Interview with National Advisory Committee member - Colette Close
January 17, 2022
Watch Colette's video below
The Leading Lenders' team had the chance to sit down and chat with Colette Close, President of UpCloseTeam and Executive Director of Community Futures Pan West Network. Having experience as an entrepreneur herself, Colette has a clear passion for helping women reach their full potential during their entrepreneurial journey. In this interview, Colette answers questions about the Leading Lenders' initiative and related topics. (A written version of the interview is also available below.)
Question #1: In your opinion, what is a leading lender?
A leading lender, in my opinion, is when you take apart the word, leading is guidance or it’s leadership, and leadership is influence, nothing more, nothing less. It’s leading people through a process. Now a lender, by definition, is a financial institution that makes funds available to a person or a business with the expectation that those funds will be repaid. So, for me, a leading lender is all about getting to know your client, their needs, going the extra mile, and adding value.
Question #2: What inspires you about the Leading Lenders project?
The inspiration of this project, for me, is the equality for women and for men with the understanding that applications are evaluated on the basis of their merits and not just the gender. I believe that this is what the Leading Lenders' project is all about.
Question #3: In your experience, what are the most significant barriers women entrepreneurs face when trying to access business financing?
In my opinion, I think there is several barriers and probably more than several. One of them may be the unconscious bias that women will not be as reliable an investment. I think, at times, there is an absence of tangible security or collateral security that many women might face. And there is also a need to have an excellent credit rating when you are applying for money and that could be one of the barriers as well.
Question#4: What tips would you offer to lenders who are looking to support a woman entrepreneur during her journey?
This is an excellent question, because each applicant is unique, and we need to recognize this. We need to lead them through a process, understand their business and their needs, but we also need to go the extra mile, we need to provide value, we need to let them know we care because you need to remember that people don’t care how much you know until they know how much you care.
Colette Close is a member of the Leading Lenders’ National Advisory Committee. We invite you to learn more about Colette by visiting her page on our website.
The Leading Lenders' team had the chance to sit down and chat with Colette Close, President of UpCloseTeam and Executive Director of Community Futures Pan West Network. Having experience as an entrepreneur herself, Colette has a clear passion for helping women reach their full potential during their entrepreneurial journey. In this interview, Colette answers questions about the Leading Lenders' initiative and related topics. (A written version of the interview is also available below.)
Question #1: In your opinion, what is a leading lender?
A leading lender, in my opinion, is when you take apart the word, leading is guidance or it’s leadership, and leadership is influence, nothing more, nothing less. It’s leading people through a process. Now a lender, by definition, is a financial institution that makes funds available to a person or a business with the expectation that those funds will be repaid. So, for me, a leading lender is all about getting to know your client, their needs, going the extra mile, and adding value.
Question #2: What inspires you about the Leading Lenders project?
The inspiration of this project, for me, is the equality for women and for men with the understanding that applications are evaluated on the basis of their merits and not just the gender. I believe that this is what the Leading Lenders' project is all about.
Question #3: In your experience, what are the most significant barriers women entrepreneurs face when trying to access business financing?
In my opinion, I think there is several barriers and probably more than several. One of them may be the unconscious bias that women will not be as reliable an investment. I think, at times, there is an absence of tangible security or collateral security that many women might face. And there is also a need to have an excellent credit rating when you are applying for money and that could be one of the barriers as well.
Question#4: What tips would you offer to lenders who are looking to support a woman entrepreneur during her journey?
This is an excellent question, because each applicant is unique, and we need to recognize this. We need to lead them through a process, understand their business and their needs, but we also need to go the extra mile, we need to provide value, we need to let them know we care because you need to remember that people don’t care how much you know until they know how much you care.
Colette Close is a member of the Leading Lenders’ National Advisory Committee. We invite you to learn more about Colette by visiting her page on our website.
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