Fundera business loans
Get connected with short-term funding, SBA loans, lines of credit and more.
| Features |
|
|---|
Self-employed women are much less confident in their ability to qualify for a business loan than their male counterparts, according to Finder’s most recent Consumer Confidence Index. Close to a third (29%) of women considering getting a small business loan said they weren’t confident at all in their ability to meet eligibility requirements for those loans, while just 13% of men feel the same. And the women aren’t wrong to be skeptical.Graphic source
Even though women-owned small businesses make up 49% of all businesses, in 2022, 25% of their loan applications were denied, compared to 19% of the applications by male-owned businesses. And with women-owned business startups nearly doubling since the start of the Covid pandemic, it’s vital for women to know how to get the funding they need to bolster their businesses.
One of the reasons women don’t get the funding they need is because they’re less likely to ask for it. Some lenders report that just 25% of women business owners apply for financing, while 33% of men do. And while you should do everything you can to be sure your business meets the eligibility requirements for a loan, you shouldn’t let your lack of confidence in your qualifications keep you from applying.
Pay special attention to loan programs that don’t require a hard credit check, where applying won’t affect your credit score.
In your search for financing, you may find thousands of business loans available. But some lenders are more apt to consider funding a woman-led business than others.
What could be better than funding that you don’t have to pay back? Grant applications are known to be long and high maintenance, but grant programs are also highly specialized. Many grants are targeted toward helping women entrepreneurs keep their businesses running and expanding. A quick search on select sites, such as GrantsForWomen.org, can help you find hundreds of options, including the following:
Most states have some kind of small business resource center that can help you find the funding you need. For example, California’s Office of Small Business Advocate and the Texas SBA. The US Chamber of Commerce also has over 100 local offices nationwide to help you find the local business resources you need.
Regardless of where your business is located or the type of business you run, there is funding to help. Taking advantage of those resources and opportunities may be the only way to ensure the growth and success of your business into the future.
Heather Petty is a personal finance writer at Finder, specializing in home and personal loans. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing and analysis has been featured on MSN, Credit.com and MediaFeed, among other top media. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She earned a BA in English with a minor in journalism from the University of Nevada, Reno.
This article originally appeared on Finder.com and was syndicated by MediaFeed.org.