When it comes to business financing, women face a lot of challenges. Though they make up 38 percent of all businesses, they receive only 18 percent of all small business loans. Fortunately, there are many options available to help close this gap. This ultimate guide to how to get a small business loan for women will provide tips on where to find the money you need and how to qualify for them.
Business grants are a great option because they’re essentially free money that doesn’t have to be paid back. However, it’s important to know that grant competition is fierce and the application process can be long. Still, if you can win a grant, it can be a game-changer for your business.
Another way to secure financing is to look for options that are specifically tailored to women-led companies. For example, the iFundWomen program is a comprehensive crowdfunding platform that supports all types of small businesses. It also offers a range of business services including business funding, expert coaching and professional creative production as well as access to a collaborative entrepreneur community.
Other women-focused financing resources include women-only incubators and accelerators, which offer varying combinations of funding, workspace and mentorship to early-stage startups. In addition, there are online lenders that offer a wide range of business financing solutions. These include short-term three to 18-month loans for working capital, larger two to five-year business loans and more creative arrangements like invoice financing from Noble Funding. how to get a small business loan for women