Spotlight on Leading Lenders - Sharon Munn

Sharon Munn, a business analyst for Community Futures Lloydminster and Region (AB), believes that the most significant barrier encountered by women entrepreneurs when accessing business financing is indeed financial confidence. “As women, we have fewer mentors in business and have had a less than equal opportunity to build our careers or make an equal wage, and therefore not having an equal opportunity to build as much equity/net worth as our male counterparts. Added to this is the fact that our financial system has not changed dramatically in Canada since it’s onset in the 1800’s, when women weren’t even allowed bank accounts. It’s no wonder we are less confident in a system that wasn’t developed with us in mind and the cards may feel stacked against us. Unfortunately, this lack of confidence can stop some women from taking the entrepreneurial path altogether or seeking funding to grow their business.”

Sharon has only been in the position at Community Futures for 6 months, but she has a right to be confident herself: she has already been making a huge difference in her region. She knows that lenders have a lot of responsibility when it comes to helping entrepreneurs, and she feels that collaboration is the ultimate priority when it comes to supporting women entrepreneurs. “I feel lenders have a huge opportunity to assist women entrepreneurs and influence change by supporting financial literacy and financial confidence amongst women. When we share our expertise, knowledge, and success stories, we take strides towards leveling the playing field. When women’s capital is “capped” so is our potential to bring economic prosperity to our families, communities, and the nation.”

She also believes in the power of time – making time for clients and relationships and important conversations. Her number one tip to lenders is “Take the time…” and this can mean a lot of things: “Take the time to keep in contact with your clients and cultivate relationships; encouragement and support can make all the difference. Take the time to put them on track to a “yes” when the initial response is “not yet”. Take the time to research resources such as Leading Lenders and the Women Entrepreneurship Knowledge Hub (WEKH) and connect your clients to programs and mentorship opportunities. Take the time to speak at engagements for women entrepreneurs, share your knowledge, and promote women in business!” In our incessantly busy schedule, taking the time is important in all facets of our lives, but especially when it comes to starting your business.

In her ongoing support of women entrepreneurs, Sharon’s main tips of encouragement when applying for business financing includes transparent communication, even before you ask for a loan: “Connect with your lender at your financial institution or a trusted professional while you are in the “idea” stage, prior to applying for financing. Ask specific questions about lending guidelines, expectations, and processes. Ask for assistance if there is an obstacle to achieving financing and put a plan in place to overcome it. Choose a lender or professional who makes you feel supported and leaves you with a pathway to a “yes”.”

A pathway to a yes – that in itself is a good guide for life, but even more so for lenders. As Sharon states: “A great leading lender considers themselves a partner and a guide throughout the lending and entrepreneurship process, reaching out and connecting clients to the supports and resources that are necessary to secure funding and to succeed in business.”