Are women-owned businesses treated differently by banks, lenders or other financial institutions?
QUINN: In my experience, no. Since women-owned businesses are outpacing the growth of traditional businesses 2-to-1 [Source: Center for Women’s Business Research], banks have changed to reflect this emerging market. We see more women lenders and partnerships with women-business [advocacy] organizations like the Center for Women & Enterprise. PBN: Most local banks have said they are not pulling back on making loans, but there have been some changes in lending standards. Can you outline some those changes you and the people you are assisting have seen? QUINN: Keep in mind that each lending institution is unique in this area. Throughout Rhode Island and Massachusetts, lenders are still making loans. In terms of criteria changes, I have seen some institutions request a co-borrower in order to approve a loan. Some larger institutions are either referring small-business clients to their consumer-lending departments or to other local, community banks. Some banks that were looking for a credit
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