Loans For Small Business For Women
Despite the fact that women are leading the business revolution, they are still struggling to get access to financing. In a recent study by online credit resource Biz2Credit, it was found that women-owned businesses were 31% less likely to secure financing compared to men. However, there are financing opportunities available to help women entrepreneurs and it is important to understand the options.
Some women may want to consider starting with traditional bank loans and community banks. These types of lenders typically have an easy application process, as well as the ability to provide a personal guarantee for the business. They also offer lower interest rates than most other types of business loans.
In addition, some traditional banks have initiatives specifically aimed at helping women-owned businesses. You should check with your local branch to see what they have available.
Another option is to seek out online lenders, which offer a variety of different lending products. These companies may offer short-term loans for working capital, longer-term loans and even invoice financing. In some cases, these lenders have more flexible qualifications than traditional banks and the SBA.
One such lender is Funding Circle, which offers some of the best rates and terms of any online lender. It is a good choice for small businesses that can’t qualify for a traditional bank loan or the SBA. The company’s online platform makes it simple to fill out an application and get the funding you need quickly. business loans for women with bad credit