Thank you for the question.
It's not just denial; they also may not ask for financing and just don't get financing. We don't know specifically what the cause is. That's part of what we're looking at. It is potentially a question of lack of financial literacy. BDC is exploring this, because it is an area that they will likely provide consulting services on.
It's probably because of their not asking for financing, and probably not having the business plan properly vetted. Interestingly, if you go to events with women entrepreneurs, they will tell you that there are still locations where they are being asked if their father will sign for a loan.