AdminAs a woman in business, you have access to numerous funding options for your small business. These can range from crowdfunding and angel investments to loans for women entrepreneurs. In addition, there are grants that can help you fund your business without having to trade in equity.
Women-only financing options are also available, such as incubators and accelerators that offer varying combinations of funds, workspace, mentorship and community. These can be helpful for startups or more established businesses that have yet to reach a growth stage and need additional capital to get there.
Other options include the standard loan programs offered by the Small Business Administration, which doesn’t directly make loans but guarantees loans from banks. These include 7(a) loans, which can be used for general business expenses, and CDC/504 loans, which are usually tied to real estate or equipment purchases and have repayment terms that span 10 to 25 years. You may also consider becoming certified as a women’s business enterprise, which can open up opportunities to work on government contracts and receive set-asides specifically earmarked for WOSBs.
Another option is to seek out an online lender that makes it easier for female entrepreneurs to qualify for business loans. Many of these companies have shorter application and approval processes, and their interest rates are often on par with options from traditional lenders. Additionally, they may have more flexible terms and lenient credit requirements. business loans for women