Did you know that only 25% of female entrepreneurs seek financing for their business? This percentage is considerably lower than the 34% of male entrepreneurs who seek funding for their ventures.
How come women are much less likely than men to ask for additional financing resources when it is vital for their business growth and optimization?
Well, one of the reasons might be a lack of information. Sometimes female business owners aren’t so informed about all the possibilities they have when it comes to getting funds. One option is to apply for a small business loan to ensure you get the funds needed to bring your business to the next level.
Fortunately, nowadays there are many financial institutions that focus on supporting female entrepreneurs through small business loans for women.
Let’s see some of the options of small business loans for women entrepreneurs.
Katarina Samardzija is a founder of Locker Lifestyle, a brand that created the Wrist Locker, Head Locker, and Little Locker. These products are designed to securely stash tiny valuables, such as ID, cash, keys, phone, and others. They are perfect for fitness activities, concerts, traveling or walks.
Katarina got the idea for these products when she went to her gym. Her locker didn’t lock, so gym cubbies were open and her things were stolen. Therefore, she decided to do something about it and, as a result, she created an amazing and useful product.
However, now Katarina’s business has grown, and it has become difficult to keep up with high demand. She wants to invest in the first large-scale manufacturing batch and increase her marketing budget to participate at local expos.
So, Katarina applied for an Amber Grant, which helps women achieve their dreams by offering $2,000 each month and an annual grant of $25,000, a sum of money you don’t need to pay back.
Now her business is thriving.
After working for many years for others, Samantha Davidson decided to take a leap of faith and open her own business. She opened a small language school where she teaches Spanish and English. Samantha didn’t regret doing so.
She has been working successfully for two years, but with an increased demand for her lessons and courses, Samantha needed to invest in more classrooms and teaching material.
After considering various options, she decided to apply for SBA loans. The Small Business Administration (SBA) is a government agency that provides one of the most popular kinds of business loans. They also encourage female entrepreneurship.
Samantha realized that with the SBA loan she could expect a lower interest rate and an extended payment period. Even though it was a lot of paperwork, it paid off because Samantha has more satisfied students now.
Leticia Michel founded JD&C, a company that offers tax preparation services. She opened her business so that she could spend more time with her children. Over time, Leticia has managed to build a successful tax preparation practice.
However, she noticed that she could offer better service during the first half of the year when people usually file their taxes. Given that her small team gets overloaded in that period, Leticia wanted to hire more people to provide the best service and serve more clients.
Unfortunately, she didn’t have financial resources for that endeavor, but she didn’t want to back away just because of it. Therefore, she applied for a small business loan with an alternative lender and got the necessary funds quickly, but more importantly, the whole process was a breeze.
Things are not like they were, now even more women are becoming small business owners, and you can help make a change for future women who decide to take this lifestyle.
As you can see, there are plenty of possibilities to find funding for your business. Just inform yourself thoroughly and remember:
“If you don’t go after what you want, you’ll never have it. If you don’t ask, the answer is always no. If you don’t step forward, you’re always in the same place.“
– Nora Roberts
Subscribe to our mailing list
Join Hundreds of readers who have access to exclusive downloads and content