Get the Best Small Business Loans for Women
In today’s changing economy, women are making a name for themselves as entrepreneurs, thanks to a cultural shift to level the playing field for women entrepreneurs. But let's be clear whether man or women there are obstacles in operating a business. Women entrepreneurs are not immune to the difficulties of running a business. Financial resources are needed to help a business compete, maintain and/or grow and expand. Getting a small business loan for women can be troublesome, and that's why Advancepoint Capital is here to help you.
Are There Special or Unique Women-Owned Business Loans?
The SBA (Small Business Administration) has designated different loan programs specifically for women entrepreneurs. The SBA is not an online lender, but the Office of Women’s Business Owners (OWBO) sets out guidelines and rules similar to most other business loans followed by approved SBA lenders. To qualify for these women’s business programs or SBA for women-owned businesses, borrowers will have to demonstrate to approved SBA lenders good to excellent personal credit and a solid business plan that provides confidence in the approved lender’s ability to lend and provide funding.
AdvancePoint Capital specializes in and has the products and services for acquiring business loans and SBA loans for women-owned businesses. Small business financing is no easy task, regardless of your gender. Dealing with a bank or credit union can certainly be a challenge when it comes to getting a loan.
Finding business funding programs specifically for women-owned established businesses is something we know a thing or two about here at AdvancePoint Capital. We have a lender network that includes online lenders, banks, grants for women to start businesses and alternative business lenders that offer small business loans and a variety of attractive alternative products with competitive interest rates and terms that fit small business owners' needs. Let's find out how online lenders offer more products.
Financing Options for Women-Owned Businesses
Small Business Loans for
A small business term loan offers fixed rates, fixed terms, and fixed payments that business owners can count on. There are minimum credit score requirements, other financial requirements, a personal guarantee, and proof of ability to repay for loan approval. Interest rates and terms are attractive and small business owners seek out working capital loans quite often.
- Fixed rates and terms
- Rates starting at 9.99%
- Streamlined application with funding in as little as 1 day
- Credit scores above 620
SBA Loans for
The Small Business Administration (SBA) offers a variety of affordable business loans that they set SBA loan guidelines and requirements for SBA loans. SBA does not service the loan but provides guarantees to approved lenders who follow the loan program guidelines. Interest rates and terms are very attractive but a minimum credit score may be required to apply. A personal guarantee will be required and business assets, as well as personal assets, may be needed for collateral. Office of Women’s Business Ownership (OWBO) helps women entrepreneurs through programs coordinated by SBA district offices.
- Best rates and terms
- Both business loans and lines of credit available
- SBA Microloan's, SBA 7(a) and other products available
Merchant Cash Advance for
Merchant cash advances are an option when traditional business loans are not available due to bad credit, financial statements, or other qualifying requirements. Cash advances are not loans, but future purchase and sale agreements. These agreements provide a lump sum of capital based on the current revenue of the business. Repayment terms are based on a set percentage of future credit card processing sales deposits for repayment so repayment is not a fixed period of time, and is flexible, unlike a loan. This product is commonly provided by an online lender.
- Revenue based financing
- Flexible repayment structure with spilt of future sales
- No term limit
- Simple application with limited documentation requirements
Business Cash Advance for
A business cash advance is similar to a merchant cash advance and a good option when declined by other business finance products due to qualifications like bad credit. This advance provides a lump sum of money upfront based on current sales deposits of the business. Repayment terms are based on taking a fixed percentage of future sales deposits until repaid in full.
- Financing that is based on sales
- Flexible repayment period attached to future sales
- Credit as low as 550 accepted
- Quick application process
Business Line of Credit for
Traditional lenders provide business lines of credit are a popular option for businesses that need to draw funds on demand without having to apply every time for money like a traditional loan. Credit lines due have a credit limit and can only be increased with lenders' approval. You only have to pay interest on the outstanding balance with a credit line. A very popular product for working capital.
