The Morning Blend: How do Women Business Owners Seek Funding?
Women’s History Month is a time to celebrate achievements women have made over the course of American history, however one only needs to look to growth the last five years to be impressed as women-owned businesses grew more than 21%.
Despite the incredible growth, women-owned businesses are still in the minority of overall business ownership, and statistics indicate that female entrepreneurs start their companies with 50% less capital than their male counterparts.
Small-business loans from banks typically come with the lowest costs, but toughest eligibility qualifications. In 2016, large banks approved 50% of women-owned business applications and small community banks approved 67% — the highest among all funding sources — according to the most recent data from the Federal Reserve.
Today Matt Tilton, President of Commercial Lending with Centrust Bank joins us with the CEO of Truly Engaging, a woman-owned business to talk about opportunities for female entrepreneurs.
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The Centrust Blog and other related communications from Centrust Bank, a division of SmartBiz Bank℠, are intended to provide general information on relevant topics for managing small businesses. Be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed. Please consult legal and financial professionals for further information.
