Suppose you are starting your business but low on budget for taking a startup. You will definitely apply for a loan and get the capital. But, this is not so easy as it may sound, apparently. Particularly if you are a woman, you may face a hard time getting the money you want for your business. However, don’t disappoint at this point, as we are here to help you find out many lenders that provide capital to women and help them start their own business.
Lendio
Lendio is considered the lending marketplace, and not only women like it but also all. You need to apply at Lendio, briefly explaining yourself and the business you want to start. Lendio then compares your profile to the loans and lender for which you can qualify. Among them, you choose your favorite financers. The rest is up to Lendio to complete your application process and get it approved.
Blue vine
BlueVine provides capital for helping needy people meet their needs through term loans, invoice financing, and credit lines. BlueVine financing options go up to to $5 million. However, on average, lenders cannot even lend up to $1 million. So, if you have a plan to run a big business setup, you must apply here.
It is specifically recommended for women business owners because they are relatively less qualified than male entrepreneurs, and BlueVine does not have a long list of requirements. So, this is a good option to lend for many businesses, either women-owned or not.
Nothing can surpass Kabbage in efficiency due to its automated application submission and approval process when it comes to convenience. You are required to submit a little information about you at Kabbage and connect it with your business account. Mostly, it provides you with results within minutes. However, it also provides you with three ways to access your funds, i.e., Paypal, direct into your bank account, and in Kabbage card.
Its automated process does not mean that you will get the loan based on any personal biases of some underwriter. Instead, you will qualify based on your business’s strength and capability. Moreover, it has many resources for women-owned businesses and has shown a proven commitment to businesswomen.
Accion is not like traditional lenders for business. Accion prefers the unique business story and wants to learn the uniqueness in your struggle for your business. It requires a long application form to be filled by the business owners. In case you don’t have any experience, it does not need you to have spent a particular time as a business owner or have a particular minimum amount as revenue. So, it is a great option for starting up your business. Accion is best for women to get business loans because it is intended to help disadvantaged groups.
OnDeck
Financing is not a one-time thing. Instead, you need funds now and then. So, you must look for some financiers from where you can get a loan whenever you need it. After repeatedly applying for loans, you can expect to have a better relationship with the lenders and get discounts and low-interest rates.