It does not take women too long to build up their companies and apply for loans In Illinois.
According to the recent second annual women-owned business study by Biz2Credit, the average time
period is just two years when a female entrepreneur applies for a loan. Meanwhile, in Illinois, a male-owned firm averages 31 months before it applies for a loan. That figure for the women-owned companies is lower than the average total of 27 months when women apply for loans, according to the Biz2Credit.
Biz2Credit, a nationally known credit marketplace, cites that businesses owned by females rose 54 percent this past year. The report came from a study of 10,000 small companies.
Illinois women also spend less than their male peers in the average operating expenses. For women, the figure is $32,707, while for men, the total is $49,654.
Women-owned companies, which totaled 26 percent in applications in Illinois, list a credit score of 608, compared to the credit score of 635 for male-owned firms. These figures are close to the national figures of 610 for women and 630 for men nationally. Just a year a earlier, there was a 40-percent gap between the two.
However, men-owned companies still make a larger profit. On average, male-owned businesses boast a revenue of $136,476, while the amount is $71,230 for women.