One possible reason for the lower level of start-up activity amongst women is thought to be their poorer access to funding. However, recent empirical analyses for Germany show that there is little difference between women-led and men-led businesses in terms of the sources of funding they use, and that the former do not experience difficulties in accessing loans any more frequently than the latter. That said, the former are more likely than the latter to decide from the outset not to apply for a loan.