Women business owners are driving a lot of change in the United States, but securing financing for their businesses can be difficult. Women business loans are available from a number of different sources, including traditional banks and online lenders. There are also many dedicated organizations that offer programs, resources and lending opportunities to help female entrepreneurs overcome hurdles.
The first place most people look for a small business loan is their bank. They offer a variety of options, including term loans that provide a fixed amount of funding for a set period of time and lines of credit that provide access to a specified amount of funds. The application process can be a lengthy one and it’s important to know that you’ll typically need good to excellent credit to qualify. However, some banks have initiatives specifically for women business owners and may offer them lower rates than those offered to other customers.
Another option is an online lender that focuses exclusively on small-business lending. These lenders connect you with investors who are looking to fund small businesses like yours. The qualification process is usually quicker and simpler than with traditional lenders. Additionally, you may not be required to provide any personal guarantees or have a long operating history to qualify for a business loan through an online lender.
Finally, you can also seek business financing through a local women’s or minority business development center (MDBDC). These groups provide mentoring and education to female entrepreneurs and they have relationships with many different funding sources. If you’re interested in seeking government contracts, you can get certified as a Women Owned Small Business (WOSB) through these organizations to make yourself more competitive for set-aside contracting opportunities. women business loans