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All business owners need financing from time to time: it’s how you grow.
But female entrepreneurs unfortunately have to deal with some unique challenges when they’re owning and running their own businesses…
One of those problems? Finding business loans for women. We’ve created this guide to help female small business owners get the funds that their businesses need—and that they deserve.
This women business loans resource will guide you through debt financing options, top grants, and resources geared towards female business owners.
Let's get started.
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The best types of alternative business loans for women.
The best small business grants for women.
The best microloan programs for women.
The top investors for female business owners to work with.
The top resources for women entrepreneurs.
Business loans for women: a deep dive into the details.
Traditional banking institutions aren't providing the credit access female entrepreneurs need to grow. That's why it's time to look towards alternative lending to find small business loans for women.
As a female small business owner, what kind of alternative, online loans should you be looking for, and who are the best business lenders offering small business loans for women? Here's a short-list of the best alternative women business loan options.
The Small Business Administration has perhaps the largest array of small business resources for female entrepreneurs. We'll get into those many resources below.
SBA loans are technically loans guaranteed by the government. That means lenders face less risk lending to you, and you qualify for better loan options than you would otherwise. SBA loans are great financing options for those who can qualify—you'll get low-rate and long-term financing.
SBA loans—specifically the Microloan program—are especially good options if you're looking for loans for women to start a business. For the right kind of business owner, the Microloan program provides the small amount of capital many entrepreneurs need to get the ball rolling.
Term loans are the small business loans you know well. They're lump sum loans that you pay back, plus interest, over a fixed amount of time. You're probably most familiar with term loans from traditional banks.
But banks aren't the only term loan lenders. Many alternative lenders—like Bond Street, Funding Circle, and Lending Club—offer low-rate, long-term financing and do so at a much faster time to funding.
Business Lines of Credit
If you're looking for small business loans for women then you should also consider a business line of credit.
A business line of credit is a flexible way to finance your business. A line of credit sits in your back pocket—you only pay interest on the funds you draw, and once you've paid back what you draw your credit line is refilled to its original amount. Lenders like Lending Club or Credit Junction offer low-rate lines of credit, but are harder to qualify for. If you have less-than-stellar credit or have been in business for a short amount of time, try lenders like Kabbage or BlueVine.
Short-term loans can be great small business loans for women entrepreneurs who only need a small amount of capital. For that reason, short-term loans can be (but won't always be) good loans for women to start a business with.
Short-term loans usually come with terms between 3 and 18 months, and loan amounts can be anywhere from $2,500 to $250,000. Short-term loans are also great options if you don't have strong credit or have only been in business for short amount of time. Top short-term lenders offering small business loans for women are OnDeck Capital, Quarterspot, and Fundation, to name a few.