business women

When women joined the workforce in the 1960s, they probably didn’t think they’d become CEOs of businesses.

They have.

According to the National Association of Women Business Owners (NAWBO), as of 2017more than 11.6 million firms are owned by women, employing nearly 9 million people, and generating $1.7 trillion in sales.” Those statistics are impressive, yet women business owners struggle to finance their businesses and find financial institutions that support their business dreams.

What if there were small business loans for women that’d help females achieve their business goals?

Well, there are.

The following three women entrepreneurs nearly gave up on their goals until they found out about loans and grants they qualified for. Likewise, they came across online lenders that were more willing than traditional banks to fund women-owned businesses.  

Margaret Has Bigger Dreams

Margaret’s parents had always encouraged her to set her sights high and find her niche.

Because she loves children and parties, Margaret started a party planning business for kids called “Let’s Party”. On average, birthday parties and other celebrations bring in $500 per party. After working hard for two years, she even has parties booked six months in advance.

To take her business model to the next level, Margaret needs capital to lease space in a popular shopping mall and to employ staff. Because she doesn’t have collateral to offer, Margaret applied for an online small business loan and received funding in about 10 days.

She didn’t have to visit a local bank because she was able to do the whole process online. Also, Margaret didn’t want to carry long-term debt so she’s repaying the $25,000 loan within 48 months. Margaret is now positioned to meet her business goals, build credit and expand her business exponentially.

Gabriela Needs an Injection of Cash

For Gabriella, finding capital is a never-ending concern.

She’s a certified home inspector and works with local realtors to close real estate transactions. Gabriella has ongoing expenses for liability insurance, vehicle repairs, and continuous education.

She also upgrades her home inspection software regularly and pays a marketing strategist to circulate information about her services. Taking classes regularly is also part of her routine so she’s familiar with new construction products and safety updates.

Gabriella has had a home mortgage for five years and has built up an equity reserve. She decided to borrow against her home’s value as well as taking out a personal loan.

Within very little time, Gabriella increased the number of home inspections she completes per month. She can comfortably pay off both loans and has money left over to invest back into her business.

Camila Is an Inventor

After applying for a microloan to create prototypes for her innovations, Camilla found out about InnovateHER Challenge. The SBA-sponsored grant awards money to deserving women who come up with great ideas for products and services.

Her company, Baby Wiz, designs products to help mothers interact with infants and toddlers while developing their motor and cognitive skills.

The extra money would help Camilla gain broader access to buyers in the marketplace. Plus, she would have more cash available to put toward research, licensing and attorney fees.

Small Business Loans Can Make Your Dreams Come True

The same NAWBO report mentioned earlier mentions that “women-owned businesses over the past 20 years have grown 114% compared to the overall national growth rate of 44% for all businesses.”

One reason for a rise in women entrepreneurship is because they can now get financial help from lenders that are onboard with their business goals. As they say, “the future is female.”

If you are an entrepreneur and have aspirations similar to those of Camila, Gabriela, and Margaret, small business loans for women may be the financial solution you’ve been looking for.