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Small Business Loans for Women
Written by: Richard MathesonArticle Overview: Not only are the number of small businesses on the rise throughout North America, but so too are the number of women-owned small businesses. Female entrepreneurs are rapidly becoming a major playing force in the world economy. In the United States alone, it’s estimated that women-owned small businesses employ more than 27 million people and generate over three and a half trillion dollars for the country’s economy. Taking that into account, one has to then wonder why small business loans for women are still in short supply.
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Small Business Loans for Women
Not only are the number of small businesses on the rise throughout North America, but so too are the number of women-owned small businesses. Female entrepreneurs are rapidly becoming a major playing force in the world economy. In the United States alone, it’s estimated that women-owned small businesses employ more than 27 million people and generate over three and a half trillion dollars for the country’s economy. Taking that into account, one has to then wonder why small business loans for women are still in short supply.
The U.S. Small Business Administration reports that women entrepreneurs continue to face a disproportionate number of challenges in starting up their businesses than their male counterparts. One of the most glaring differences comes in the availability of bank loans for women entrepreneurs.
Some outside observers might think that the reason for this points directly to discrimination. While I am fully in favour of supporting female entrepreneurs, there are in fact a number of sound reasons why banks are hesitant to lend to women versus women. Many women who choose to start their businesses do so as their first career. They have spent most of their lives looking after their children and husbands and thus do not have the experience nor the capital nor the personal credit required to be a suitable candidate for a loan.
That being said, however, there have been improvements in the number of small business loans for women. In the U.S., for instance, the Small Business Administration provided almost 18,000 loans or $2.5 billion to female entrepreneurs in the past year. That figure is more than double the amount as just five year earlier. Women-owned small business also received $1.5 billion more in federal government contracts than in 2003.
Aside from the actual dollar signs, the SBA is also useful in terms of the advice and services it has designed specifically for women entrepreneurs. Whether you’re a mother, a young woman, a woman with a disability, the SBA has programs geared directly towards you and your mother.
Today, it is by no means as easy for a woman to get a loan for her business ventures as it is a man. It’s a sad fact, but that doesn’t mean that it’s impossible. All it takes is a little extra effort to look for the relevant information and loans they may qualify for. The SBA website and the Internet in general is one of your best resources to get yourself pointed in the right direction.
There is no question that women entrepreneurs are equally capable as their male counterparts when it comes to running their business. The availability of small business loans for women has yet to catch up with that fact. The more women entrepreneurs who find the support that they need, the better off the economy as a whole will be. Don’t be discouraged if the big banks turn you down. There are other options out there waiting to be grabbed by the right women entrepreneur. It could just be you!
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Article Tags: administration reports, bank loans, disproportionate number, dollar signs, favour, federal government contracts, female entrepreneurs, glaring differences, male counterparts, observers, personal credit, sba, small business administration, small business loans, small business loans for women, small businesses, suitable candidate, trillion, women entrepreneurs, world economy
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New Small Business Topic
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I'm on the lookout for new topics to add to my site. We just launched a Franchising section and are planning Human Resources section. Do you have any thoughts for a new section?
Here's a list of what we currently have:
Angel Investors
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Bank Loans
Business Coaching
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Insurance
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New Study - Women prepare better business plans
- I found an article in Business Week and I found this quite interesting.
[quote:ka7lg35i]Who Prepares Better Business Plans, Men or Women?
A new study based on four years of data from men and women in a training program for microenterprises finds that they come out the same in quality scores. "However, women scored significantly better on the presentation of their plan to judges," conclude the study's authors, Ronald G. Cook, Paul Belliveau, and Christine Lentz of Rider University, in a paper presented at a recent meeting of the Small Business Institute. [/quote:ka7lg35i]
What do you guys think?
My entry
- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
A ton of Great Women
- You might want to profile Teresa Cascioli of LakePort Brewery. She has an amazing story! I met her at at the celebratory luncheon for the Profit/Chatelaine Top 100 Women Business Owners. The Top 100 list is also a great resource for inspirational stories of Women Entrepreneurs.
Books for Women Entrepreneurs
- There's a thread for good books in the Resources folder, but it doesn't target books for businesswomen particularly, so I figured I'd start such a thread here.
It doesn't matter how successful you are in your business - it's always possible to learn something new.
In subsequent posts I give Table of Contents and brief descriptions for various titles - most of them devoted to the businesswoman - and sometimes a review. If anyone else has read a review, or has read the book and found it useful, please comment!
1. The Old Girl's Network
2. Mother's Work
3. The 7 Greatest Truths About Successful Women
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5. Workplace Warrior
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10. Why Good Girls Dont' Get Ahead, But Gutsy Girls Do
11. Comeback Moms: How to Leave Work, Raise Children, and Restart your Career even If you Haven't Had a Job in Years
12. The One Minute Millionaire
13. Talking From 9 to 5
14. Soloing: Realizing Your Life's Ambitions
15. 101 Best Home Based Businesses for Women: Everything You Need to Know About Getting Started on the Road To Success
16. Work With Passion: How to Do What You Love for a Living. Revised and Expanded
17. Fail-Proof Your Business: Beat the Odds and be Successful
18. Confidence: How Winning Streaks and Losing Streaks Begin and End
19. Women Don't Ask: Negotiation and the Gender Divide
20. Millionaire Women Next Door: The Many Journeys of Successful American Businesswomen
21. Start Small, Finish Big: Fifteen Key Lessons to Start - and Run - Your Own Successful Business
22. Rewired, Rehired or Retired: A Global Guide for the Experienced Worker
23. The Martha Rules: 10 essentials for achieving success as you start, build or manage a business
24. The Essentials of Entrepreneurship: What it takes to create Successful Enterprises
25. Net Ready: Strategies for Success in the E-conomy
26. The Promotable Woman
27. Leave The Office Earlier: The Productivity Pro shows you how to do more in less time and feel great about it
28. The Work At Home Balancing Act: The professional resource guide for managing yourself, your work, and your family at home
29. Secrets of Six-Figure Women
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