Women-owned businesses account for nearly 40% of all US enterprises and employ almost 13 million workers, according to the Wells Fargo The Impact of Women-Owned Businesses 2025 report. While men still own a larger share, women are continuing to make an even bigger impact and contributed over $3.3 trillion in annual revenue, a dramatic gain of more than 53% over revenues from 2019 to 2024.
Thus, women make up a sizable percentage of owners seeking business financing. And while women-owned businesses have the same lending opportunities as men, some financing programs are geared more toward this still-underrepresented segment of the small business population.
To help, we’ve gathered some of the best opportunities for small business loans for women to help you compare.
Our lending experts analyze dozens of business loan providers to narrow down the best options for women-owned businesses. We weigh lenders against these key metrics:
Application process
Rates
Credit score minimums
Customer service reviews
Eligibility requirements
Extra features or services
Fees
Funding turnaround times
Lender reputation
Minimum and maximum loan amounts
Products offered
Mentoring or educational opportunities
We also search for lenders that cater to a range of needs, including those that work with bad credit and newer business owners.
How to compare small business loans for women
Whether you’re a woman business owner or not, there are some key factors you’ll want to consider when comparing loan options.
Rates. You’ll find a wide range of interest rates, depending on the lender and loan type. Once you know which type of loan you need, compare multiple lenders to find the best deal.
Fees. Some lenders also charge fees on top of finance charges, so make sure you’re aware of any additional fees, which add to the cost of the loan, before you sign up.
Loan terms. Consider how long you’ll need to repay the loan and how much you can afford in repayments. Monthly payments are smaller on longer-term loans, but you could ultimately pay more in interest.
Turnaround times. You can often get the most competitive rates with SBA loans, but the process can be lengthy. If you’re looking for fast funding, an online lender might be the way to go.
Reputation of the lender. Review sites like the Better Business Bureau (BBB) and Trustpilot can give you an idea of customers’ experiences with different business lenders.
7 best types of small business financing for women
Finding the right loan is key to getting funding that fits your business’s needs. These types of business loans work with a variety of small women-owned businesses, although very few have specific programs for women entrepreneurs.
SBA loans
The Small Business Administration (SBA) offers a variety of loans and loan programs. While they are typically available through traditional banks and credit unions, many online lenders also offer SBA loans.
The most common SBA loan programs are 7(a) loans, Express Loans, 504 loans and microloans. But to qualify, you need strong personal credit and to meet other SBA requirements. In most cases, expect a long application process that can take weeks or months.
Expert insight
"SBA (lenders) can be a strong partner for women business owners who might not qualify for traditional bank lending, want longer repayment terms or need flexibility on collateral. Working with an SBA (lender) can also mean working with experienced local lenders, not directly with federal agencies, which simplifies the borrowing process."
Kristin Thompson Henry
Community Impact Officer for Empower Federal Credit Union
If you’re interested in an SBA loan, check our list of SBA resources to make funding your business easier. The SBA also has a list of resources regarding training and funding opportunities specifically for women.
Microloans
Microloans are small-dollar loans with some of the lowest rates available to small business owners. Most microlenders are community development financial institutions (CDFIs) or other nonprofits. Some, like Grameen America, have programs tailored to women-owned businesses and are willing to work with people with bad credit or no credit at all.
As the name implies, microloans are usually under $50,000. Good for covering small initial costs, like purchasing inventory or office equipment. To get the most out of your microlender, look for one that offers mentorship programs to women business owners.
Online loans
Online lenders offer a broad range of options, including term loans, lines of credit and equipment loans. They can be a quick and easy way to get financing for any business owner.
And while algorithms aren’t free of bias, a Federal Reserve study suggests that online lenders are reaching more groups, like minorities and women, who tend to be underserved by traditional lenders. The study also found that these groups are also more likely to apply with online lenders.
As with most options, there aren’t specific loans for women. Provided your business qualifies, you may be eligible for funding.
Short-term loans
Short-term business loans include merchant cash advances, invoice factoring or financing and small-term loans. These are designed for businesses that need to cover gaps in cash flow and usually use credit card payments or invoices as collateral.
There are rarely short-term loans intended specifically for women business owners. Provided you meet the minimum requirements set by a lender, you could receive quick financing for your business. Just be aware of the high cost of short-term lending and repayment terms.
Startup loans
For women with newer businesses, startup financing can mean the difference between getting off the ground and closing down. But many so-called “startup loans” may require at least six months in business and an annual revenue of $50,000 or more. If you don’t meet those requirements, you might want to consider microloans or some of the alternatives we review.
