SALT LAKE CITY — When she looks at the growing property located on 900 South, an area of Salt Lake City already known for being eclectic, Tessa Arneson sees her vision coming to life with a wealth of opportunities for the future.
She’d like to see it grow even more.
Arneson is the founder of the Maven District, a collection of small businesses, most of which are owned and operated by women.
“Every time there is a trend there has to be a maven involved,” Arneson said. “That is a person that dares to do something that not everybody else is doing.”
There is a little bit of everything here. A juice shop, pilates studio, hotel and other locally owned establishments populate the block.
"We empower other women to get out of their comfort zones and pursue their passions," said Michelle Zarka, owner of Pantry Products.
The entrepreneurs work to support each other as they encounter any bumps along their journey as business owners.
“Being around like-minded businesses that might prop people up and collaborate, might feel a little less scary,” Arneson said.
“It’s been amazing getting embedded into the community,” added Meera Patel, owner of The Juice Shop. “We love getting to meet our fellow neighbors and getting to work in the Maven District where there is lots of cross-collaboration between businesses.”
Nothing about owning a small business is easy.
Along with inflation, businesses are dealing with high interest rates and the challenge of securing capital to expand.
According to the most recent survey conducted by Goldman Sachs 10,000 Small Businesses Voices, nearly 80% of small business owners worry about their ability to secure a loan.
62% claim their inability to get a loan could stop their plans to expand. 43% say they could be forced to reduce their workforce if they can't access more capital.
Arneson is no different.
“I get turned down for financing on a regular basis,” she said.
While these challenges are encountered by both men and women, Arneson believes women face a higher bar than their male counterparts when interacting with banks or investors.
“Only 3% of all venture capital money goes to women-owned businesses. In Utah it's 1%,” she explained.
Despite the hurdles, Arneson is optimistic about the future. She is going to continue to court entrepreneurs who have goals, unique ideas and a desire to add something beneficial to the community.
“I am always going to say, invest in women, invest in women and make things easy for people to start,” she said.
She also sees endless possibilities for Salt Lake City and is excited to be part of its transformational changes.
“We just still have a long way to get cooler,” Arneson said. “There's a lot of opportunity. It's not too expensive a city to do that yet.”
