Access to small business loans for women is a huge challenge! Women have experienced difficulties in their efforts to develop their ideas and establish small businesses of their own. Although women possess many unique ideas and concepts, their inability to obtain funding leads them to failure. According to the statistics, American women on average are running 1,821 businesses a day, and Merchant Advisors provides financial support to female entrepreneurs when other funding companies may not be readily available. Merchant Advisors will evaluate your financial situation, offer you affordable choices to make your dreams a reality. These financing options enable women to pursue their dreams of owning and operating a small business without the hassle of high-interest loans or other cash advance options. By evaluating all applicants, regardless of their credit histories, females will obtain financial security at affordable rates. With our wide range of funding programs, we're able to customize a plan that gets you the funding you need, when you need it, and at affordable rates. We can free up your working capital by factoring outstanding invoices, by purchasing some of your future credit card receipts at a discount, or by creating a customized business loan or business line of credit solution. You also don't need a perfect credit score or collateral to get your loan approved.
$50,000 - $150,000
In 5 business days
Weekly and monthly
Types of Business Loans for Women
Despite the growing number of women in the small business industry struggle and hardships persist. Fortunately, alternative options are available here we have outlined multiple options you can benefit from:
Apply for invoice financing and get rid of inconsistent cash flow. Get immediate access to funds in exchange for unpaid or outstanding invoices – mostly, 80% of the total amount. The lender gives back the remaining amount after the payments are clear. Invoice financing helps bridge the cash flow and ensure business growth.
• Fast approval process and quick funding.
• Easily accessible to startup businesses run by women.
• Consistent follow-ups with customers.
• High rates, if financing exceeds 30 days.
No business can run without the necessary equipment, apply for equipment financing to buy the required apparatus. Merchant Advisors provides equipment financing for a broad range of items varying from a hot plate to an espresso machine. Get equipment financed for a clothing store or a restaurant. The equipment itself will act as collateral, easy for customers who don’t want to risk their personalized items.
• Fast access to funds
• Flexible payment terms
• High credit score
• Clean financial history
• A certain time in business
A line of Credit can provide enough funds to meet temporary financial needs. Revolving line of credit works in a simple manner; the interest applies to the outstanding balance. After borrower makes the repayment, account recharges. With its flexible terms, the borrower, access as much money as required, and whenever it is required – of course, keeping the limit in mind.
• Flexible and customized payment terms
• Suitable for temporary needs
• Long approval process
• Secured or collateralized
The flexible payment can help cover financial needs. So, if you want to cover the cost of massive purchases, then this is the smartest funding option for your business. Remodeling expenses, the addition of equipment can be covered via term loans. Don’t disrupt the flowing cash flow and open another franchise at other location. A term loan usually lasts for 1-10 years, but there are loans can that last up to 25 years.
• Long payment terms
• Lenders have less control over your assets.
• Failure to make repayment on time leads to bankruptcy
• Interest rates may vary.
A personal loan comes with the laid back approval process and has a lending range of $40,000. The eligibility criteria are based solely on the financial credibility of the users. Although this loan is easy to acquire but make sure it is your last resort. With personal loans, personal assets are on the line.
• Easily accessible for startup business owners.
• Higher interest rates
• Get in touch with our financial advisor; Merchant advisors will help you access the best funding options keeping your business needs and financial credibility in mind.
Business Grants for Businesses owned by Women
Business loans might not be a suitable option for owners who find it hard to make repayments on time. Grants are the alternative option; the amount of cash would be lower, but there is not any fear of bankruptcy. Browse the penned options and apply for the grants you see fit:
In a nutshell: If you are a NASE member and in need of money, apply for a NASE growth grants and get cash up to $4,000.
NASE offers multiple grants and scholarship to at least 50,000 members. Since their inauguration, they have donated $1 million to business owners. Mention your need, have a solid rationale behind it and apply for the grant.
In a nutshell: Eileen Fisher Women-Owned Business is a grant for small business owners who are striving to make a social and environmental impact.
Apply for the grant and be in one of the ten recipients of this grant. If you think you are making a social and environmental positive impact in the society and have been running the business for at least three years, then you can take benefit from this grant.
In a nutshell: Have a dream of running a business? Pay an application fee of 15 dollars and get a grant of $2,000.
