CNNMoney: Women are opening up new small businesses at a faster pace than men. But they're facing higher hurdles to making them successful than their male counterparts. About one in five small businesses are majority female-owned, and the number of such firms also grew by 22 percent between 2007 and 2015, according to a recent report published by the Federal Reserve Banks of New York and Kansas City. More than 970,000 small firms now have majority female ownership. However, startups owned by women face different sets of challenges in terms of operating and growing. Companies run by women were more challenged to make a profit, generate revenue above $1 million and boost employment compared with their male counterparts. They were also turned down for loans more often than male-owned firms.