Empower Yourself with Business Loans for Women

The Growth and Challenges Women Business Owners Face

Women own 42% of businesses in the United States, according to the National Women’s Business Council. Women-owned businesses are increasing at a rate higher than businesses owned by men and generate $2.7 trillion in revenue annually.

Economic studies show that female entrepreneurs have made their mark on the nation’s economy. Although, despite their strides, women-owned businesses continue to struggle with gaining equal access to small business loans and federal funding. According to a U.S. Senate report on women entrepreneurs, women receive more loan denials than men and account for only 3.5% of federal lending contracts.

There are plenty of myths about women in business that cause lenders to second-guess financing female-run organizations. Even though female business owners are making vast contributions to the economy, they can’t seem to secure funding, to no fault of their own. Instead, they are compelled to turn elsewhere to secure funding for their business.

As a female business leader, you understand the importance of securing business loans for women. You may need extra cash for inventory, equipment, marketing, or cash flow emergencies. Loans for women entrepreneurs can help you access the capital your business needs to grow.

Types of Lenders Offering Business Loans for Women

Traditional Bank Loans

Traditional banks only approve around 15% of the loan applications they receive, and that number is even lower for women-owned businesses.

Traditional banks offer large loans, so if your business needs more than $500K for a large investment, a traditional bank loan is a good fit for your needs. However, this loan type often comes with a time-consuming application. The process can often take weeks or even months to secure funds for your business.

Small Business Administration Loans

The Small Business Administration (SBA) is a government entity that offers resources for female entrepreneurs who need a business loan. The SBA specifically targets underserved businesses who need capital, however due to its favorable terms and flexible requirements, an SBA loan is very popular, making it difficult to secure

Business Loans for Women from Alternative Lenders

Applying for financing from an alternative lender provides an experience that is unique from banks and the SBA. Here are some benefits of working with alternative lenders:

• Alternative lenders process applications quickly. Unlike banks and the SBA, these lenders can provide business loans for women within 24 hours of approval.
• Alternative lenders are easier to get approved for. Business owners whose loan applications have been rejected by banks and the SBA may have an easier time being approved for business loans for women from alternative sources.
• Alternative lenders encourage flexible use of funding. You can use this financing however you’d like. This puts the financing power into the hands of the person who knows your business best: you.

For small business owners who need quick access to working capital, these advantages make alternative lending an ideal option.

At QuickBridge, we strive to provide business loans for women at a personal level. We provide smarter funding designed to match the unique needs, opportunities, and rhythms of your business. This is a solution that gives you the right amount at the right term, so you can achieve your immediate goal and move onto the next one.