Skip to main content

Business Loans for Women Entrepreneurs



Business Loans for Women Entrepreneurs

There are various options in business loans for women. Many of these financing resources can be found through the Small Business Association. This organization has a ton of information that will suit your specific needs.

In order to assure that the SBA is right for your financing needs, it is necessary to become familiar with the organization. Business loans for women are not always easily acquired but with the help of your local Small Business Association.

The first step in the process is to get to know the SBA. Spend considerable time browsing through the organization’s website for possible leads. You may want to contact your local office for help as well. As long as you invest time in learning as much as you can you will see great results.

Requirements for SBA Loans

A great place to start in your search for business loans for women is the SBA requirements for loan approval. There are basic standards that need to be met in order to be considered for this type of financing. Following are the general requirements outlined by the SBA.

This is one time when getting rejected by another lending institution is a good thing. You are only eligible for a loan through the SBA if your application has been declined by a bank or other lending institution. If you are able to get financing elsewhere, the SBA will not approve your loan application.

Nonprofit organizations are not eligible for this kind of financing. The business loans for women must be for companies that function for a profit. The nonprofit agencies have many other venues to explore so they are exempt from this kind of assistance.

There are other factors to consider that may vary by locale. The size of the business, the type of company and repayment are each factored into the requirements among other things. It is necessary to become familiar with these additional mandates before applying for one of the business loans for women thorough the SBA.

Collateral

There are unsecured business loans for women available. However, these financing options are not offered through the SBA. You can expect to submit collateral for this type of financing. This can include both your business and personal assets in most cases.

When you consider your collateral, you also need to consider how much of your assets you can invest in your venture. The SBA requires you to invest as much as possible before applying for business loans though this agency. This proves that you have great faith in your endeavor.

Alternative SBA Loans

Then, there is a great option to consider the "iSmallBiz Alternative SBA Express Loan.”  The "iSmallBiz Alternative SBA Express Loan ", is an unsecured small business loan called BizPrime for near prime borrowers who have excellent credit scores and $200,000 in yearly revenue.  This is just below the threshold of what banks would consider worthy of an unsecured SBA business loan.  The great thing about BizPrime is that is does not require collateral or a personal guarantee. The turnaround time for BizPrime on average is 48 hours without any closing costs and rates stating at 5.99%.  Here’s what you’ll need in terms of documents should you choose to go with an alternative SBA loan:

Bank statement (6 months of recent statements)
Voided check
Proof of valid ID showing you are over 18 years of age

Because only minimal documents are required, it is possible to complete the online application and upload required documents in as fast as five minutes.

In Conclusion

The best type of loan for your woman-owned business depends on various factors, including your income, time in business, credit score, and amount of capital needed, how soon you need it, how fast you can pay it back, and some other considerations. You can also compare some top-rated small business loans at a glance, or email us if you need further help finding the best small business loans for your women-owned business.

Charles Colbert is the Managing Director of iSmallBizCredit and Ismallbusinesscredit.com. Prior to iSmallBizCredit, Charles worked at American Capital Group and began his career at Bank of America Credit Card Marketing Division. Charles is the author of Building Business Credit See How Your Business Can Grow! And coming soon, the new E book: How to Start a Business Credit Profile. 

Website: www.ismallbusinesscredit.com
LinkedIn:  www.linkedin.com/in/ismallbiz
Facebook Fan Page: www.facebook.com/pages/Ismallbusinesscredit
Twitter: @ChazzScot


Comments

Post a Comment

Popular posts from this blog

Secured vs. Unsecured Business Credit Cards: Which is Better?

Secured vs. Unsecured Business Credit Cards: Which is Better?                 Having a bad credit report can surely become a hindrance in establishing your business. Most likely, you will have difficulty in trying to persuade lenders to give you a business credit account, which can be very significant for your company. Without business credit for back up, you are placing your company at a very huge threat of running out of cash and even a possible stop in its operations. Your credit score may not be very constructive to your reputation, you may have very limited options –either you get an unsecured bad debt credit card or a secured credit card . In this article, let us know the difference between these two credit cards and how they can help your business, especially if you have bad credit. The Difference between a Secured and an Unsecured Credit Card A secured credit card would basically require you to have a security deposit in the bank before you can use it. This
1 comment
Read more

Get The Capital Your Business Needs in Canada

Since we launched iSmallBizCredit, by far the most frequent piece of feedback we received was: you need to make it possible for people outside the US to obtain working capital and business funding financing. Starting Tuesday February 20, 2018, iSmallBizCredit all in one merchant platform will be available for use by any business based in Canada. It’s an integrated payment processing and business lending platform that we offer in the US now. A payment processing and merchant account platform combined with the ability to obtain business financing within 24 hours. Thanks to our friends in Canada for helping us launch!!! We've been testing our service in Canada over the winter. In many ways, launching in Canada is a big step for us. At iSmallBizCredit, our extensive industry knowledge and technology has allowed us to revolutionize the alternative funding system, making working with us a seamless experience. We have one goal in mind which is to provide the best poss
1 comment
Read more

THE FLEXIBLE SOLUTION FOR SMALL BUSINESSES

THE FLEXIBLE FINANCING SOLUTION FOR SMALL BUSINESSES Financial Technology + Main Street = Growth WWW.ISMALLBUSINESSCREDIT.COM Volume 3, Number 1 iSmallBizCredit The Smart Choice in Business Financing Having access to funds at a moment’s notice can sometimes make the difference between a business’s success or failure. That’s why merchants love our Line of Credit. It gives them the flexibility to act fast. When opportunity comes knocking or there’s an unexpected expense, our Line of Credit offers 24 hour access to loan drafts. Merchants can qualify for line of credit amounts up to 725,000 with no collateral required. The initial line can be approved in less than a week with 24 hour turnaround on loan drafts after that. With this type of financing, your clients can have the freedom to draw funds as needed, paying interest only on the money they take. It Pays to Be Prepared Even without an immediate need, smar
Post a Comment
Read more