Spotlight on Leading Lenders - Audrée Godbout

As an Account Manager at UNI Business, Audrée Godbout doesn’t see herself as just a financial lender: “I see myself more as a financial partner, not just a lender. I am part of my clients' success.” This great mentality is refreshing for all entrepreneurs, but especially for women entrepreneurs looking for help. Audrée has a lot of experience when it comes to the financial world: she started at UNI while she was still in university and has been there for over 15 years now. She herself, witnessed and experienced the discrepancy between men and women in many financial positions: “When I entered the field, it was still an area where many of my colleagues were male” she says, though she notes that there are now many more women today. Thus, over the years, she has seen several of the barriers that women face when accessing business financing.
A few of the barriers she has noticed are some that we don’t always immediately think about. “The most common barriers that we see are firstly, the sector of activity in which the majority of women entrepreneurs start are the riskier sectors of activity; we are talking about the accommodation sector, the restaurant sector, the retail trade. These are all sectors that have been greatly affected by COVID-19, but they will also react more quickly to the different changes in the market.” Smaller businesses, such as those with only 1 to 4 employees, can be even more affected by fluctuations in the market, as they have less stability to weather these changes. Furthermore, Audrée mentions two other barriers that are sometimes overlooked: one, external access to financial support is limited, and two, for some entrepreneurs, ethnocultural diversities can cause discrepancies between how the funding process works here versus how it works in their home country. Being able to guide clients through these barriers is incredibly important to Audrée. “As a lender, you can make a big difference just by approaching projects differently. In the sense that you don't just go into a file to provide financing but to make a difference and help. It can help with the confidence of the entrepreneur, but it can also reassure them because they now have a financial partner who understands what they are doing, where they want to go, and we can work together to get there.”
She believes that this is the easiest way to help female entrepreneurs overcome some of the systemic barriers that they face. “I tell all my colleagues: Every project is different. No two files are alike, there is no standard procedure for all clients, so go into a project with an open mind.” What does this entail? How can a lender do this? Audrée explains: “Don't hesitate to ask questions to better understand the entrepreneur. Even if you can't give them what they’re looking for, you have to have something else you can offer them to give them a path to follow.” Even if that help consists of offering other solutions for external financing or directing them to other resources they may not have heard about before. Sometimes, it can also mean just encouraging the entrepreneur, and letting them know that their project is possible, even if you can’t offer them financing.
Why is this important? Because the utmost common barrier that she has noticed, and the one that lenders can most easily help change, is that most women entrepreneurs come in already more discouraged compared to their male counterparts. “There's a lot of hesitation, in the sense that there is already a preconceived idea that "it's going to be harder for me to get financing, I'm going to have to try harder", so there is a level of discouragement already existing with the women entrepreneur.” It is indeed a common thread, one that we’ve seen time and again: women need to be more confident. Audrée offers some tips on how to make that happen: “Don’t hesitate to be known, to be seen. You already believe in your project, so don't hesitate to talk about your plans, not only to your financial partner, but to your accountant, your lawyer, or anyone else who can advance your concept.” Yes, confidence is important, but she also mentions on another characteristic that entrepreneurs need to have when facing business financing: resilience. “Don't let a rejection discourage you from trying again. If you were turned down and were given reasons why, take those reasons and re-present your project so that the barriers that were put in place are no longer there.”
Another nod of encouragement for women is a fact that Audrée was keen to point out: yes, there are more female entrepreneurs now, but there are also many more women in lending positions as well. Audrée concludes by offering the following advice : “Be confident, take the feedback you are given, work on it, and don't hesitate.” Great words to live by!
A few of the barriers she has noticed are some that we don’t always immediately think about. “The most common barriers that we see are firstly, the sector of activity in which the majority of women entrepreneurs start are the riskier sectors of activity; we are talking about the accommodation sector, the restaurant sector, the retail trade. These are all sectors that have been greatly affected by COVID-19, but they will also react more quickly to the different changes in the market.” Smaller businesses, such as those with only 1 to 4 employees, can be even more affected by fluctuations in the market, as they have less stability to weather these changes. Furthermore, Audrée mentions two other barriers that are sometimes overlooked: one, external access to financial support is limited, and two, for some entrepreneurs, ethnocultural diversities can cause discrepancies between how the funding process works here versus how it works in their home country. Being able to guide clients through these barriers is incredibly important to Audrée. “As a lender, you can make a big difference just by approaching projects differently. In the sense that you don't just go into a file to provide financing but to make a difference and help. It can help with the confidence of the entrepreneur, but it can also reassure them because they now have a financial partner who understands what they are doing, where they want to go, and we can work together to get there.”
She believes that this is the easiest way to help female entrepreneurs overcome some of the systemic barriers that they face. “I tell all my colleagues: Every project is different. No two files are alike, there is no standard procedure for all clients, so go into a project with an open mind.” What does this entail? How can a lender do this? Audrée explains: “Don't hesitate to ask questions to better understand the entrepreneur. Even if you can't give them what they’re looking for, you have to have something else you can offer them to give them a path to follow.” Even if that help consists of offering other solutions for external financing or directing them to other resources they may not have heard about before. Sometimes, it can also mean just encouraging the entrepreneur, and letting them know that their project is possible, even if you can’t offer them financing.
Why is this important? Because the utmost common barrier that she has noticed, and the one that lenders can most easily help change, is that most women entrepreneurs come in already more discouraged compared to their male counterparts. “There's a lot of hesitation, in the sense that there is already a preconceived idea that "it's going to be harder for me to get financing, I'm going to have to try harder", so there is a level of discouragement already existing with the women entrepreneur.” It is indeed a common thread, one that we’ve seen time and again: women need to be more confident. Audrée offers some tips on how to make that happen: “Don’t hesitate to be known, to be seen. You already believe in your project, so don't hesitate to talk about your plans, not only to your financial partner, but to your accountant, your lawyer, or anyone else who can advance your concept.” Yes, confidence is important, but she also mentions on another characteristic that entrepreneurs need to have when facing business financing: resilience. “Don't let a rejection discourage you from trying again. If you were turned down and were given reasons why, take those reasons and re-present your project so that the barriers that were put in place are no longer there.”
Another nod of encouragement for women is a fact that Audrée was keen to point out: yes, there are more female entrepreneurs now, but there are also many more women in lending positions as well. Audrée concludes by offering the following advice : “Be confident, take the feedback you are given, work on it, and don't hesitate.” Great words to live by!
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