On its first year anniversary, The Scotiabank Women Initiative™ releases new survey findings, expands program to Global Banking and Markets (GBM)
The survey found that women entrepreneurs lag men entrepreneurs in applying for business loans – but are more likely to have the loan application approved. Seven per cent of the 499 women respondents had applied for a business loan in the 12 months leading up to the survey, compared to 11 per cent of men respondents. Yet, women were more likely to have their loan application approved compared to men (88 per cent vs. 77 per cent, respectively).
"The landscape of Canadian entrepreneurship is changing and we're encouraged to see the number of women be approved for business loans – but we want to empower even more women to gain access to capital by helping them build financial knowledge," said
In a successful first year of The Scotiabank Women Initiative, the Bank has committed
And today, Scotiabank announced the expansion of The Scotiabank Women Initiative to its capital markets business – Global Banking and Markets.
From financial knowledge to financial confidence
The survey found that women entrepreneurs are more likely to employ capital from personal savings, personal lines of credit, and family and friends, rather than business sources. In contrast, they are less likely to reinvest cash flow and to apply for a business line of credit or term loan compared to men entrepreneurs.
Results also found that women entrepreneurs rate their overall level of financial knowledge lower than men entrepreneurs: only 45 per cent of women participants perceived themselves to be 'knowledgeable' or 'very knowledgeable' compared to 58 per cent of men.
"Financial knowledge leads to financial confidence, and that confidence is what many women entrepreneurs need to seek out business sources of capital," said
Program expands to capital markets business
Building on the success of the first year of The Scotiabank Women Initiative, Scotiabank today announced an expansion of the program for its capital markets clients. The Scotiabank Women Initiative for Global Banking and Markets is a tailored, comprehensive program in support of women clients and those who stand behind an inclusion agenda.
"We knew from the outset that this program could be game changing for GBM clients and our business, while also recognizing that the challenges faced by our clients were different from commercial and small business customers," said
Building on Scotiabank's rich expertise, the new program for GBM provides access to education, advisory, and innovative solutions.
For more information, visit our newly refreshed website at www.scotiabankwomeninitiative.com.
About the survey
The online survey was conducted
About Scotiabank
Scotiabank is a leading bank in
SOURCE Scotiabank
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