Women are dominating the business world, but that doesn’t mean there isn’t still inequality when it comes to accessing financing. In fact, according to a recent study by Biz2Credit, female entrepreneurs have lower credit scores on average than their male counterparts. While this isn’t necessarily a deal-breaker, it can make it difficult to get loans.
Fortunately, there are programs available to help level the playing field and provide easier access to financing. These programs, often run by the Small Business Administration, are designed to support small businesses in a variety of ways. They can include grants, loans, training programs and networking events that are specifically geared towards female entrepreneurs.
One way to find funding is through equity financing, which gives investors a stake in your company in exchange for capital. This can be an excellent option if you’re looking for a large amount of capital to scale your business. Another option is working with a mentor or business advisor to develop a financial plan for your company. These professionals can also guide you through the process of applying for a loan or grant and provide insight into your specific situation.
If you’re interested in learning more about loans for women owned business, start by researching lenders that have a history of supporting and uplifting these entrepreneurs. You can also search for resources that offer a range of business financing options, such as lending marketplaces. Then, check out what other business owners are saying about those lenders to get a sense of the experience they had with them. sba women owned business loans