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\nIn This Report<\/h2>\n<\/div>\n\n\n\n
In This Report<\/h2>\n<\/div>\n\n\n\n\n\n- The funding experiences of women business owners Pre-Covid: who they approached for funding, their funding outcomes and roadblocks<\/li>\n\n\n\n
- How the pandemic has impacted women business owners and their ability to access capital<\/li>\n\n\n\n
- How women business owners feel about the future, their aspirations and funding needs<\/li>\n\n\n\n
- Recommendations for funders to redesign each step of their funding models<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n
\n\n\n\n<\/div>\n\n\n\n\n\nKey Findings<\/h2>\n<\/div>\n\n\n\n\n\n- THE PANDEMIC HAS STALLED OUR PROGRESS. <\/strong>In recent years, women-owned businesses have increased their impact in terms of exporting, growth, innovation and social impact; yet, the pandemic is disproportionately affecting women and we’re losing ground on recent progress. <\/li>\n\n\n\n
- SMALL LOANS = BIG DIFFERENCE.<\/strong> Sixty-three percent of women request less than $50K, but this doesn’t mean they have small plans. In fact, many women use funds for growth purposes and they tend to choose an intentional and informed path to funding.<\/li>\n\n\n\n
- EARLY STAGE FUNDING IS CRITICAL FOR FUTURE GROWTH. <\/strong>Building positive relationships with the lending ecosystem early on can improve access to capital long-term.<\/li>\n\n\n\n
- NEW FUNDING MODELS ARE NEEDED TO ENCOURAGE DIVERSITY AMONG ENTREPRENEURS. <\/strong>Sixty-one percent of women say current funding models don’t fit their needs. About one-third of requests for Non-WeBC funding in the past three years were declined, and 28% of Non-WeBC-Funded women have not applied for funding because they feel they wouldn\u2019t qualify. <\/li>\n\n\n\n
- THE CURRENT APPLICATION PROCESS NEEDS AN UPGRADE. <\/strong>Over half of respondents find the process of applying for [Non-WeBC] funding to be somewhat or very difficult, while 77% of WeBC-Funded women say the WeBC loan process is somewhat or very easy. Over 40% recommend business advisory support to complement a simplified application form by Non-WeBC WeBC lenders.<\/li>\n\n\n\n
- GROWTH MINDSET IS STRONG. <\/strong>Over 90% of women entrepreneurs are optimistic about the future, and nearly 80% plan to apply for funding in the next two years. Many are focused on attracting new customers and enabling growth, and 47% expect to hire new employees in the near future.<\/li>\n\n\n\n
- WOMEN PREFER AN HOLISTIC APPROACH.<\/strong> Capital + support is proven to decrease barriers in the application process, have stronger outcomes and help women over bumps in the road\u2014but funders don\u2019t need to create new support programs from scratch. The majority of women business owners already have established relationships with support organizations, so funders can leverage those existing relationships. An example of this collaborative approach is the Unity Women Entrepreneurs Program<\/a>, a collaborative pilot program developed by Vancity and WeBC.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n
\n\n\n\n<\/div>\n\n\n\n\nInfographics<\/h2>\n\n\n\n\n\nFunding Pathways of BC Women Entrepreneurs<\/h3>\n\n\n
- \n
- The funding experiences of women business owners Pre-Covid: who they approached for funding, their funding outcomes and roadblocks<\/li>\n\n\n\n
- How the pandemic has impacted women business owners and their ability to access capital<\/li>\n\n\n\n
- How women business owners feel about the future, their aspirations and funding needs<\/li>\n\n\n\n
- Recommendations for funders to redesign each step of their funding models<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n
\n\n\n\n<\/div>\n\n\n\n\n\nKey Findings<\/h2>\n<\/div>\n\n\n\n
\n- \n
- THE PANDEMIC HAS STALLED OUR PROGRESS. <\/strong>In recent years, women-owned businesses have increased their impact in terms of exporting, growth, innovation and social impact; yet, the pandemic is disproportionately affecting women and we’re losing ground on recent progress. <\/li>\n\n\n\n
- SMALL LOANS = BIG DIFFERENCE.<\/strong> Sixty-three percent of women request less than $50K, but this doesn’t mean they have small plans. In fact, many women use funds for growth purposes and they tend to choose an intentional and informed path to funding.<\/li>\n\n\n\n
- EARLY STAGE FUNDING IS CRITICAL FOR FUTURE GROWTH. <\/strong>Building positive relationships with the lending ecosystem early on can improve access to capital long-term.<\/li>\n\n\n\n
- NEW FUNDING MODELS ARE NEEDED TO ENCOURAGE DIVERSITY AMONG ENTREPRENEURS. <\/strong>Sixty-one percent of women say current funding models don’t fit their needs. About one-third of requests for Non-WeBC funding in the past three years were declined, and 28% of Non-WeBC-Funded women have not applied for funding because they feel they wouldn\u2019t qualify. <\/li>\n\n\n\n
- THE CURRENT APPLICATION PROCESS NEEDS AN UPGRADE. <\/strong>Over half of respondents find the process of applying for [Non-WeBC] funding to be somewhat or very difficult, while 77% of WeBC-Funded women say the WeBC loan process is somewhat or very easy. Over 40% recommend business advisory support to complement a simplified application form by Non-WeBC WeBC lenders.<\/li>\n\n\n\n
- GROWTH MINDSET IS STRONG. <\/strong>Over 90% of women entrepreneurs are optimistic about the future, and nearly 80% plan to apply for funding in the next two years. Many are focused on attracting new customers and enabling growth, and 47% expect to hire new employees in the near future.<\/li>\n\n\n\n
- WOMEN PREFER AN HOLISTIC APPROACH.<\/strong> Capital + support is proven to decrease barriers in the application process, have stronger outcomes and help women over bumps in the road\u2014but funders don\u2019t need to create new support programs from scratch. The majority of women business owners already have established relationships with support organizations, so funders can leverage those existing relationships. An example of this collaborative approach is the Unity Women Entrepreneurs Program<\/a>, a collaborative pilot program developed by Vancity and WeBC.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n
\n\n\n\n<\/div>\n\n\n\n\nInfographics<\/h2>\n\n\n\n
\n\nFunding Pathways of BC Women Entrepreneurs<\/h3>\n\n\n
- SMALL LOANS = BIG DIFFERENCE.<\/strong> Sixty-three percent of women request less than $50K, but this doesn’t mean they have small plans. In fact, many women use funds for growth purposes and they tend to choose an intentional and informed path to funding.<\/li>\n\n\n\n
- THE PANDEMIC HAS STALLED OUR PROGRESS. <\/strong>In recent years, women-owned businesses have increased their impact in terms of exporting, growth, innovation and social impact; yet, the pandemic is disproportionately affecting women and we’re losing ground on recent progress. <\/li>\n\n\n\n
![\"\"](\"https:\/\/we-bc.ca\/wp-content\/uploads\/2021\/11\/FINAL_The-Path-Forward-2021_03_03-Pathways-infographic-600x338.jpg\")
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