Female business owners often have less access to capital because women tend lack relationships with bankers, National Association of Women Business Owners CEO Jen Earle said on Tuesday at an Axios virtual event.
What she's saying: "Women are naturally risk-averse, and so a lot of times they don't want to take on huge chunks of debt to make their business grow. "They've done it kind of by bootstrapping, by utilizing their credit cards, by using personal funding. "
- So when female business owners suddenly need capital, "there's not really any backing there," Earle said.
Earle said female business owners have found it hard to balance the multiple roles they play in the household, along with managing their businesses through the economic downturn brought on by the coronavirus pandemic.
- "We're worrying about moms staying at home with their kids and figuring out how they're going to educate them," Earle said.