If you’re a woman and you’re in business, the likelihood of getting a bank loan approved is higher than the rate for your male counterparts.
It’s been a year since ScotiaBank launched an initiative designed to help women entrepreneurs. And to mark the anniversary, it did a national survey that turned up some interesting findings.
First, women business owners applying for a loan are more likely than men in similar roles to get approved – 88 to 77 percent. But, fewer female than male business owners actually apply for loans.
Instead, women tend to be a bit more conservative in their borrowing practises, looking for help from friends and family or dipping into savings rather than seeking capital from business sources. This is pretty much the opposite of men who, incidentally, are more likely to declare themselves financially astute than their female counterparts.
To encourage women in the role of business, the bank has now extended its program to include its capital markets division and has created an equity pool alongside the $3 billion earmarked for lending in the first three years of its campaign.