Majority Of Female Small Business Owners Finance With Credit Cards, Personal Savings
Written by Resources for Entrepreneurs Staff
Lacking access to commercial financing vehicles, many female entrepreneurs are turning to credit cards and other sources of capital to fund their business goals.
With small business startup news mostly negative as far as bank lending is concerned, the majority of female small business owners have taken to financing their businesses with credit cards and their personal savings, according to a recent survey by PNC Financial Services Group.
The survey found that 59 percent of female small business owners used a business credit card and 44 percent used personal or family savings to fund their businesses.
Of the 1,300 female small business owners surveyed, 11 percent said their businesses were surpassing expectations. About half said their businesses were meeting expectations, and 51 percent said they expect their sales to increase.
"Our women's survey findings reinforce that the U.S. economy continues to suffer through this current soft patch, as growth has slowed into the realm of stalled speed," said PNC Chief Economist Stuart Hoffman. He added that even though PNC does not have big expectations for the second half of 2011, he does not expect there to be a double-dip recession.
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