Small Business Loans for Women

Leading a New Age

In today’s changing economy, women are making a name for themselves as entrepreneurs, thanks to small business loans for women. 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

According 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.

Why Business Loans are Important

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.

Looking for Advice

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:

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 small business loans for women is by showing them that you possess the drive to overcome adversity. Having that fighting spirit matters.