Business Loans for Women

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A NEW AGE FOR BUSINESS LOANS FOR WOMEN

In today’s changing economy, women are making a name for themselves as entrepreneurs, thanks to this loan program. However, the dream to own a business is just the beginning. Small businesses for women is a rapidly growing segment of the economy with increased competition. Being successful requires patience, dedication and hard work, but most importantly, the financial reserves to set the wheels in motion.

By the Numbers

w2According to the National
Women’s Business Council (NWBC), there were 7.8 million businesses owned by women in America in 2007. Of these, about 11.7% employ full-time workers, generating average annual receipts of over $1 million. The total revenue generated by all the women-owned businesses across the country (not considering farm-based business) has increased to $1.2 trillion. Women-owned businesses make up about 52% of all the businesses in the social and healthcare assistance arena. You may be interested in this article

In 2009 the Center for Women´s Business Research found that “half of women business owners don´t seek outside sources of money for their business”.  The ability to obtain capital could make the difference to succeed but, many female entrepreneurs don´t access to this capital opportunities because they don´t know or understand the process.

  • The Growth and Development of Women-Owned Enterprises in the United States, 2002 – 2012 – VIDEO
  • Women Business Owners – How to Expand Your Sources of Capital and Get Outside Financing.

 

w2“As of 2016, it is estimated that there are now 11.3 million (11,313,900) women-owned businesses in the United States, employing nearly 9 million people (8,976,100) and generating over $1.6 trillion ($1,622,763,800,000) in revenues. Between 2007 and 2016, the number of women-owned firms increased by 45%, compared to just a 9% increase among all businesses. Therefore, over the past nine years, the number of women-owned firms has grown at a rate fully five times faster than the national average.” Source: www.womenable.com

Businesses owned by women continue to growth overcoming country average rates.  According to the Census Bureau, 2016 estimates, American Express OPEN/Womenable  11.3 million female owned companies generated $1.6 million in revenue in the U.S.A.

Female organizations escalated by 45% vs 9% of the traditional national business between 2007 to 2016. For almost 9 years women businesses grow 5 times faster than normal companies in the U.S.A.

 

Why are Business Loans a great deal for women entrepreneurs?

Starting a business requires balancing your family and/or personal budget with a new, often larger budget for your business. Procuring a small business loan is pivotal to most businesses’ success. The Small Business Administration (SBA) helps people gather the resources necessary, and guides you through the completion of the loan application. Credit unions, banks, and other legitimate lenders back the loans.

APPLYING FOR THE LOAN

The SBA has designated different loan programs specifically for women. The Office of Women’s Business Owners (OWBO) sets out rules that are mostly the same for every loan or grant: you’ll need a good business credit report (with any of the three business reporting agencies) and a solid business plan that instills confidence in the lender. But what is life without a little risk? Some of the best companies in the world were started on shaky ground, right? True, but it’s also true that a low-risk business venture has a better chance of obtaining a coveted small business loan.

woman-latttDear Madam if you are looking for advice, this, is the best place to start

In order to help women, various organizations operate day and night, with the sole purpose of helping them realize their dreams and ambitions. Moreover, these organizations provide complete information regarding various loan programs, and how to apply for them:

NWBC Gateway for Women-owned Businesses Selling to the Government
SCORE
Any business venture requires you to be well informed about the competition, such as the number of similar ventures established, their success-to-failure ratio, and so on. The way to convince lenders who provide is by showing them that you possess the drive to overcome adversity. Having that fighting spirit matters.

A booming economy relies on several factors. What one factor have we seen consistently hamper the recovery of our economy? Small business loans for women struggling to acquire business loans due to higher lending standards from national and regional banks.  Small businesses are responsible for nearly half of all employment in the private sector. The gradual recovery of our economy among other things corresponds to a number of small businesses for women being granted loans. Good credit is scarce and banks view business woman owners with mediocre credit as risky.

The increased credit requirements from banks have left woman owners with less traditional funding options. However, GoKapital opens the door to alternative financing options for women business owners seeking to grow their operations. Not only are several alternating lending options easier to acquire, but they may also offer lower down payments and longer terms.

 

When borrowing money remember the following: 

  • As a women business owner is important to show that you are well qualified to manage your company. 
  • You must demonstrate how your financing request fits into your business activity and how will increase your actual income. 
  • Is important to prove that you have an adequate management process for your business finances and that truthfully you have the capacity to repay the loan.

If you’re a business women owner struggling to acquire bank loans and looking to expand your capital, business, and future, applying for non-bank financing may be the path to your success.

TESTIMONIALS

w2George has always been helpful and patient with me, always taking the time to explain every detail of my loan. My husband an I are getting older and we often have to ask more than once to clarity, and  George has never said NO to anything. Thank you GoKapital and your team for all your help, once again thank you George, for your patience, without your help I would not have been able to get the business loan for my restaurant in Miami, FL.

Carmen Linero

Restaurant Co Owner

Business Loans for Women: The SBA’s Youtube University

SBA Loans Explained

SBA Resources for Women

Empowering Women Entrepreneurship

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