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Women Entrepreneurs Are Finding P2P Lenders Less Daunting Than Banks

peer to peer lending small business loans

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Did you know there are 9.1 million women-owned businesses in the United States? Our country’s awe-inspiring female entrepreneurs employ 7.6 million people and generated $1.4 trillion in sales last year.*

So why do women-owned small businesses only account for 4.4 percent of total approved business loans nationwide?*

According to a survey by the National Association of Women Business owners, nearly 25 percent of female business owners do not seek a new loan, because they believe they won’t be approved. Their reluctance isn’t baseless: the research found that loan approval rates for women-owned companies are 15-20 percent lower than they are for male-owned businesses. We’re no Janet Yellen, but that seems like a lot of lost economic opportunities for women and the local communities who depend upon their success.

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Editor’s Notes:

  • This article highlights the stories of businesswomen that were able to get small business loans after feeling disheartened by the long and drawn out loan process that the banks put you through.
  • One of the ladies highlighted in the article was funded by Funding Circle within 2 weeks of applying.
  • African-American women are taking advantage as well say Melissa Lee of, whose business was able to create black hair growth pills after getting funding.
  • It was interesting to note that many women don't even try to get a loan for their businesses out of fear they will be rejected. Many women are leaving money on the table and their businesses may be suffering because of it. P2P lending makes the loan process much less stressful for entrepreneurs of both sexes.

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