A new survey found women business owners have high expectations for the months ahead and some plan on obtaining more investment loans with which they can continue their growth. The survey, conducted by Web.com and the National Association of Women Business Owners (NAWBO), found 81 percent of female entrepreneurs were confident about their business' performance for 2013 and 74 percent had a positive outlook on the economy in general. Eighty-five percent of women also believe more females will launch their own companies this year, indicating they're convinced now is a good time to launch a new enterprise.
"The 2013 State of Women-Owned Businesses Survey reveals that even in these tough economic times, women entrepreneurs are optimistic about business opportunities for the year ahead," said Diane Tomb, NAWBO president. "The survey informs us of the challenges and opportunities facing NAWBO members as well as women business owners in general. At NAWBO we will strive to address these issues on behalf of all women entrepreneurs."
Will more females seek business financing in 2013?
Businesswomen think more female will launch companies in the coming months, but how will they finance these startups? According to survey results, female entrepreneurs often find alternative routes for obtaining lending. Seventy-eight percent of those surveyed had not sought a new or extended line of credit in the past year. Many women rely on other funding routes: 45 percent use credit cards, 40 percent use business earnings and another 37 percent use their personal savings or borrow from loved ones.
However, business owners shouldn't stray from traditional financing just out of a fear of denial. As the economy improves, more institutions are lending again, especially small and mid-sized banks. Women entrepreneurs struggling without growth capital may find it beneficial to look to local banking institutions for the loans necessary to expand their companies.
Aside from providing more lending, smaller banks can also provide all entrepreneurs with more personalized options. Women business owners looking for a bank that can provide a special touch and more unique solutions may be surprised at the range of services their mid-sized bank can offer. Working with financial professionals at these institutions can prove to be a great help for a businesswoman looking to obtain loans or access the lending necessary to expand, both in domestic markets and overseas.
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