Over the past several decades, there has been a dramatic increase in the number of women-owned businesses. As of 2018, these companies generate $1.8 trillion in revenue and employ 9.2 million people. Yet, despite this growth, women face unique challenges in the business world—especially when it comes to accessing financing.
If you’re a woman entrepreneur looking for a loan, you’ll find that there are many different options available. You can take out a business loan from a traditional bank or credit union, an online lender, or even a crowdfunding site like Funding Circle. Typically, these loans come with terms of up to a few years and offer varying amounts of capital. You’ll also need to meet certain criteria to qualify, such as minimum annual revenues and a good credit score.
Other options to consider include seeking out grants and equity financing. Grants are a great option if you need help with startup costs or for research and development. With equity financing, you’ll trade a portion of your business in exchange for funds. While these types of loans can be difficult to qualify for, they can be an excellent option if you need a large amount of funding.
You can also check out the Small Business Administration’s website for information on specific women-owned business loans. These are government-backed loans, which offer competitive payment terms and interest rates. However, you’ll need to contact your local SBA office for more details. Additionally, you’ll need to submit a personal guarantee in case of default. women owned business loans