Spotlight on Leading Lenders - Teri Stacey

It’s a common story: when it comes to financial discussions, most questions, comments, and suggestions are asked to the man rather than the woman, regardless of who is buying or selling. Though many other gender biases exist, according to Teri Stacey, Development officer at CDBC-Central in Grand Falls-Windsor, NL, it’s the most common problem women entrepreneurs experience: “From conversations with women entrepreneurs, the one common problem identified was that when a man was involved, whether he was a business partner or just a support person, the conversation was always directed at the man instead of the woman who was presenting the information and applying for the loan.”

Thankfully though, Teri works at a place whose values towards gender match her own – as a lender, she has this observation of her experience: “I am both fortunate and proud to say that in my three years working with CBDC Central, I have not witnessed a woman experiencing a barrier to accessing business financing.” This is probably because she herself has some great gender views when it comes to lending. It’s a piece of advice that she offers to all lenders, especially when asked what’s the best way to further change in gender stereotypes and biases: “Give the same attention and respect to women as we do to men. There really shouldn’t be a difference. At CBDC Central, we look at the applicant’s experience, education, and character, as well as the viability of the business and industry trends. Once all the pieces of the puzzle are put together, we analyze the application to see if it is something we can support. Gender does not, and should not, play a factor in this.” This is at the base of her beliefs when it comes to lending, but it really feeds into her process when it comes to working with women entrepreneurs. Her method is simple: “Look at the numbers, look at the industry, look at the character of the applicant, look at the possibility; don’t look at the gender.”

So how can women entrepreneurs best prepare themselves for the world of business lending, especially if they’re encountering problems? Teri suggests to “be respectively persistent. If you feel that the financial officer is not treating you fairly, ask that your application be reviewed by another member of their team.” Finally, when asked her thoughts on how to encourage more women to apply for business financing, Teri believes in authenticity and confidence: “Know your business, know the industry, and know yourself. Present this information in detail and with confidence.” Sound advice for all women: believe in yourself and stand up for yourself.