National Women’s History Month – loan possibilities.
I was discussing with a client her desire to get a business loan. There are places for women to find loans. It’s just a matter of figuring out where.
That’s why when I heard what Wells Fargo was doing I wanted to share this with you.
Perhaps if you are looking for a loan they can help.
Since this is National Woman’s History Month Wells Fargo has taken notice.
They announced on March 14 that they will be renewing a lending commitment it made to female small business owners back in 1995. At that time the bank had pledged to lend $1 billion to women who run a small business over a 3 year period of time.
According to the article I read they now have the goal to lend a cumulative $55 billion by 2020.
Lisa Steven, Wells Fargo’s lead small business executive said that according to the latest information 30% of all small businesses are women. Lisa also stated that two thirds of all people work for a small business which is good for women and the U.S. when it comes to spurring job creation.
It would appear Wells Fargo isn’t the only bank that’s willing to help women.
PNC bank has a program called PNC-Certified Women’s Business Advocates. This is a program where bankers are trained to work with women who run small businesses. There are currently 900 Women’s Business Advocates around the country.
Here’s an interesting tidbit. When it comes to the business advocates 25% are men.
It’s interesting to note that PNC does not have a goal for lending like that of Wells Fargo but they do have a goal of lending $1billion each to women owned small businesses. Last year they actually exceeded that amount.
How do other banks fare when it comes to lending money to women?
Neither Bank of America or TD Bank have any programs that are geared towards helping women to succeed.
The article also stated that HSBC and Chase declined to comment on the report.
I often talk about women helping women and how this is a win win. It was exciting to find that Citi Foundation supports the Women Investing in Women Initiative (Win-Win). This was a program that launched last year with the goal of investing at least $20 million in high impact projects world wide as well as other organization for women lacking access to the more traditional credit and other loan sources.
What does this mean for you? If you are looking for a loan this information can be invaluable. Check out these banks to see if you would be eligible for an loans they may have for women.
What did you find interesting about this information?
Share you thoughts and comments below.
Be Savvy and Successful