- Revolving credit with access to funds daily
- Interest rates starting at 1.25% per month
- Simple interest, only pay interest on balance
- Simple and easy application process
Equipment Financing for
Equipment purchases can be expensive and in many cases will require either equipment loans or leases that use the collateral of the equipment as security so they can offer repayment over years and not months with monthly affordable payments.
- Equipment loans and/or leasing available
- Interest rates or factor rates starting at 9%
- Fixed terms from 2 to 5 years
- Application process as little as 1 day
Invoice Financing for
For those women-owned businesses that invoice clients regularly, invoice factoring is a great solution to accelerate cash flow. Invoice financing advances the business's invoices that are unpaid but within the terms of the invoice whether it be 15,30,45, or 60 days. This process allows the business to get paid once the invoice is generated and not have to wait for payment within the normal terms.
- Invoice purchases up to 95%
- Factor rates starting at .5%
- Decisions within 24 to 48 hrs.
- Ideal for businesses who invoice clients regularly
Short Term Small Business Loans for
A Short term loan is available for businesses that don't qualify for traditional loans. They allow for a bad credit score, more tolerant with financial statements and cash reserves than normal term loans. Short-term loan amounts may be less but a short-term loan is easier to get approved because the short term itself provides less risk to the lender.
- Quick application, 1-page application & bank statements
- Terms from 3 to 18 months, some cases 24 to 36 months
- ACH auto payments
- Loan amounts up to $2,000,000
Long Term Business Loans for
A business owner looking to expand their business will usually turn to long-term loans because of the large investment of the expansion, the need for large loan amounts, and the requirement to have affordable repayment terms based on current revenue streams. Personal credit history and business credit must be good for qualifications for long-term financing.
- Application requires significant paperwork
- Credit scores of 680+ required
- Terms from 2 to 25 years
- Monthly payments
Benefits of Getting a Loan for a Woman-Owned Business
Acquiring a business loan can be put to good use to extend your business and fulfill your business needs. Below are a few of the benefits of getting a business loan for moms and women entrepreneurs.
- Working Capital
- Business Expansion
- Cash Flow Shortages
- Business Training
Alternative Financial Resources, Grants, & Business Funding For Female Business Owners
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AdvancePoint Capital makes the loan application process a simple, straightforward experience.
How Do I Qualify for a Small Business Loan For Women?
Qualifying for small business loans for women entrepreneurs requires knowledge of what resources are available in the financing marketplace specific to women-owned small business owners in search of a small business loan for women. Preparation and understanding are essential to get the best small business funding product to meet your needs.
5 Steps to Secure Loans for Your Women-Owned Business
- Identify need.
- Do your own research for resources with online business loans.
- Work with a small business loan originator with a wide variety of knowledge with specific business financing options and women business owners’ resources.
- Prepare the required documentation for the application process.
- Shop, Compare, and you will save yourself a lot of time and money.
Advice and Tips for Women Business Owners When Searching for Small Business Loans
Women entrepreneurs have more opportunities than in years past to access the American Dream of self-employment and business ownership. Setting aside being a woman for a moment, when searching for a business funding product, it always should start with asking the question, why and what are you using the money for? Are you looking for startup business loans? Are you looking to work on a large project that requires long-term repayment? Did you use a cost-versus-benefit analysis? Have you looked at all other financing options and determined what the best options are?
In many cases, the answer to these questions may dictate what business loan product you will choose and drive you to determine the best financing product. Your choice should not be just based on rates. You need to balance the costs, terms, payment frequency, product flexibility, and financial institution (or alternative lenders) you work with when making the best choice for your women-owned business.
Apply for Small Businesses Loan for Women Today!
AdvancePoint Capital offers an effortless experience for small business loans for women that can help answer any questions you may have. Experience our products and services versus banks and/or credit unions. Our women customers who own small businesses love the fast, streamlined application process and high approval rates that come from working with online lenders like us.
Applying for small business loans for women with AdvancePoint Capital is as simple as a 1, 2, 3, 4 process. Small businesses start with this online form, fill out the short loan application page, wait a few hours for your approval, and then get your money!
*Advancepoint does not offer startup or venture capital to businesses