Female entrepreneurs are more likely than their male counterparts to see their loan applications rejected or underfunded, and New York City is launching a program to close the gap.
The Department of Small Business Services’ $5 million program will offer lines of credit up to $100,000 at about 12% interest to women-owned businesses, said Gregg Bishop, commissioner of the department. Entrepreneurs with credit scores of at least 620 who have been in business a year or longer and earn $50,000 or more in annual revenue can apply.
What could go wrong taking loans at twelve percent interest?
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