I stumbled across an article online today that brought to my attention a troubling possibility: that men and women are treated differently when it comes to applying for — and getting — small business loans.
A recent report from the California Reinvestment Coalition found that small business loans to female entrepreneurs in the state dropped 70 percent between 2007 and 2013. There could be a variety of reasons behind that dramatic shift, and I have no clue what the numbers are like for New Jersey. But it is still astonishing.
In response, Business News Daily posted a great article with a few tips women should keep in mind when seeking out loans.
Some are good for any entrepreneur to keep in mind, such as building relationships within your business community and getting your financial information organized.
But others are more targeted, such as seeking out women-specific lending programs.
On its website, the New Jersey Economic Development Authority proclaims a soft spot for women-owned business when it comes to financing, so they would be a good place to start.
The Small Business Administration also offers funding options specific to female entrepreneurs.
There are national programs that can provide funding for women in business, too. Accion USA, for instance, has partnered with the Tory Burch Foundation to offer women loans of up to $50,000.
And there are even venture capital and angel investment firms targeted toward women, such as Golden Seeds, which is based out of New York. You can learn more about the firm's work here.
If you have any tips to share when it comes to financing, feel free to email me at email@example.com.