Despite the media attention and the ongoing struggle of the women’s movement, there aren’t any business loans that are meant specifically for women entrepreneurs and business owners. Yet there is hope and one can search for how to find loans for women to find out what options are available.
Women form a healthy forty percent of the founders and owners of new businesses in the US. This however does not mean that the process of loan sanctions is easier or favorable to women. The opposite could be true, as figure reveal only one third of women applicants are successful in getting a loan.
Another factor that works against women is that they are concentrated more in sectors such as education, hospitality or retail. Investors usually do not show very keen interest in these industries. Since there are no special schemes, many women resort to unsecured loans or offer personal guarantees instead of collaterals.
There are however online platforms where women can apply for support, and some loan programs are intended for women. SBA loans are available for women with good interest rates. Alternative finance is also open for women, and offers quick funding for short durations. The selection criteria are flexible and better than conventional loans, with small processing time.
Women can also apply for lines of credit and microloans. These are ideal for cyclical industries, and offer great convenience. Money can be obtained whenever required without the need of high credit scores or other formalities and proofs. Micro-loans are another attractive option for home based ventures or solo women entrepreneurs.