Women-owned companies make up a large percentage of the market, and there are small business loans specifically designed for women. To increase the size of your woman-owned business or just make it to the next quarter, here are the best small business loans for women.
Kabbage
Kabbage has business loans to grow the appearance of women-owned businesses in every field. This lending company allows you to get small business loans of up to $100,000, depending on your credit score and the age of your business (the better the score, the lower your interest rates will be). Kabbage allows women-owned businesses to spend the money on more office space, covering costs associated with a new marketing campaign, investing in new technology, and teaching new skills to existing employees. You can discover if you qualify on Kabbage’s website.
Wells Fargo
Wells Fargo claims to be one of the top small business lenders in America, which makes it the perfect place for women-owned companies to get loans. Since it’s one of the largest banks, you have a huge variety of loans to choose from. Wells Fargo offers many features that other online lenders lack, like a business credit center, experts in lending advice, and assistance on how to use a loan to grow your business. This financial institution also has high lending rates due to its size, which allows you to borrow more, if necessary.
Small Business Administration
As always, the Small Business Administration (SBA) is one of the best places to go when you’re looking for a loan. While there aren’t any small business loans for women specifically, there are a number of great loans that women-owned businesses can use. General small business loans are offered based on the size of your company, or you can apply for a small, short-term microloan that can help grow your business.
OnDeck
OnDeck offers a small business loan for women who have been operating their company for at least a year. Additionally, businesses must have an annual revenue of $100,000 and have healthy business. OnDeck offers loans of varying amounts from $5,000 to $500,000 and has offered over $3 billion in loans total in the past to other small businesses. The website claims that the application is easy to complete, and you can have an answer in minutes. If approved, you could even receive the loan in as little as 24 hours from the approval date. The speed makes OnDeck one of the best solutions for a small business loan for women.
Accion
Accion is a non-profit organization that offers small business loans for women because the company recognizes that women-owned businesses are incredibly important to America. Loan amounts vary from $5,000 to $50,000, but other amounts are also available depending on your company's age and revenue. The application process takes about 15 minutes, according to the website, and the requirements are flexible. With Accion, you can find out whether you qualify quickly and be on your way to increasing the size of your business.
