Guest Post :: Have you tried to secure a loan and been rejected? Chances are someone reading this can answer “yes” to that question.
While it’s often difficult for small businesses to get loans generally, it’s been more of a struggle for women. This is upsetting on a couple of different levels: 1) Obviously, we want loans to be granted fairly across gender lines; and 2) women-owned businesses are growing faster than the average, which means they’re employing people, who are funneling more money into the economy.
And now we’re learning that the biggest banks have decreased their lending to small businesses by almost 40% and nearly $30 billion since 2006. Yes, big bank lending has ticked up since the depths of the recession, but not nearly to pre-recession levels.
Given the low-interest rate environment, this could mean missed opportunities for many businesses. [Read more…]