Spotlight on Leading Lenders - Fenella Au

“I’ve never done anything like this before, but I’ll take this opportunity to be comfortable with the uncomfortable, and just do this and see where it goes,” said Fenella Au when asked to do an interview for the Leading Lenders blog. A great mindset to have in general, but it is also a mindset that Fenella believes more women entrepreneurs should have. Having worked in several different positions in various banking departments, Fenella has an incredibly unique, yet multidimensional perspective when it comes to financing. With over twenty years’ experience in banking, she has seen both sides of the coin (pun intended) while serving her clients and customers; now, as a Manager of Cash Management in Commercial Banking at TD, she is helping entrepreneurs of all kinds access financing.
When asked about the most common barriers women entrepreneurs face when accessing business financing, Fenella explains that in her experience, the biggest obstacles are the psychological barriers that women place on themselves. “Women tend to have that mindset of ‘I have to have all my ducks in a row’ before I can take that next step; they need to have everything set and where they need it to be before they push forward. You can’t always go in thinking of the WHAT If’s because it is a barrier that you’re putting on yourself that prevents you from moving forward.” A good reminder that there is no right time: right now, is the right time.
But what can women do to overcome this self-imposed barrier? Don’t overanalyze and try to do everything yourself. The professionals are there for a reason. Fenella says the first step is to seek out guidance from your banker, even if it’s just your personal banker. “Tell them, I have this business idea, what do you need from me to get started.” Even if you don’t need business financing right away, your banker can guide you to the right people. Second, get a lawyer. “You will want to know your legal parameters to protect yourself as a business owner.” And then finally, an accountant. Having these three support systems will encourage you to tackle each obstacle with knowledge and expertise without the headache of trying to do it alone.
That’s a good point that lenders can keep in mind when working with women entrepreneurs: be there for them, and don’t make them do it alone. Fenella goes on to explain that the number one thing lenders can do to encourage women is to keep an open mind, and really listen. “What do they want? What are their ideas? What do they want to achieve? Listen and pay attention, whether they need business financing or not. You are there to guide them and give them advice. You never know: they may grow into a client that needs your financing later on. But it’s important to be genuine with them and really learn what their purpose is.” Her insight is valuable because at TD, they are actively trying to help women overcome their barriers. “With our Women in Enterprise group here at TD, we are trying to be out there for women entrepreneurs. I feel there aren’t enough resources for female entrepreneurs, so we want to expand their networks into the community so they can access better resources. A lot of these women have great ideas for businesses, but don’t have the resources or networks to get started. As lenders, we should be out there and informing women entrepreneurs that Hey, we have this wealth of networks, let us integrate you into the community, and put you in front of the right people to help you start or grow your business. Whether it’s setting them up with a mentor or hosting events to help build their network. Just be there and support them.”
If the financing world can continue to have the same mindset as Fenella, the future is optimistic and positive for women entrepreneurs. That means there is only one thing left to do moving forward: “I think women need to be more out there. Looking at my client base right now, I’d say the majority of it is still male dominated. Post-Covid, I would love to see more women entrepreneurs out there. The pandemic has given women more flexibility, so get over the psychological barriers, and just do it.” She’s right: there’s never a right time, we can never be 100% ready, so why not just go ahead and do it? Whether it’s starting a business, changing careers, or applying for that loan, forget about being 100% comfortable, and take the first step!
When asked about the most common barriers women entrepreneurs face when accessing business financing, Fenella explains that in her experience, the biggest obstacles are the psychological barriers that women place on themselves. “Women tend to have that mindset of ‘I have to have all my ducks in a row’ before I can take that next step; they need to have everything set and where they need it to be before they push forward. You can’t always go in thinking of the WHAT If’s because it is a barrier that you’re putting on yourself that prevents you from moving forward.” A good reminder that there is no right time: right now, is the right time.
But what can women do to overcome this self-imposed barrier? Don’t overanalyze and try to do everything yourself. The professionals are there for a reason. Fenella says the first step is to seek out guidance from your banker, even if it’s just your personal banker. “Tell them, I have this business idea, what do you need from me to get started.” Even if you don’t need business financing right away, your banker can guide you to the right people. Second, get a lawyer. “You will want to know your legal parameters to protect yourself as a business owner.” And then finally, an accountant. Having these three support systems will encourage you to tackle each obstacle with knowledge and expertise without the headache of trying to do it alone.
That’s a good point that lenders can keep in mind when working with women entrepreneurs: be there for them, and don’t make them do it alone. Fenella goes on to explain that the number one thing lenders can do to encourage women is to keep an open mind, and really listen. “What do they want? What are their ideas? What do they want to achieve? Listen and pay attention, whether they need business financing or not. You are there to guide them and give them advice. You never know: they may grow into a client that needs your financing later on. But it’s important to be genuine with them and really learn what their purpose is.” Her insight is valuable because at TD, they are actively trying to help women overcome their barriers. “With our Women in Enterprise group here at TD, we are trying to be out there for women entrepreneurs. I feel there aren’t enough resources for female entrepreneurs, so we want to expand their networks into the community so they can access better resources. A lot of these women have great ideas for businesses, but don’t have the resources or networks to get started. As lenders, we should be out there and informing women entrepreneurs that Hey, we have this wealth of networks, let us integrate you into the community, and put you in front of the right people to help you start or grow your business. Whether it’s setting them up with a mentor or hosting events to help build their network. Just be there and support them.”
If the financing world can continue to have the same mindset as Fenella, the future is optimistic and positive for women entrepreneurs. That means there is only one thing left to do moving forward: “I think women need to be more out there. Looking at my client base right now, I’d say the majority of it is still male dominated. Post-Covid, I would love to see more women entrepreneurs out there. The pandemic has given women more flexibility, so get over the psychological barriers, and just do it.” She’s right: there’s never a right time, we can never be 100% ready, so why not just go ahead and do it? Whether it’s starting a business, changing careers, or applying for that loan, forget about being 100% comfortable, and take the first step!
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