According to a 2013 Biz2Credit analysis, women are 15 to 20 percent less likely to receive approval on a small business loan application than men. Some of the reasons cited are that women-owned businesses averaged 15 percent lower average annual revenue, had 21 percent higher operating expenses and had lower credit scores. But all hope is not lost. Maybe women business owners, who tend to start more retail businesses than men, just need to get creative when looking for funding. To boost your chances of getting a loan, try borrowing smaller amounts to build up a good credit rating. Look for funding from alternative sources such as local grants (search for sources in your area using the SBA Loans and Grants Search Tool). Finally, network with other business owners—it’s a smart way to secure all sorts of valuable business opportunities, including new sources of funding.
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