New York City Credit Program Aims to Help Female Entrepreneurs

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New York City Credit Program Aims to Help Female Entrepreneurs
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A New York City agency is offering lines of credit to women entrepreneurs—who often have loan applications rejected—to help them get money they need

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.

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