Houston Women’s Chamber, Liftfund To Launch Loans For Women Entrepreneurs In Small Business
A revolving loan fund for women entrepreneurs will be launched by the Greater Houston Women’s Chamber of Commerce and LiftFund, a small business lender.
PurePoint Financial, a subsidiary of MUFG Union Bank, has made a $10,000 seed grant to lend to women-owned small businesses for the program. With the money being borrowed and repaid, the initial $10,000 will be used to fund more women-owned enterprises
The fund aims to reduce the barriers faced by women in accessing resources. According to the National Women’s Business Council, 5.5% of U.S. women-owned businesses have access to capital from banks or other financial institutions compared with 11.4% of male-owned enterprises.
In a news release, Suzan Deison, CEO of the Greater Houston Women’s Chamber of Commerce, said that the fund “allows us to provide yet another valuable resource for economic development to support ambitious women to build and expand a sustainable business.”