Happy Women's History Month!
" Although we may not think of credit cards as a gender equality issue today, it wasn’t until 1974 that women were allowed to apply for and own a credit card in their name."
History Of Women And Credit Cards: 1970s To Present:Robin Saks Franke
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Entrepreneurship became my way of life in 1990. My first business was a marketing and project management company.
My partners and I went to a local bank exploring a line of credit or small business loan in the amount of 25k. The banker explained the difference in products. He also said In order for us to apply and receive either we would have to:
-Be seen as low risk based on credit ratings.
- Provide personal and business collateral.
- Have our husbands co-sign.
WAIT. WHAT?
We laughed and said, "Do you want our kids too?" The deal breaker was the cosign from our husbands.
We made it clear our husbands were not involved in our business in any way. Our husbands had no legal obligations for the business per our partnership agreement. Our husbands weren't even interested in owning our parts of the business should we die. Why did they need to cosign for us? Upon further investigation we discovered this bank did not require wives to cosign for their husband's line of cedit or loans.
Needless to say we refused to do business with that bank. However, we did start a revolution by organizing women entrepreneurs to challenge a policy we experienced as blatantly sexist. I vowed never to do business with financial institutions that made women entrepreneurs feel less than. I left this experience with a major business lesson.
Creating fiscally viable businesses requires relationships with financial institutions. Women are smart enough to complete paperwork or negotiate a deal.
In my opinion the issue is how financial institutions treat women in word, deed, action,and policy. Upon entry, did the institution make you feel like an asset or liability?
I am a proud Pathfinder Bank customer. My original bankers made me feel respected at the onset of our relationship. Calvin L. Corriders, retired regional president and former Pathfinder Banker Jodi DeAugustine approached me to discuss Gwen,Inc. They studied my company. They understood my brand and reputation. We planned how to improve my company's financial position. We agreed doing business was mutually beneficial. Joy Campbell is now my Pathfinder Banker. Her advisement helped me discern the best way to fund the publishing of my book.
Its been 50 years since women gained access to credit cards in our own right. Data indicates women, especially women of color, struggle to gain equitable access to capital and financial products. We must be vigilant in our quest to create and sustain fiscally viable businesses. Keep your mind on your money, and your money on your mind.
Author of Letters to My Team | Leadership & Operations Coach
3wJane Fraser is truly one of the best. I had the pleasure of meeting and speaking with Jane one on one a few times when she visited Citi JAX and she is just a remarkable woman. I was always so inspired by her and that has not changed! #powerhouse