Women in business face unique challenges. GoKapital Loans for Women are the solution to meeting your business’s financial challenges.
The Small Business Loans for Women Program is designed by women for women because it takes a woman to understand the juggling act needed to meet all the daily demands in a woman’s life.
Working Capital Loans up to $500,000 | Quick Approvals | Minimal Documentation
Small Business Loans for Women: Research has shown that the complications of these decisions deter half of women business owners from seeking outside sources of money. Although an infusion of capital would help their businesses grow or even prevent them from collapsing, they feel intimidated by the process and regard themselves as unable to become familiar with it or even to understand it. The result is that they simply do nothing.
There is no obligation to get started, and no need for collateral or a down payment. Click or call and receive a quick decision and funding in as little as 24 hours. But by failing to take advantage of a wide variety of loan resources, some of which have been established specifically for women-owned businesses, they are denying themselves considerable benefits that can sometimes mean the difference between success and failure.
There can be no doubt the need for such loans is there. Women businesses grew strongly in the wake of the 2007-8 recession and today are said to number more than half of all small businesses in the nation. They employ nearly 9 million people, many of whom are dependent on the survival of these businesses to make ends meet. Clearly, therefore, access to loan capital is beneficial not only to the women who own the businesses themselves, but also to those who are reliant on them.
Qualification for Small Business Loans for Women
4 Months in Business
New Business? Established business?
All we require is 4 months of operation.
$100,000 Annual Gross Sales
It doesn’t take a lot of money to borrow a lot of money
we simply require $100,000 in annual sales.
4 Months' Bank Statements
and a simple application gets the process started.
We are here to help
We at GoKapital are here to address women-owned business needs. We understand not only how small business works, but also the special needs of women business enterprise and the opportunities that are available to them. Drawing on this knowledge, our financial consultants will take a woman owned business quickly through the steps that she will need to take in order to secure a loan. They will direct her to the loans that are most suitable for her business. They will assist her with the application process. As they do, they will do so in terms that are free of jargon.
The loan process
The reason for the loan
A major initial consideration is why the loan is needed. Much of the application process will center around that reason and will play a large part in determining whether it is granted and how big the size of the loan will be. Among the reasons for a loan are these:
To expand the company:
Expansion might be in the form of opening up the space that is occupied by the business to add new inventory or provide additional services. It could also be in the form of a new branch to serve customers in another geographical area, such as another suburb, another city or another state.
To launch a marketing campaign
If sales are sluggish, it might not necessarily be the fault of the business. If people do not know about a business and what it does, obviously they will not use its services or buy its products. Even the existence of a store or an office will not, in itself, attract more than a few customers who happen to be passing or take note of what it is. A marketing campaign, conducted in the right way, will spread the word around the community and bring in additional sales. The internet offers a cost-effective way to tell potential clients about the business. Using a loan to hire a company that can build a website, send out emails and generally market the company on the web can be a great way to build sales and grow profits.
To obtain a lifeline in times of economic stress
The economy always has been characterized by ups and downs and probably always will be. If a successful business is hurt severely in a downturn, the chances are that it will be able to recover when the economy turns upward once more. A loan will help see it through the tough times and enable it to flourish once the economy grows again. Without such a loan, the business might fail.
If a major client fails to pay a bill on time
Some businesses are highly dependent on one major company. Should that company not meet its commitments in time, the business will still have to meet its own commitments. Payroll must be met and suppliers paid. Here a loan can help tide the company over the rough patch until all the income arrives. There are many other reasons that a woman owned business will need a loan. When it does, the owner needs to assure the grantors of the loan that she is obtaining the right amount of money at the right time for the right reasons.
How much money the business needs
Having determined the reason, the next step in borrowing money is to determine just how much is needed to meet the purpose of the loan. On the one hand, too little money will leave the business with inadequate resources to achieve the goal behind the loan. But it is also true that too much money can be a problem, creating a temptation for the company to treat the loan as income and not use it for the purpose for which it was intended. As a result, when the loan money is used up, the business will be at the same point at which it stood before the loan was provided. A woman owned business, therefore, needs to determine what the appropriate amount would be to achieve the purpose of the loan. Also important are the terms of the loan. A loan might be more than adequate to achieve a particular purpose, but if the monthly installments are too high, the loan will create more problems than it is worth and make it difficult for the business to meet its commitments.
How much the business is worth
In many cases the amount of a loan depends on the overall value of the business itself. But it is not always easy to determine just what the value is. Our advisors will assist a business in adding up the numbers to calculate the worth of the business and determine from that how much money will be available to borrow. In addition, the granting and the amount of the loan needs to take into account the nature of the company, the market in which it operates, and the years in which the company has been in business.
