One of the growing trends in alternative lending for 2016 is transparency, especially concerning loan opportunities for female entrepreneurs. Are loan offices giving women the chance to start and grow a small business? Information on the topic varies depending on the source, but we’re seeing a positive outcome here in Arkansas. What we do know is how successful women can be in growing the economy when given the chance.
“Women own nearly 1 in 3 small businesses in the United States, which means female entrepreneurs run more than 10.6 million companies, account for over $1.3 trillion of revenue, and employ nearly 8 million workers.”
Here are some of the facts provided by Fundera:
– Women entrepreneurs ask for close to $35,000 less in business financing.
– Historically, women get approved for debt funding at a lower rate than men, but are likely to pay higher rates and receive less debt funding.
– Women entrepreneurs have lower credit scores than their male counterparts.
But there are things in motion to help level the playing field. The Small Business Administration has over 100 educational centers as part of a national network dedicated to helping women start or grow their business. These Women’s Business Centers help close the gap for women. They partner with other organizations like the U.S. Women’s Chamber of Commerce, the Women Impacting Public Policy, and Women’s Presidents’ Organization.
SCORE.org provides great information and resources at this link where you can see the great strides women have made in business through engaging infographics. Their blog topics include The Challenges That All Women Entrepreneurs Face and Starting A Business at Any Life Stage.
Arkansas Capital is proud to support the great women who have helped grow the economy and job availability in Arkansas. If you’d like to be a part of our e-blast that features our Women Small Business Owners, industry news, and tips and advice for small businesses, please send us a message through our contact form.