Women entrepreneurs lead over 42% of US businesses and generate trillions in revenue each year. But, despite their thriving presence, many female-led companies struggle to obtain business financing. Fortunately, there are many ways for women to secure funding and grow their businesses. Here are six top sources of small business loans for women that can help get them started.
- SBA Loans
The Small Business Administration (SBA) offers various business financing options for women that include traditional bank loans and microloans. For those who can qualify, SBA loans offer low interest rates and lengthy repayment terms. Additionally, the SBA Community Advantage and 7(a) loan programs feature flexible qualifications that may make it easier for women to acquire these loans. - Online Lenders
Online lenders are another source of business financing for women that can provide quick and easy access to capital. Some of the best online lenders for women include Funding Circle and OnDeck. Both of these lending platforms offer competitive business loans for women with flexible terms, including up to $500,000 and up to five years of repayment periods. Women who are unable to qualify for SBA or bank loans can also consider alternative online lenders, such as merchant cash advance providers or invoice factoring companies like Noble Funding. These alternative financing options for women often feature much shorter application processes and lower credit requirements than bank or SBA loans. women small business loans