Between 2008 and 2011 nearly 80% of all new start-ups were started by female entrepreneurs. There are now over 1.5m self employed women in the UK, an increase of over 300,000 since the start of the economic downturn.
The GROWE report published in 2009 showed that female started businesses;
- Were more ambitious than there male counterparts
- Were more likely to be started as part time enterprises
- Are more risk averse and typically more under-capitalised then male run equivalents
- Being under-capitalised generates a lack of confidence and hinders prospects of success
Why Are Female Run Businesses Different?
Men and women think differently. This is not a positive or negative, it is simply a genetic fact. There is research that shows that women are more likely to be offered a bank loan than men, but are also more likely to turn it down.
There are several differences between female and male run businesses, our view is that when it comes to business funding there are different demands and needs for female operated enterprises.
Funding For Women In Business
These are facts about women starting a business;
- They are 10% more likely to see finance as a barrier than men
- They start businesses with 30% less capital than men
- They use a narrower range of finance options and are less likely to look at alternatives
- They are charged more for term business loans than male equivalents
These facts are taken from ‘Ibid Carter & Shaw 2006’ and ‘Kwang Thompson 2012’. Both reports were independent and conducted based on UK firms.
Why Specialise In Women In Business?
The needs are different and we think that there are not enough options that serve this sector. The basic funding options are the same, all we are saying is that the approach and mentality of female run businesses is different and a small, subtle change in how we work with female run businesses needs to happen.
The Benefits of Lime Consultancy
Business loans for women are a key growth area for us. We have taken the time to look at the uniqueness of female run businesses and have tailored a service which fits.
Offering unbiased and professional guidance, a call back inside 24 hours, access to niche and specialist business funders, loans and equity finance, we really can offer some unique opportunities.
We have also built a network of other female business contacts who we are happy to share with you, we work with these contacts to ensure that we add as much value as possible during the finance raising process.
For any business finance or funding issue then please get it touch on 01293 541333.