Inventory financing
Businesses that deal in large amounts of inventory — especially e-commerce businesses — can receive special financing to buy inventory from wholesalers and manufacturers. This can help you meet demand without dipping into your cash flow. And interest rates tend to be competitive since the lender will typically use the inventory as collateral for the loan.
Equipment loans
When you need a specific piece of equipment, lenders often have financing secured by the equipment you’re purchasing. Equipment loans have one of the highest approval rates compared to other types of business loans, since the collateral is built into the financing.
Where to find additional funding
Established women-owned businesses have options beyond microloans and online lenders:
Banks and credit unions offer competitive rates and relationship-building opportunities. Strong credit and financials required.
CDFIs (Community Development Financial Institutions) are nonprofit lenders serving underserved groups with lower requirements and local connections to grants and programs for women business owners.
Angel investors and venture capital provide funding in exchange for equity. Good for high-potential businesses, but means sharing decision-making power.
Crowdfunding leverages social networks to raise money without interest or equity loss. Success depends on strong marketing skills and is not guaranteed but has zero strings attached.
How to qualify for a small business loan
While requirements vary widely between lenders, most require your business to meet these three criteria at a minimum:
Good to excellent personal credit score of 670 or higher
At least six months to a year in business
At least $100,000 in annual revenue
If you don’t meet these requirements, you still have options. You might want to look into microlenders, CDFIs and online lenders. Your company doesn’t need to be majority-owned by a woman to apply for a business loan designed with women entrepreneurs in mind.
How to apply
Just like any business loan, you will need to follow a few basic steps to apply:
Determine the type of financing you need.
Compare lenders and prequalify, if possible.
Gather supporting documents.
Submit an application and wait for a decision.
The exact process depends on the type of loan and the lender. While these generalized steps are common for most loans, you’ll need to contact your lender to ensure you have the information it needs to keep the application process quick.
Typical required documents
Different lenders require different documentation, but you’ll typically need basic information to apply across the board. Here’s a breakdown of what you might be asked to submit when applying:
Business information
Business tax returns
Business bank statements
Lease agreements if you operate out of a storefront
Proof of business ownership
Business asset transactions
State filings
Business plan
Personal information
Personal tax returns
Social Security number
Contact information and mailing address
Proof of residency
Personal credit score
Grants and resources for women business owners
Key organizations and programs for women entrepreneurs:
Some require membership and annual dues but offer training, merchant discounts, SBA loan help, incubator funding and Woman-Owned Small Business certification.
Industry-specific organizations also exist (NAWIC for construction, NAWRB for real estate). Check minority-owned business funding options for additional grant opportunities and specialized programs.
Become certified as a woman-owned small business (WOSB)
Certifying your business as majority-owned by women is an important step to securing federal contracts. To get certified as a WOSB or an Economically Disadvantaged Women-Owned Small Business (EDWOSB), determine if your business is eligible. Your business must have one or more women who claim at least 51% ownership.
The SBA has a number of FAQs, forms and support documents to help you complete the process.
As of October 2020, self-certification is no longer available. If you previously self-certified, you must recertify through an approved third-party certifier once your federal contracts are finished.
History of business financing for women
Women couldn’t apply for a business loan on their own until relatively recently. It wasn’t until 1988, with the passage of the Women’s Business Ownership Act, that women entrepreneurs gained legally protected access to business resources, financing and contracts.
The federal law eliminated state laws that required women to have a male relative or husband cosign business loans, established the Women’s Business Center to offer entrepreneurial support to women and required the US census to include women-owned corporations when collecting data.
As of 2024, Women-owned businesses constitute nearly 40% of all US enterprises.
Equipment loans are often one of the easiest types of financing to qualify for because the asset you buy acts as collateral for the loan. This makes it a less risky proposition for lenders. Merchant cash advances can also be easy to get, but they're typically one of the most expensive forms of funding.
The Women Founders Grant offers $5,000 grants to women founders and business owners on a rolling basis. It's also a community for women entrepreneurs and includes links to a slew of other grant opportunities.
The sky's the limit! But it should be something you're knowledgeable and passionate about. Are you a social media whiz? Start a social media management company. Is fitness a passion? Open up a gym. Love a good party? Then event planning might be your calling.
Lacey Stark is a freelance personal finance writer for Finder, specializing
in banking, loans, investing, estate planning, and more. She has 20
years of experience writing and editing for magazines, newspapers, and
online publications. A word nerd from childhood, Lacey officially got her
start reporting on live sporting events and moved on to cover topics
such as construction, technology, and travel before finding her niche in
personal finance. Originally from New England, she received her
bachelor’s degree from the University of Denver and completed a
postgraduate journalism program at Metropolitan State University also
in Denver. She currently lives in Chicagoland with her dog Chunk and
likes to read and play golf.
See full bio
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