Women entrepreneurs are generating trillions of dollars in sales every year, but they have lower access to financing than their male counterparts. Whether you’re seeking to fund an existing business or start a new one, there are private and government funding options that can help.
Some of these loans for business women are tailored to specific types of businesses, while others offer more general business financing. For instance, loans from the Small Business Administration (SBA) can be used for most purposes, and come with favorable repayment terms. SBA loans are typically available through banks and credit unions, although there are other options.
Many of these loans for business women are designed to address the specific needs of minority business owners, such as those owned by minorities or women. For example, the U.S. Bank distributes its specialty business loan programs through community development financial institutions (CDFIs) that provide funding to traditionally underserved business owners, which may include women.
A number of online lenders specialize in lending to small businesses, including women-owned businesses. These lenders often offer competitive rates, and you can apply online. In addition, some lenders may offer financing for businesses with bad credit. For example, National Funding provides equipment financing up to $150,000 for qualifying small businesses. Another option is accounts receivable factoring, which involves selling your outstanding invoices to a factoring company for immediate cash. This funding option can be easier to qualify for than a traditional loan, but it can also cost you more in fees. loans for business women