Amber grants work in a simple manner; the authorities choose the winner on a monthly basis and pay $2,000. As compared to the business loans the amount is low but it is enough to kickstart a business. An additional $25,000 is awarded to the monthly winners. Make sure you tell a compelling story and secure the grant.
In a nutshell: You will get $1,000 as a grant; all you need to do is to fill an application and have a running business.
The record shows women as the majority winner over the years. This grant has proven to be helpful for new entrepreneurs and the owners with a business idea underway.
In a nutshell: A $15,000 worth of a grant for female entrepreneurs.
Fill out their simple application and have two opportunities once a year to get the grant. If your business revolves around design, art, and fashion domain, this loan can provide a helping hand. Fill out their application; judges assess your application on future business plans, creativity, and innovation measures. Once the panel selects you, you will get the money and an opportunity to cover multiple digital channels.
In a nutshell: A $2,000 worth of a grant is awarded to women entrepreneurs.
Women are not offered equal financial opportunities as men. For the betterment of the industry and to eradicate the injustice Open Meadows Foundation does its part by offering $2,000 to business with less than $75,000 in its financial reserve.
In a nutshell: A $7,500 worth of a grant for businesswomen working in the business industry.
Halstead Grant is a great opportunity for women working in the jewelry industry. The winner of this prestigious grant gets $7,500, and an assembled panel of judges assesses their business plans and future aspirations. If you fail to qualify for the grant, the feedback from the judges will help in the betterment of your business.
In a nutshell: MMultiple opportunities for women entrepreneurs from various industries are present at GrantsforWomen.org.
This platform contains plenty of grants for women, find the one that matches your business. Apart from grants, scholarships are also available.
In a nutshell: You can get a grant ranging from $7,500 - $25,500, along with free printing services.
FedEx Small Business Grant isn’t a ‘woman only’ grant, but women are encouraged to apply. They select ten winners on a yearly basis. The person with the most effective business plan gets $25,000, and the rest will get a grant of $7,500.
Design a stellar business plan, improve your financial standings and apply for one of the above grants. You won’t be able to access a lot of money through grants if your business requires more money, then apply for a small business loan.
Prepare and Qualify for a Small Business Loan
The journey to success is harsh; it requires more hardships when you are a minority, a woman, and running a small business. As far as funding is concerned, it is still a man’s world, the options for women are limited. The lending process can be meticulous, consider the following postulates to speed up the funding process:
To launch a new venture, most entrepreneurs would prefer tapping into their savings. This strategy will not work for long-term financial needs. Instead of emptying all of your pockets, you should look for useful ways that can help you build a credit profile. Look for retail business companies that are willing to offer cash on decent credit score. The first step is to start filtering down the lenders that would help out your business.
Most small business owners decide to go with the banks, they are already in connection with, but banks and credit unions refrain from entertaining small businesses unless you run a successful business and generate $1 million as yearly revenue, and most importantly have a credit score of 680.
So, save yourself from facing rejection after waiting for several weeks and apply for a business loan for women from an alternative lender. At Merchant Advisors, business plan, personal and credit score, and dedications towards business hold the same importance as credit score and clean financial record.
For women who have recently joined the entrepreneur-world, this is the best way to improve your credit and to secure a business loan in the future. Most of the vendors offer credit accounts for business owners for transactions. Sure, this makes the whole process a bit easier and allows establishing a credit profile. But, if the vendor isn’t reporting the borrower’s history to the credit bureaus, the job is half done. Building a credit profile with credit bureaus holds significant importance. Pick your vendors wisely.
Benefits of Small Business Loans for Women Entrepreneurs
- Get approved in 48 hours!
- Simple application with 90% loan approval rate.
- Poor credit, not a problem!
- No obligation application. No application costs. No closing costs.
- Quick funding.
- Receive funds in 5 days with little paperwork.
Why choose Merchant Advisors?
Merchant Advisors is a positive step towards financial security and small business success, as this lending company recognizes the significance and aptitude of women and their role in today’s economy. We need to represent female entrepreneurs and their financial needs in a positive light, and this encourages even more women to work for their small business goals. Since these loans are affordable, women can pursue excellence without the weight of high-interest payments, penalties for early repayment, and excessive fees. Women have a strong advantage with Merchant Advisors, offering them a top choice for a good value.