Spotlight on Leading Lenders - Susan Bater

Susan Bater knows and understands the struggles that entrepreneurs face, especially those with disabilities or health conditions. As program manager for the Community Futures Entrepreneurs with Disabilities Program (EDP) in Manitoba, Susan is helping create opportunities for rural entrepreneurs with disabilities or health conditions. Every day, EDP helps entrepreneurs at every stage of their business: whether they are just starting out, expanding, or looking for extra financing.

So of course, she knows just how many barriers women entrepreneurs face when trying to access business financing. For starters, she notes that some entrepreneurs’ needs may not match the financing programs available through traditional lenders. “Some lenders may not have a micro-loan, so they may have loans that are substantially bigger than what an entrepreneur might need,” she explains.

Furthermore, she notes that in her experience, startups in particular face financing challenges: “They go to a bank, and the bank says: we need business assets to secure your business loan, and it sometimes takes a few years to build up significant assets in your business. So, when you’re a startup, lenders are looking at your personal credit and personal net worth. For people with disabilities or health conditions who may have had to leave the workforce for a time, they may have depleted some of their personal savings, so getting that first loan can be a real challenge.”

Speaking of personal savings, as a past entrepreneur herself, Susan has some vital tips for women entrepreneurs applying for business financing: “I would encourage more women to do their research, to find out their options, to seek out mentors, and to be careful about not depleting their personal finances.”

She even gave herself as an example: As her personal savings went down, she became increasingly dependent on making sales quickly. She says: “It’s important to really think about it: maybe you should take that loan a bit earlier so that you CAN build your business and have the flexibility to get out there and do more sales or all the different things you need to do for your business, and the need for immediate financing isn’t holding you back.”

And when it comes to mentors, Susan strongly believes in women helping women: “Seek out mentors and other women entrepreneurs. Women are AMAZING resources; we love to share our knowledge and lift each other up, so ask them questions and don’t be afraid. Ask people about their experiences because we all want to see each other succeed.”

But what advice does she have for other lenders? First and foremost, she brought up the importance of listening: “Take the time to listen and really understand the whole situation, to ask questions and explain things precisely. There are so many programs out there, and the program the entrepreneur applied for might not be the right fit, so really understanding their whole story and helping them to navigate to the program that IS the right fit. For example, there are additional financing options that may be available to entrepreneurs who are women, Indigenous, Métis, etc., but if a lender doesn’t take the time to learn the applicant’s story, they may not be able to make the business owner aware of all of their options. We find that often with entrepreneurs with disabilities or health conditions: they might not often feel comfortable telling us that they have a disability or health condition. So sometimes we will take them down one path, and as they get more comfortable with us, we can then say – Oh, there are other options available for you.” She believes that this is the best opportunity for lenders to help change and influence the barriers that women face when applying for business financing. And of course, as she notes, listening comes at no cost to the lenders, so why not?

Another tip she has for lenders is to remember that businesses come in all shapes and sizes: “Don’t forget that not all businesses are Brick and Mortar. Freelancers, Contractors, Home-Based businesses are equally looking for and needing financing, just as much as that person who is planning a storefront on Main Street.”

Her insight also offers valuable advice for the people applying to programs – be open and honest about your situation. Lenders are there to help you find the best accommodations and programs for your needs. She mentions this when talking about entrepreneurs with disabilities or health conditions: “We really try to make sure that when they are planning their business, they take their disability or health conditions into account. For example, what accommodations do they need? Do they need the counter a little lower or higher? Do they need anti-fatigue mats when they’re standing long hours? Sometimes it’s just those little things that can make a difference for someone who has a back or knee injury or something similar.”

Despite all obstacles and barriers, not to mention living and working in a post-pandemic world, Susan remains positive: “I think it’s a great time for women entrepreneurs. There are more and more resources available, and I’m very optimistic about the future for women entrepreneurs.”