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W hether you are starting a business or growing it, most owners will need to raise capital at some point along their business journey. While women are making significant strides as business owners and entrepreneurs, Key- Bank's Key4Women 2023 Financial Con- fidence Survey shows that raising capital for their businesses continues to be one of the challenges that many women face. The good news is there are a number of financial institutions and women-centric organizations that help women develop the financial confidence and know-how to raise capital for their businesses. Most regions of the country now have local chapters of affinity groups like JumpStart, National Association of Women Business Owners (NAWBO) and the Small Business Associ- ation with programming targeted to women owned businesses. Some lenders also have Women in Business advocacy groups, like KeyBank's Key4Women®, which offers re- sources and education to level the playing field for women entrepreneurs. As a banker and Key4Women-certified financial advisor, I work with many women looking to start new businesses or take their existing businesses to the next level. Here is some of the advice I give them: 1. Start with a strong business plan. A comprehensive, well-research business plan is essential when speaking with a lender or investor. Your business plan should clearly outline your business model, market analysis, competitive landscape, market strategy, financial projections, and the value proposition you bring. 2. Know your numbers. Having a strong grasp on your business' financials and metrics is critical. You should be able to fully discuss financial projections, unit economics, cashflow, and asset valuation confidently. If you can't, find a certified public accountant who does more than prepare financial statements; one who can provide solid advice and counsel, and can help you gain a strong understanding of your financial picture. 3. Seek out women-focused investors. There are numerous venture capital firms, angel investor networks, and grant programs that specifically focus on supporting women entrepreneurs. Targeting these investors can increase the chances of success. The same goes for your banker. Even if your business is not ready for traditional bank funding, there is value in laying the ground- work for a relationship with a bank that is truly women-centric; one that will meet you where you are and grow with you. 4. Make sure your personal financial house is in order, too. While it's recommended that all business owners keep their per- sonal and business finances separate, a lender will look at both when assessing whether to invest in your business. So, it's a good idea to keep your personal credit score healthy by routinely checking it and correcting any errors if they occur. Pay attention to the amount of debt you have versus assets that can be used as collateral. At the same time, build credit for your business by utilizing a business credit card, not a personal one. A trusted banker can help you establish both. 5. Build a solid network. Networking with other entrepreneurs, industry profession- als, and mentors can provide valuable insights, advice and potential investment opportunities. The importance of getting yourself out there by attending industry events, joining professional organizations and engaging in online communities cannot be understated. KeyBank's Key4Women is a program that can help you with all of these strategies for success. Established in 2005, Key4Women provides a network and platform for women in business to: • Make meaningful connections • Get involved in local networking events • Access intellectual resources, workshops, podcasts, and articles on a variety of topics of interest to women in business • Obtain tailored financial services and advice from a local Key4Women- certified banker, including business banking services and integrated wealth management. Having a trusted banker who is deeply rooted in your community, understands your busi- ness and the market, and can guide you on a wide variety of business issues, including raising capital is essential to positioning yourself and your business for success. For more information and to make an appoint- ment to meet with a Key4Women certified advisor, visit www.Key.com/women. S P O N S O R E D C O N T E N T Raising Capital: Key4Women ® offers guidance for women business owners and entrepreneurs ©2024 KeyCorp. All rights reserved. KeyBank Member FDIC. About the author: Allison Standish-Plimpton leads KeyBank's Business Banking sales efforts throughout New England and the Business Banking sales teams in Connecticut, Massachusetts, Maine and Vermont all report to her. She also serves as Executive Sponsor of the Key4Women committees operating in those same markets. She maintains offices in both Hartford, CT and Portland, ME and can be reached at allison_standish_plimpton@keybank.com. thousands of women in business have something in common: Key4Women ® . Join Key4Women today at key.com/JoinK4W. Key4Women is a registered trademark of KeyCorp. Key.com is a federally registered service mark of KeyCorp. ©2024 KeyCorp. KeyBank is Member FDIC. 210618-1108464 By Allison Standish-Plimpton, New England Business Banking Leader, KeyBank

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