Business Loan Approval Tips for Women Entrepreneurs
Over the past ten years, the number of women becoming entrepreneurs and owing their own business has skyrocketed. The best part is that these businesses are just as successful as those owned by their male counterparts.
We have a different business sense than men, and it's our non-traditional style of business which makes us so successful. The problems with a woman owned business lies in the fact it is much more difficult for them to find the funding to start. If you look hard enough, you'll find there are numerous funding opportunities out there for women business owners.
Most of them are created especially for women. They focus on your character, credit, experience and reliability rather than assets and can be for as much as $250,000 or more.
Here are some places where you as a woman can find the funding to get your start-up off the ground:
Organizations like the Women's Business Center is a great place to find training and counselling services about all of these financial questions. They were put together with the purpose of helping women start and run businesses despite social or financial disadvantages or business experience.
The U.S. Small Business Administration considers its Loan Guaranty Program as one of its primary lending sources. This program is available through banks which provide loans approved and guaranteed by the SBA. If you are a small business owner and you are unable to secure financing for whatever reason, this program may be your best and easiest bet.
Another option you can choose is an SBAExpress loan. This loan is designed for businesses looking for $350,000 or less. Many business owners really like this option since is makes it easier and faster for lenders to provide the loans. The SBA even chips in by providing a loan guarantee to the lender within 36 hours of the initial request.
The qualifying standards for an SBA-backed loan are often time more flexible than a regular business loan. However, expect a lender to ask much more specific information about the business before deciding on an SBA loan program. It is a good idea to arm yourself with information such as a business profile describing the business and its annual sales as well as a description of all collateral you are willing to use in order to secure the loan.
There is a non-profit association called SCORE that specializes in small business advice to entrepreneurs and the best part is it's free. They claim to have 10,500 counsellors enlisted working as volunteers with business skills in over six hundred categories. Their website is loaded with helpful information and business tools such as instructions on assembling a loan package or writing a business plan It is recommend that get it contact with your local, county and state development departments as well. These institutions often times offer funding to businesses in certain areas. You may want to ask your local banks what they are willing. Those smaller community banks in your area are usually more willing to help a new small business than a larger bank will
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