Looking for Business Loans Tailored for Women? Check Out These Top Options!

Published March 26, 2023
By Digital Web Chef Staff

You can ask to borrow money to start or grow a business from a bank or other place that lends money. There aren't as many loans for women who own businesses, but there are some. Some places are better at giving loans to women who own businesses, even if they also give loans to men.

An SBA Loan may work well if you have good credit and something valuable to use as a promise. However, here are some other options if that is not the case.

Business Loans for Women: Alternative Lender
These private lending companies typically have more flexible credit score requirements, making them accessible to a wider range of borrowers. However, it's important to note that they often charge higher interest rates.

Lending Club Loans
LendingClub is a company that lends money to small businesses. They help businesses by giving them money to buy things they need, grow their business, or pay off other debts.

If you want to borrow money from LendingClub, your business must be at least one year old and make at least $50,000 yearly. You also need to have a fair or better credit score, meaning your credit score should be between 620 and 659.

LendingClub can lend you anywhere from $5,000 to $300,000. If you borrow money from them, they will also give you someone to help you figure out how to use the money wisely and how to pay it back.

Lendio Loans
Lendio  It's a service that helps small business owners quickly find a loan. People who need a loan fill out one form and get offers from different lenders. The smallest loan you can get is $500; the biggest is $5,000,000. Your business needs to be in the U.S. or Canada and have a business bank account. You also need to have a personal credit score of at least 560.

Kiva Loans
Kiva There's a special place that gives money to people who want to start a business. It's not like a regular bank. They don't charge extra money when you borrow from them, which is cool.

They don't even check your credit score. You need to ask at least five family members or friends to donate money to help your business and give at least $25 to help another business on their platform.

Grameen Loans
Grameen There is a place that helps women by giving them some money, which can be between $2,000 and $15,000. They also teach people about money and help them.

Explore Financing Options Tailored for Women in Business
Remember this: There are always options when it comes to business loans. Your credit score or lack of collateral doesn't have to limit you. There are innovative ways to finance your business.

Unlock Your Business Potential with a Line of Credit
A business line of credit is like a special kind of borrowing from a bank. It's like having a mix of a loan and a credit card for a business. You ask the bank for it, just like when you ask for a loan.

The bank might ask for something valuable as a guarantee that you will pay the money back, or they might not ask for anything. You can also have someone else promise to pay the money back if you can't, and that might help you get better terms.

Generate more income with Business Revenue Lending
Businesses with a steady annual revenue of $120,000 or more may be eligible for this funding. Lenders will assess revenue by reviewing bank statements. To qualify, the business must have been operating for at least a year, make over five small transactions each month, and have no recent bankruptcies. The minimum credit score required is 500.

Merchant Cash Advance
Merchant Cash Advance (MCA) financing option provides small business owners with a simple application process and fast funding. Here’s how it works:

Definition: An MCA is like getting some money in advance based on the money you will make later. It's not exactly a loan. You pay it back by giving a small bit of the money you make from credit card sales each day to the people who gave you the advance.

Approval and Process:  If a business owner accepts debit or credit cards for payments, they can usually get approved for a quick loan in a day or two with only a little bit of paperwork. This is different from regular loans.

Funding Details:
  • Funding Amounts: Typically range from $2,500 to $500,000+.
  • Effective Rates: Vary widely, from 30% to 350%+.
  • Repayment Terms: Usually 3 to 36 months.
  • Funding Time: Funds can be received within 1 to 3 days.

Discover the Power of Accounts Receivable Financing!
You can get money for your business by using the money that other people owe you. You can get most of the money right away and the rest when the other people pay you. It takes about two weeks to set up.

You can do this if the money people owe you is from the government or other businesses, but it's harder if it's from regular people.

Looking to fund your business startup using your retirement account? Consider a ROBS (Rollover for Business Startup) to finance your entrepreneurial dreams!
You can use the money from your retirement account to start a new business or grow an existing one. You don't need to show how much money you make or if you're good at paying back money. The only thing the person lending you the money will ask for is a copy of your two most recent retirement account statements.

If your retirement account has more than $35,000, you can get the money you need. This is true even if you're not good at paying back your borrowed money. You can get as much money as you can take out of your retirement account. Sometimes, you can get a loan for all the money in your retirement account at a low interest rate.

You can't use the retirement account from your current job—it has to be from a previous job. You also can't add more money to it while you're using it for this. It will cost 1% of the money you borrow, and you'll have five years to pay it back. You'll also have to pay a fee of $4,995 to the person lending you the money. This fee covers five years of help and advice for managing your money.

Business Equipment Financing
You can borrow money using equipment you already own or want to buy as a promise that you'll repay the money. You can borrow up to $10 million and take 5 to 60 months to pay it back.

You need a credit score of at least 550. The equipment you want to borrow money for has to be brand new, but most kinds of equipment, including computer programs, are okay.

You'll have to give information about the equipment for which you want to borrow money. Depending on how much money you want to borrow and how risky it is for the lender, you might also have to show your business and personal tax forms for the past two years.

Commercial Real Estate Financing
This is a loan that uses a building or land as a promise to pay back the money. You can borrow up to $10 million and pay it back in 6 to 60 months.

The cost of borrowing the money can be between 6% and 22%. You need to have a credit score of at least 500 to get this loan, so it might be a good choice if your credit isn't perfect.

SBA Enterprise Loans: Empower Your Business
You need to have something valuable to give as a promise that you will pay back the money you borrow, but your credit score can be as low as 620.

You also can't have gone broke in the last four years. Only businesses that aim to make money qualify, and they need to have been making more and more sales. You can borrow up to $12 million and have up to 25 years to pay it back.

The Secret of Building a Strong Business Credit Profile
Most places will check your personal credit score if you want to borrow money to start a business. But if you also have a good credit score for your business, you might be able to get a loan for your business even if your personal credit score isn't great. This can give you time to improve your personal credit score while still being able to borrow money for your business.

Business loans for women are attainable.
If you need money for your business, it's important to make sure your request looks really good to the people who might lend you the money. These tips can help you get the loan you need.

Digital Web Chef was established to help small business owners create websites that attract their ideal customers, reduce marketing-related stress, and allow them to spend more quality time with family and friends. Please do not hesitate to Contact us today if you are interested in our services. It would be our pleasure to work with you.