Small business loans for women can be obtained even if you have less than stellar credit. While a poor credit score might make things more difficult, options do exist. At Alliant Business Systems we cater our services for small business loans for women with bad credit.
Credit cards, friends and family, and crowdfunding are also means by which you can get a business loan for a woman entrepreneur.
As long as you have a business that is cash-flow positive, you have a very good chance of receiving funding for your business.
Business Financing for Women at Your Fingertips
Some federal agencies have the sole purpose of helping those with bad credit receive investment capital for their business. For example, the Small Business Administration (SBA) creates low-interest, long-term loans to small business owners who find themselves ineligible for traditional bank loans.
The SBA provides several different types of loans. One type of loan they provide is a microloan, a popular option for small businesses that have just begun operations. Small business loans for minority women often come in the form of microloans. As the name implies, a microloan provides a smaller amount of capital – around $13,000 on average or $50,000 maximum. To apply for a microloan, locate the provider in your area.
Other Options for Women’s Small Business Loans
There are several other non-traditional ways to get business financing for women. Friends and family loans, credit cards, and crowdfunding can provide the capital you need.
Friends and Family
This is typically considered an option of last-resort. When all else fails, you can ask any friends or relatives for a loan if they can afford to do so. Be sure to have some kind of notarized written legal agreement to avoid any confusion.
Credit cards provide unsecured loans to people of all credit ratings. The higher your score, the higher your credit limit will be, and the more capital you will have for your small business. The biggest drawback is a sky-high interest rate.
Crowdfunding has grown increasingly popular in recent years due in part to the fact that it requires zero credit. In rewards crowdfunding, small business owners give investors gifts instead of loan repayments. And in equity crowdfunding, entrepreneurs offer a stake in the business in exchange for start-up capital.
Women-Owned Small Business Loans can be Your Reality
Business financing for women is not out of reach. These are only some of the options available.
With Alliant Business Systems, you can install a business credit building program to get a loan with the most favorable terms when you need it. All the hassle of dealing with lenders when you have bad credit will go away. We provide small and medium-size businesses with the most robust, affordable credit building program and lending solutions possible.
Discover the ease with which you can acquire small business funding for women no matter what kind of credit history you have.