Sources of loans
The number of organizations that are eager to lend money to assist women-owned businesses is growing. They want to assist these businesses to grow and to be of value to the community. It becomes important, therefore, to know who these people are, how you can reach them, and how to approach them. At GoKapital, our professional consultants can provide insight into how female entrepreneurs can apply for loans, including SBA loans for women, from these bodies. In many cases, the loans are backed by the SBA, but a company such as GoKapital provides the loan itself.
Having decided what type of loan to obtain, it becomes important to establish the factors that need to be taken into account in determining whether the female owned business meets the criteria for the loan. Determining these factors can be complex, but among them will be not only the financial side of the business but also the dedication and determination shown by the owner. Women can bring special skills to a business and often show passion for the success of the venture. Many pour all they have into making the business work. Such dedication enhances the prospects of the growth and expansion of the business as well as its ability to climb out of a hole in times of economic distress. At GoKapital, our financing consultants understand and value these aspects of women business acumen and will bring their professional insights to bear when advising a business on obtaining a loan
Testimonials- Applying For The Loan
“George has always been helpful and patient with me, always taking the time to explain every detail of my loan. My husband and I are getting older and we often have to ask more than once to clarify, 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.“
Restaurant Co Owner
“Thank you guys, you are just great! You helped me when no one else would. The loan literally saves my business. I will forever be grateful. The best option when applying for a small business loan in Florida.“
“I really fell in love with GoKapital! This was the first time I was applying for a loan for my business and the process was very easy, GoKapital made the process painless I would recommend them to anyone.”
Small Business Loans for Women: The SBA’s Youtube Academy
The Importance of Small Business Loans for Women
When you are a business owner trying to get your plans moving, it’s impossible to get anything done without access to capital. This is one of the fundamental challenges of entrepreneurship because you have to convince a bank or other capital provider to make you a loan at a reasonable rate while developing a business plan that will provide enough revenue to pay back the loan.
As a woman running her own business, you face even more difficulty because of the skepticism that some people will have to your leadership, skills, and ability. To overcome that bias, you need a source of capital, small business loans that recognize your value and will get you the capital you deserve.
Importance of Business Capital
It’s hard to find an example of a successful business that did not get off the ground with either a loan or an investment that involved buying some ownership in the company. As an entrepreneur, it is more attractive to attempt to take on loans so that you do not need to give up any ownership at such an early point.
Getting a loan is difficult because you need to demonstrate that you will be able to pay the loan back, but your business is too young to provide direct proof of that ability. You will need to present a business plan and make a pitch to potential lenders. This comes down to crafting the right ideas and demonstrating that you will have revenue and growth over the course of the loan.
Think of it this way. The lender will provide you with a loan at a certain interest rate, such as 5 percent. For you to succeed in paying the lender back, you will need to spend that money on projects and expenditures that will get you at least 5 percent return on the investment. If you get more, then that is profit that you can take home and reinvest.
All of this means that you need to be able to model how well the loan money will go to work for your company, what it will do, and how much you expect to make from it. The more information and detail you can provide on this, the better. Lenders want to see that you have put effort and thought into planning out exactly what this money will do and researching how well it will succeed.
To that end, crafting the right pitch is a delicate blend of realism about the prospects of the company and optimism to inspire them to believe in your business model. You will need to prove that you can be successful, but that you also understand what that takes and how difficult it can be.
Applying for a commercial or business loan in Florida takes time. You will generally need to fill out some paperwork before even interacting with a representative from the lender. The most common choice for a lender is a bank, but banks tend to have lengthy application processes and high standards for making loans. Ever since the financial crisis of 2008 and the subsequent regulation, it has been harder to get a loan from a bank. They have a more regulatory compliance that they must carry out and they are reluctant to risk their money.
In light of these obstacles, many small business owners have begun turning to non-bank lenders. They have a more streamlined application process and are more willing to listen to business owners. Often, commercial loans are their only business, so they can devote all of their time and attention on their business clients. That is a good thing for entrepreneurs, because it means that they get better relationships and more reliable access to capital.
When it comes to business loans in Florida from non-bank lenders, GoKapital should be on the top of any founder’s list. It’s a company with years of experience lending all over the US, and they specialize in business loans. In fact, they are prepared to lend to people even if they have poor credit histories.
The company has a wide variety of different loan products to cover the needs of different businesses. For example, a traditional small business loan is just what it sounds like. On the other hand, a merchant cash advance is not a loan at all- it is selling future revenue in exchange for up-front cash that can pay off bills, other loan payments, or similar expenses. Many of these loan products have turnaround times of under 24 hours and an approval rate of over 90 percent.
GoKapital for Women:
- The government has recognized that many more women than ever before are starting their own businesses, and the Small Business Administration is stepping up their efforts to lend to women. GoKapital is proud to participate in this trend by providing women-owned businesses with targeted capital products to help them get their business models running.
