Women are increasingly venturing into businesses. However, research indicates that it is relatively tougher for women to secure outside financing as compared to men. Being a small business owner means contending with many financial problems. There are numerous expenses such as costs of procuring goods, paying taxes, hiring workers, securing a place, utility bills and obtaining equipment among many other expenses. Based on the information from the National Association of Women Business Owners, there are over a million women-owned businesses and generating revenue exceeding $1.5 trillion and employing over nine million people. However, women find it challenging to secure loans. The fact that the number of women-owned businesses are now increasing more than ever before makes it easier to get a loan. At the same time, women can secure loans both for start-ups as well as for well-established businesses. Are you a woman worried about how you can get a financial grant? Well, you are in the right place.
Business Loans for Women to Expand Business
Notably, even the well performing small business owner can find themselves in need of money from time to time. It is therefore important for women owning such businesses to consider how various woman small business loans can serve their needs. Besides getting a loan, choosing its right type is of great importance. A lot of factors such as the repayment options as well as how much the loan costs will affect the business. For women who desire to transform their implement their ideas, it is important to choose and work with a lender that has a good comprehension of their needs.
5 Ideal Loans to Start a Business
As a woman entrepreneur, it is important to have a good understanding of the available financial options. Once you have analyzed all the tenable financial variants, you can select the preferable one based on the needs of your business. Some of the best loans for womens to start business comprised the following:
- Women’s Venture Fund
They offer a starting a business loans. This financial option is flexible and is a simple solution to fund small businesses. Women’s Venture for the first time women business persons assists by calculating loan needs and requirements through a rigorous consultation process. The latter is important because it will assist the women entrepreneur to have a good understanding of how much they actually require sustaining the needs of the venture. Some of the factors that they take into consideration while giving out the loan include the number of clients, contracts, sales as well as the availability of other resources. The application process is relatively simple – the applicant is only required to have a well-written plan, track record, and future sales projects.
- Women’s Economic Ventures Loan Program
It is among the most common women buisness loans. The program, which was started in 1995, helps those women-owned small firms that do not qualify for the conventional bank financing to expand or to diversify. It mainly focuses on the low income earners. The loan amounts vary – as for start up business loans for women, the loan range is between $1,000 and $25,000; and as for business expansion, the loan range is between $5,000 and $50,000. This program can be of great help to women with business financial challenges and can be used in purchasing fixed assets. The interest rates vary from 10 to 15%. The application process is also simple because you do not need to have a business plan, and the request is often fast approved within 3 weeks. A business plan is required only for huge amounts. They are therefore suitable for offering loans to start a business.
This is another option of loans for starting a small business. The KeyBank offers financial assistance through Key4Women, which is a network of women entrepreneurs to help them with their business needs. The program’s main intent is to provide women entrepreneurs with customized financial solutions, capital as well as networking and educational opportunities. To apply for this loan you only need to become a member of the Key4Women and qualify based on their terms and conditions.
- Wells Fargo
It is among the best financial lenders to women-owned businesses. They offer loans for women to start a business and are among the most suitable government loans for women. They are flexible and regardless of whether your company is a start-up or a well-established business, the company’s business credit card can cater to your financial needs. As a businesswoman, you can opt for a loan or choose to have lines of credit to help you manage your cash flows or even to borrow money for special tasks and projects like buying fixed assets, upgrading the physical outlook or even for business expansion. The application requirements are relatively simple. For you to qualify for this kind of a loan, the business must be at least 51% controlled and operated by an American female entrepreneur.
- The Balboa Capital
This program provides a myriad of loan options and has a higher approval rate for women with small businesses. They offer startup loans for women. It is among the gov loans for women. Some of the loan options offered by the company include working capital loans, business cash advances, flexible small business loans as well as equipment financing. For you to qualify for this loan, you will be needed to provide the information on your business, owner details and then wait for the approval of the application.
Still Another Option – SBA Loans for Women
Any woman in business has probably heard of small business administration and their significance to small business owners. The SBA offers help to small business owners in the US. It champions for the needs and wants of small women business owners across the country. They offer suitable small business startup loans for women. If you are a female entrepreneur desiring to grow your business, you can apply for a loan from the SBA.
In conclusion, women should not be stopped to pursue their goals because of insufficiency of funds. As seen from the above, there are different programs with the primary purpose of boosting women with loans to help them start off their business.