If you’re someone who’s thinking of starting your own business, and wondering about how to fund it, then you’re in luck to have stumbled upon this article! It’s a bit of a challenge for women to acquire loans for their business, so to relieve you of the hassle, I have vetted out the best ones for you to fund your business. We’re going to explore your options about certain startup business loans for women and which ones you should opt for. 

You can read up more on why it’s a smart idea to get a business loan to start your entrepreneurship journey.

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This article talks about different kinds of loans in detail, depending on the size of your business or your credit score, which will ultimately help you choose the one that fits the needs of your business.

So, let’s get started!

SBA Loans – Startup Business Loans for Women

SBA loans are probably the first and the best option you should consider to finance your business. These loans are backed by the  US Small Business Administration and are available from banks, online lenders, and other financial organisations.

Who is it best for?

SBA loans can be used for businesses of any purpose, as they don’t have any restrictions in this matter. One reason they’re the best is because of their low-interest rate and long term financing. Recently they came forward with a Covid-19 SBA fund to provide economic relief to businesses that suffered a temporary loss in their revenue, which is a great initiative. 

The Small Business Administration’s microloan programme provides small loans of up to $50,000 to startups and microbusinesses.

For enterprises that are already a few years old, the SBA 7(a) loan programme provides general-purpose working capital.

Eligibility

There are several loans offered by the SBA, so you can choose the one that supports your credit score. To be eligible for one of these loans, you’ll have to find an SBA lender and meet a set of criteria, which often includes a solid credit score and a reasonable yearly revenue and the business also needs to be situated in the US. 

Although it has some great terms, applying for an SBA loan for women is a lengthy procedure that involves a lot of documentation and takes a long time to get authorised.

Lendio – Startup Business Loans for Women

Lendio is a great online lending marketplace. With Lendio, you simply need to complete one brief application, and it will match you with loans and lenders that you qualify for. Then you simply choose your desired financing option, and Lendio will help you finish your application and be approved.

Who is it best for?

Even though you have to meet a certain set of requirements, Lendio has a huge amount of loans and lenders available, and you’ll surely find the best one for your business. 

It doesn’t matter how small or large your business is; Lendio has all varieties of loans for you to choose from. It will also list other lenders and loans available, which is amazing! And surprisingly, you can get funded in less than 24 hours, considering you meet the requirements and get approved.

Eligibility

Any business, small or large, is eligible to apply for a Lendio loan. The application hardly takes 15 minutes to fill out, and the request gets sent to more than 75 lenders simultaneously, which makes the process a whole lot faster.

BlueVine- Startup Business Loans for Women

If you’re looking for large funding with a flexible credit system, then BlueVine is the one for you. BlueVine can finance up to $5million in invoices. Its vast financing possibilities set it apart from the competition, as other internet lenders don’t even provide an amount of $1 million for a loan.

Who is it best for?

BlueVine has a super straightforward application process and might be the best startup business loans for women who are planning to start or expand their ventures. If you have a big project coming up, BlueVine might be the one for you. 

Eligibility

Small firms in the United States with fewer than 500 employees as of February 15, 2020, including these newly qualifying business kinds, can apply. 

Housing cooperatives with less than 300 working force

Some broadcast and news organizations

Destination marketing organizations

Which business loan should you opt for?

No matter how big or small your business is, or what your credit score is, it’s absolutely crucial to look in the right place and find a loan that fits your business needs. I have listed the 3 options for startup business loans for women above in the order of their legibility and what they offer. You should now do a self-evaluation and see which one fulfils your company’s requirements. Let me know how it goes for you!

 

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I am Wilhelm Laubach from Bulgaria. I have created this blog to share my views on finance. I am expert in the finance field and have experience of several years.