As the female business ownership culture continues to grow, so does the need for financial resources designed specifically for women entrepreneurs. From small business loans to microloans and grants, there are several funding opportunities for women-owned businesses that can help them start up or expand their company.
Loans for women owned business are available from a variety of sources, including local banks, credit unions and other traditional lenders that offer small-business lending programs. In addition, some online lenders offer specialized financing options for women-owned businesses. These lenders may offer short-term business financing such as three- to 18-month loans for working capital, longer-term business loans such as two- to five-year terms or even more creative arrangements like invoice financing.
Another source of financing for women-owned businesses comes from federal and state government agencies. These agencies often provide grants and low-interest loans to women entrepreneurs who need to purchase large equipment or supplies for their company. This type of funding can be difficult to qualify for, so it’s important to research all the options available before making a decision.
Another good place to look for small-business financing for women is at the companies you do business with on a regular basis, such as your mortgage holder or auto lender. These organizations may have business loans for women on offer that you can easily apply for because they have much of your information on file and know your company’s history. You can also try to qualify for a business loan from a community development finance institution (CDFI), which is an organization that provides small-business financing for underserved areas, such as minority communities. women owned business loans