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Small business loans & grants for women are readily available. Did you know that the Small Business Administration says that women-owned businesses contribute 3.6 trillion dollars to the US economy per year? Women are vitally important to the economy employing some 27 million
people today. The good news is that there is plenty of room for continued growth and ways of making it happen through funding.
Where To Get The Money
Women and minority small business loans are available through several means. One of the first things that you should do when looking for these loans is to contact the Small Business Administration (SBA), a nonprofit organization aimed at helping others to get their businesses up and running. In fact, they offer several lending programs that may work for you.
Basic 7(a) Loan Guarantee: This is a program that can help those that would have trouble getting a loan to get one. You can use the loan for virtually anything that has to do with opening your small business. Here, the SBA works with commercial lending institutions by
helping to guarantee your loan.
504 Loan Program: If you need to acquire real estate or machinery to get your business up and running, this may be the right loan for you. The loan comes from a Certified Development Company.
Micro Loan: For short term loans up to $35,000, this is the place to go. These funds can not be used to pay debts that you already have or to buy real estate.
Prequalification From The SBA
In addition to these loan programs that the SBA guarantees, you can also have your loan needs and application analyzed. For loans up to $250,000, the SBA will analyze your loan and then help you to find lenders for it. They will look at all types of things ranging from your character to your experience and credit but not necessarily your assets. Small business funding for women is available through a number of programs and they can help you to find out where.
More Options In Small Business Funding For Women
Loans are not the only programs available to women and minorities through the government. In addition, there are surety bonds and grants that can be tapped into. You should also learn about equity capital. Should you borrow against your assets to start up your business? The SBA can help you to get International Trade Loans, help you with employee trusts, and military transition as well. In other words, small business loans and grants for women are available for just about any need you may have, if you qualify.
Finally, it is quite possible to walk into any lending facility and request a loan. You do not have to work through these federal programs to obtain your funds. Some lenders will provide special programs and rates for small business loans for women and minorities. Others work with the Small Business Administration, too.
Small Business Loans or Grants For Women
The Small Business Administration is a key place to go for additional information about small business loans and grants for women. Visit the SBA's My Biz for Women section for specific information on small business funding for women. You can learn how to get your small business started by raising capital for it and then learn how to make your business grow. They even put you in touch with a number of different people that can help you throughout the process. So--through grants and loans for small business and the resources provided--women can continue to grow the workforce and American economy.
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