American Banker reports on small business lending by gender
According to a recent article published in the American Banker, women are less likely to secure a loan through traditional banks. The article states, “Although women own a third of U.S. small businesses, they get less than 20% of the loans made through the bank-centric, federally backed system.” It goes on to say that “only 5.5% of women business owners obtain commercial loans of any kind from banks or other financial institutions to start or acquire their businesses, compared with 11.4% of male business owners.”
They further report that traditional bankers should take note,
“Only 18% of SBA 504 and 7(a) loans were made to women-owned businesses in fiscal year 2016.”
At Provider Web Capital 53% of our clients are women, and we strive to serve the entire small business community. Start the New Year off on the right foot by securing the funds you need to take your business to new heights in 2017.