- A successful application for this kind of loan will demonstrate careful research into your own business and its needs as well as your competition. Show how the loan would specifically add to your revenue and the strengths, weaknesses, opportunities, and threats for your company. Keep in mind that a business loan is not just a one-off transaction. Ideally, it is the beginning of a long-term and productive relationship with a lender that can get you good access to working capital and another financing when necessary.
- The bottom line is that every small business needs capital. That can come in many forms- an injection of cash to get things going, working capital for ongoing needs, and more. Starting a business means coming up with ways to tap into capital sources and put that capital to productive uses.
- GoKapital is a good place to start if you are turned off by bank lenders due to their high requirements or long application process. The inclusion of loans for women is a welcome change to the industry.
- In the past, female owners have had trouble getting the same financing as their male counterparts due to discrimination as well as a lack of experience in business. The post-recession economy has seen a boom in small business ownership, especially among women, so GoKapital is on top of the market.
Whether you choose them or not, you’ll need to build a relationship with a capital provider sooner rather than later for a healthy business.
Strategies for acquiring small business loans for women
With millions of women-owned business nationwide, many have had to work diligently to acquire needed resources to launch and run their business. However, whether a woman is launching a new business for the first time or is in full operation, she needs to properly monitor her current cash position on an ongoing basis and have resources available to tap into should an unforeseen issue arise. Especially since banks has decreased new business loans for women, it’s important to seek and have alternative ways to acquire capital close at hand.
When operating a business, you never know when you’re going to experience cash flow issues resulting in cash shortages due to factors, such as:
• Not enough cash sales
• Slow or uncollectible accounts receivables
• Little to no cash reserves
Having access to cash is just as important as other aspects of the business. Especially if your business has employees, you simply can’t afford to grapple with how you’ll address cash shortage issues when the problem is upon you. Rather, it’s best to seek small business loans for women before you need them. More importantly, a loan provided by capital financial services can simplify the overall process by making obtaining access to cash easier.
Small Business Loans For Women – The Planing
There are several business loans available for women. But the best way to apply for them is before you actually need them – particularly when you are in good standing with creditors, suppliers, and financial institutions and are seen favorably and in a good light. Although there are alternative lending solutions available for women-owned businesses, you don’t want to be considered a credit risk either, but rather a responsible business owner with a good, sound repayment plan.
If you start off by borrowing small amounts at a time and repaying the loan off as planned, your business will be seen as less of a credit risk and more of a sound borrower. Not only will you begin to build a strong relationship with the capital financial services, but you’ll also be able to use your recent loan as launching pad to apply for future loans.
You can also consider getting pre qualified so that all of the hard work is already done long before you even need a loan.
What to Say to Lenders
When you approach traditional lenders, you’d typically need to be prepared to discuss your current financial status, your previous historical financial data (including any noticeable trends in revenue, such as during peak or seasonal periods that may cause sales to fluctuate,) and any projected financial information. You could use your financial history and trends to discuss any financial projections that you foresee along with your ability to repay the loan based on previous sales. If however, you are just starting out, you may want to present any financial projections. Including a projected income statement (also referred to as a profit and loss statement,) a projected balance sheet and a projected statement of cash flows.
However, when applying through alternative lending solutions for women, it’s a much more simplified process, whereby capital financial services only requires that you provide some basic personal and business information, which you should also be prepared to discuss should you need to – such as your business’ sources of revenue.
Unlike obtaining equity financing, obtaining a business loan for women is considered debt financing, and will normally have a repayment start date in as little as 30 days. You must be able to confidently explain your ability to repay the loan based on your financials.
What Alternative Lenders Look for When Reviewing Loan Applications
Lending institutions will often review both your personal (consumer) credit history as well as your business credit score, referred to as your Paydex score.
When applying for a business loan for women, you should first look at your own business credit report so that you’re well aware of what’s being reported. The best way to go about this is to obtain a copy through Dun & Bradstreet if your business has been in existence for some time and you’ve established business credit with suppliers and vendors.
Alternative lenders also review key financial ratios to compare your business to other businesses that are operating in your industry. The key financial ratios used by most lending intuitions consist of the following:
1. Leverage Ratio
2. Loan to Value Ratio
3. Debt Service Coverage Ratio
Applying for Small Business Loans For Women Should Be Simple
Unlike traditional lending institutions, where you’re typically required to put up collateral, a down payment or act as the personal guarantor, that will never be an issue with GoKapital. When applying for a small business loan with GoKapital, you’ll find our process to be simple, without the complexities associated with traditional lending institutions. Contact us today.
The Best Loan Programs for Small Business Financing
Min. Credit Score: None – Annual Revenue Required: $150,000 – Time in Business: 4 months – Funds Received in: 1-3 Days.
Cash Flow – Purchasing inventory – Expansion or renovations – Equipment Upgrades – Marketing, advertising and more.
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