Report Findings to Support Implementation of Specialized Programs within the Bank
A new independent study released in partnership among BMO Financial Group, Carleton University and The Beacon Agency has found that women entrepreneurs in Canada have difficulty securing funding from financial institutions because they are mistakenly perceived as risk averse and unable to generate the same economic growth as men.
BMO sponsored the study to get a better understanding of its female clients, improve customer experience and reiterate the bank’s commitment to conducting business in ways that resonate with this group at a time when female start-ups are emerging and are outpacing those led by men. For example:
- The number of self-employed women with an incorporated business has increased by 15 per cent since 2007;
- Over two thirds (68 per cent) of female owned companies reported capturing a larger share of their existing market through innovation; and,
- Businesses with majority female ownership report the highest instance of average yearly revenue growth of more than 20 percent
Key Findings from the Report
A Force to Reckon With: WOMEN, ENTREPRENEURSHIP AND RISK, offers the most comprehensive review to date of Canadian female entrepreneurs, and is based on twoyears of research and interviews with more than 100 entrepreneurs across the country. Key findings include:
- Women entrepreneurs make decisions that require risk to grow and build their businesses.
- Women entrepreneurs tend to take a relationship and longer term approach to business and a holistic approach to calculating risk-based decisions.
- Women entrepreneurs are misinterpreted as risk averse, although their businesses are not under-performing in comparison to their male counterparts.
- Women entrepreneurs are eager for information that can assist in making sound decisions
around risk, and are not afraid of seeking it out in different forms to grow their business.
- Women entrepreneurs are more likely to be funded personally, rather than assuming debt from a financial institution.
In addition to the current partnerships that BMO has with business organizations that support female entrepreneurs, BMO has made two billion dollars in credit available to women entrepreneurs.
To view the full report, please click here. Join the conversation and get additional timely updates, related articles and insights by following @BMO and @BMOmedia on Twitter, using the hashtag #BMOforWomen.