No surprise, women entrepreneurs have a harder time raising capital than their male counterparts. However, it is scaling companies — the 1% of companies raising venture capital to grow to be billion-dollar companies — that get all of the media attention. Far more entrepreneurs have more modest growth goals. These companies are more likely to seek loans.than their male counterparts, according to the 2016 Small Business Credit Survey: Report on Women-Owned Firms.
Most Reg CF platforms help entrepreneurs raise equity financing. EnrichHer specifically helps women raise debt. It launched in February 2019 and has already lent $2 million."We received 2,000 applications," said Novellus. EnrichHer has a database of Main Street investors, wealthy people, and institutions that will fund your company.
For Novellus, the most significant two challenges have been getting the word out about EnrichHer to women entrepreneurs and funders, and assuring people that the platform is safe. In terms of getting the word out, she is in talks with banks to establish referral partnerships and has formed a partnership with Lendistry, a Community Development Financial Institution based in California. CDFIs are nonprofits that lend to underrepresented entrepreneurs who have a hard time getting bank loans.
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Source: ForbesWomen - 🏆 477. / 51 Read more »