If you’re a woman business owner, then you’ve likely come across what can at best be called a paradox in the lending marketplace, and at worst a blatant hypocrisy: the fact that everyone seems to talk about “small business loans for women”, but nobody seems to actually offer them.
Indeed, as vulgar as it sounds, it’s expedient from a public relations and marketing standpoint for banks and credit unions to proclaim support for women in business, and enhance this claim with all kinds of visible assets: posters, brochures, websites, and the list goes on.
However, according to an article on Newsday.com by Joyce M. Rosenberg, the real story is markedly different. In her research, women business owners are systematically excluded from getting small business loans, because the credit rating concept is stacked against them.
For instance, many women who focused on raising their family instead of pursing their careers have relatively low credit scores, even though they may in fact be extremely prudent with finances. In the same way, many women have traditionally been the non-financial spouse in their marriage – which has unfairly put them at a disadvantage when applying for a bank loan, even though the laws and courts clearly and repeatedly put BOTH spouses on equal footing when it comes to finances. In this way, many banks and credit unions are still in the Dark Ages, and their policies towards woman are regressive, discriminatory and just plain wrong.
But of course, those posters and brochures sure are nice to look at, aren’t they? All of those handshakes and smiles must be fun to photograph. (Banks and credit unions have big marketing budgets for that kind of thing.)
At Mulligan Funding, we have a rather different approach. Instead of just talking about providing small business loans for women, we proudly and demonstrably support women entrepreneurs take their business to the next level. Indeed, one of our most inspiring Success Stories focuses on how we helped Town & Country Foods, a woman-owned business, get to the next level (check out the video here!).
If you’re a woman at the helm of your small or mid-sized business, and you’re looking for a real PARTNER who believes in your vision, and wants to be part of your success story and legacy, then call Mulligan Funding at 855-326-3564 to discuss your financing options today!
The information shared is intended to be used for informational purposes only and you should independently research and verify.
Note: Prior to January 23, 2020, Mulligan Funding operated solely as a direct lender, originating all of its own loans and Merchant Cash Advance contracts. From that date onwards, the majority of funding offered by Mulligan Funding will be by Loans originated by FinWise Bank, a Utah-chartered Bank, pursuant to a Loan Program conducted jointly by Mulligan Funding and FinWise Bank.