is Forest Brown, president and CEO of Silver Line Construction. Based in Chicago, her firm specializes in affordable residential remodeling and renovations and light commercial work.
Brown didn't set out to be a general contractor. 'I saw poor craftsmanship in my community and thought, 'I can do better,'' she said. After flipping her first house in 2005, she spent years self-funding private home renovation projects and learning the ropes alone.
Even after earning her M/WBE certification with the City of Chicago, she didn't understand how to leverage it. 'I went to all the events, but I didn't know how to use the certification to get contracts. If I had known in 2013 what I know now, I'd be way ahead.'
Brown eventually secured city government contracts, including work with the Chicago Housing Authority. But consistent work meant she needed working capital—fast.
That's when Hirer360 connected her with Allies for Community Business. 'The process was clear. They treated me with respect,' Brown said. 'I got the loan in about seven days. It allowed me to buy materials and hire workers.'
Her story illustrates why timing and trust matter. Banks have strict lending standards. 'But this program understood the assignment—and executed,' explained Brown
Beyond funding, Hirer360 is helping Brown explore new opportunities in clean energy construction. 'We're talking about using more high-efficiency systems—LED lighting, smart thermostats, energy-efficient appliances."
How Policy, Procurement And Pay Cycles Boost $1M+ Businesses
While capital is crucial, Brown says policy and procurement systems must also evolve. 'You want us to scale, but don't pay us for 90 days? That doesn't work,' she said. 'Net 30 should mean net 30. Period.'
She also urges local agencies and policymakers to provide consistent project pipelines and better communication. 'If you don't feed us the work steadily, I can't keep my team on payroll. They leave, and when the project finally comes in, I'm scrambling.'
Brown emphasizes that money alone won't solve the problem. She mentioned the need for capital, mentorship, and business development opportunities. Without all three, even good businesses stall.
As more women business owners like Brown conquer their version of Heartbreak Hill, the impact ripples outward—through jobs created, neighborhoods revitalized, and wealth built over generations.
A4CB isn't just focused on boosting business profits—it's focused on building wealth for entrepreneurs and their employees. 'We want to help entrepreneurs increase compensation for their employees, because that creates wealth for employees and their families,' says McConnell. 'It's about benefiting the entire community.'
Open for Business Growth Fund reflects a shift in how large financial institutions think about small business support—not just as borrowers, but as builders of prosperity across communities.
That's why helping women-owned businesses scale is critical. When more women entrepreneurs reach that $1 million mark, their employees and communities move forward, too.