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The Ultimate Guide to Business Financing for Women

Are you a woman business owner? If so, find out about the financing options available to you.

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How Can Women Entrepreneurs Flourish After Receiving Financing?

Did you know that there are over 9.1 million women-owned businesses in the United States? Unfortunately, despite this, businesses owned by men have a 25 percent better chance of being approved for a loan.

Running a woman-owned business requires passion, determination, and financial wisdom. Luckily, with a woman business loan or other type of funding, you can take your business to the next level.

With this additional financing, you can invest in the quality of your business, expand into new markets, and ultimately increase your customer base. Having this source of cash flow can enable you to pursue business avenues that you otherwise may not have believed to be possible!

What Should You Know Before Applying for Additional Financing?

Before you start your financing application, it’s important to prepare the necessary documents. Below, we’ll review some information that you may need to provide to qualify. It’s important to note that requirements will vary depending on the type of financing option you’re pursuing, and the lender or institution that you’re applying to.

  • Bank Statements: When you apply, the lender will probably want to review recent bank statements. In addition, some may want to see annual revenues to get a big picture view of your business’s finances over time.
  • Credit Scores: Before you apply, we suggest getting a free credit report so that you can determine what your business and personal credit scores are. Typically, lenders have some sort of credit requirement.
  • Information on How You’ll Use the Financing: Many lenders and government agencies that provide financing like for their candidates to provide a clear picture of how they’ll utilize additional working capital.

What Are the Best Women Business Financing Options?

As a woman entrepreneur, you take pride in your business. To take it to the next level, you might find that you require additional financing. Below, you’ll find options that are specifically women business owners.

Business Loan:

By pursuing a term loan from an alternative lender, you can receive a lump sum that you can use for business needs. We recommend working with a lender, instead of a bank, so that you can receive financing quickly, and have a better chance of qualifying. Many financial institutions, like us, take pride in helping women business owners receive the working capital they need – so consider applying!

SBA Loans:

The Small Business Association works with women business owners through their SBA loan programs. Notably, they also have a women-focused grant called InnovateHER.

Grants:

There are numerous grant programs that focus on providing promising female entrepreneurs with financing. Among these options are The Amber Grant, The Open Meadows Foundation, and various, notable federal government contracts.

Peer-to-Peer Lending:

Through this option, you can connect with investors who want to benefit women-owned businesses. Once you apply for a loan, your business’s information will be posted in the online marketplace and interested investors can contribute. Once funded, you will make your payments to the peer-to-peer lender.

Other Business Financing Options:

Although these types of financing aren’t specific to women business enterprises, you may benefit from researching them. Depending on your business’s industry, these financing options could be beneficial:

  • Merchant Cash Advances
  • Credit Cards
  • Invoice Factoring
  • Lines of Credit
  • Equipment Loans
  • Inventory Loans

How to Use Women Business Financing:

Step number 1 icon

Pay for marketing materials –

Advertise your woman-owned business! Using your additional business financing, invest in your business’s marketing efforts, so that you can spread the word about your products or services. For example, you could pay for sponsored social media posts, print advertisements, branded materials, and other opportunities.
Step number 2 icon

Purchase inventory –

With small business loans for women, you’ll have enough inventory to serve your loyal customers, while still being able to afford other costs!
Step number 3

Upgrade equipment –

If your business requires equipment, use your woman business financing so that you can purchase or repair equipment. Without functional equipment, it can be challenging to run your business successfully. Due to this, using your loan for equipment might be the right decision!
Step number 4

Use as payroll –

Want to hire fellow women in business to join your team? Use your business loan as payroll! Having a team full of impressive professionals will enable you to grow your business.

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