In addition, women are half as likely as men to be approved for loans from the Small Business Administration.
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The researchers said the federally backed SBA loans are almost always the most affordable type of business financing available, with average percentage rates between 6 and 10 percent. Short-term loans typically carry APRs of between 14 and 50 percent. Women also receive smaller loan amounts than men.
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When broken down by different types of loans, the average amounts received by men and women are:. While the researchers say causes of these gender gaps are difficult to pinpoint, they believe credit scores and annual revenue play some role.
How startups can get a boost
The study shows that men have average credit scores of , compared with scores for women. The research was based on small business loan applications with Fundera. The data, from between February and June , was comprised of more than 8, small business loan applicants, which included around 6, men and 2, women. Need help securing a loan? Visit Business News Daily's guide for female entrepreneurs.
The Pursuit of Gender Equality - An Uphill Battle - en - OECD
Chad Brooks is a Chicago-based writer and editor with nearly 20 years in media. A journalism graduate of Indiana University, Chad began his career with Business News Daily in as a freelance writer. However, as she struggled to find investors, be considered equal compared to male-owned startups, and balance a pregnancy, she found the hurdles too high to clear. After talking to more than 40 investors and working 70 hour weeks, Ms.
Miller was unable to secure the funding she needed. Coupled with the departure of her software engineer partner, she decided to put her startup business on hold. The article points out ways that securing capital can prove more difficult for women entrepreneurs.
In addition to studying the results of three entrepreneurial pitch competitions, the researchers conducted two experiments in which a representative sample of working adults heard identical pitches in male and female voices. Sixty-eight percent of people preferred to finance the company when it was pitched by a male voice, while 32 percent chose the female.
State of the Field research shows that women access capital at lower rates than men, although this has improved in recent years. When Ms. In some ways, this dress code hypocrisy highlights these stereotypes, where women need to dress more professionally for their startup ventures to be taken seriously as investment opportunities for venture capitalists.
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When working to secure funding for her startup, Ms. Miller tried to put off telling investors she was pregnant, only doing so after they agreed to a second meeting with her.
To help their uphill climb, startups look to Global Entrepreneur
She tried to sell her pregnancy by assuring investors that she would take little time off and that her husband would be the primary caregiver. However, after the birth of her baby, Ms. Miller better understood the workload parenting demanded. State of the Field highlights research that echoes Ms.