In 2019, a group of entrepreneurial women founded First Women's Bank with the mission to close the gender lending gap, which sees women receiving significantly less funding than men. Women own 14 million businesses generating $2.7 trillion, yet receive only 16% of commercial bank loans. The article highlights common issues, such as women relying on personal credit instead of seeking appropriate commercial financing, often leaving them at a disadvantage compared to male business owners. Bridging the gap requires better awareness of financing options and tailored support for women's unique needs in business.
Women are transforming the economy in this country, owning over 14 million businesses representing 39% of all businesses, employing over 12 million people and generating $2.7 trillion.
We often see women over-relying on personal credit tools when starting out, which can limit their ability to qualify for commercial debt financing down the line.
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