The Morning Blend: Loans for Women-owned Businesses
International Women’s Day is a time to celebrate achievements women have made over the course of American history, however one only needs to look at the latest statistics to be impressed, as 42% of all U.S. businesses are owned by women, and women-owned.
Despite the incredible growth, statistics indicate that female entrepreneurs start their companies with 50% less capital than their male counterparts. It’s also important to note that according to the National Women’s Council, about half of all startups in the U.S. are founded by women, and all-women teams only received 1.9% of venture capital funding. So, what are the funding options?
Small-business loans from banks typically come with the lowest costs, but toughest eligibility qualifications. According to Federal Reserve data, large banks approved 50% of women-owned business applications and small community banks like Centrust Bank approved 67% — the highest among all funding sources.
Watch this replay of Matt Tilton, President and Chief Lending Officer for Centrust Bank with the CEO of Truly Engaging, a woman-owned business to talk about opportunities for female entrepreneurs and Centrust Bank’s role in their funding.
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1. We conduct a soft credit pull that will not affect your credit score. However, in processing your loan application, SmartBiz Bank and the lenders with whom we work will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may impact your credit score.
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.