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According to a new report from SCORE, mentors to America’s small businesses, women entrepreneurs are less likely than men to seek and obtain financing, even though they are starting businesses faster than men, and their businesses are just as successful in terms of business starts, revenue growth, job creation and longevity. This difficult financial climate for women entrepreneurs makes them more likely than men to rely on credit cards as a source of business funding.
- 62% of women entrepreneurs depend on their businesses as their primary source of income, challenging the assumption that women entrepreneurs are more likely to run “lifestyle businesses”
- Over the lifespan of their businesses, men are more likely to seek financing (34% of men; 25% of women)
- Among all business owners seeking financing, male entrepreneurs were more likely to receive it (34% of men got loans or equity financing in the past year, compared to 31% of women)
- Reasons for seeking financing were similar across genders, with one exception: Men were more likely to seek financing to launch a new product (26% of men vs. 22% of women)
- For more information, download The Megaphone of Main Street: Report on Women’s Entrepreneurship and check out the infographic below.