Half of female bosses are denied loans for business
HALF of female entrepreneurs have been rejected for a loan to fund their new business, a survey has found.
Nearly 53 per cent of women across the UK admitted that having limited access to finance has made it challenging to start their own firms, financial platform Tide found.
Half of women entrepreneurs applying for a loan or investment are rejected, while being shut out from accessing funding or a loan was seen as the biggest barrier to successfully launching a business.
And female business owners hit out at being viewed as ‘parttimers’ because they have children or perceived as less serious professionals than their male counterparts. The challenges
‘Seen as less serious than men’
were more pronounced for black women, with more than two-thirds of black female business owners finding the process challenging. This compares to just under half of white or Indian women, exposing the additional barriers that women from ethnic minorities face.
The report also revealed regional divisions, with businesswomen in Yorkshire and Humber and Scotland struggling more than any other area to access finance.
The findings come despite the Government striving to stimulate growth and boost business investment. However, numerous financial firms have pledged to help women entrepreneurs access funding.