Small Business Loan For Women
Most small business start ups are financed on credit cards, savings and other of the owners’ assets. But for women, who are less likely than their male counterparts to have access to those resources, a small business loan for women may be the best option.
Based on figures from the US government’s Small Business Administration, it would seem there are plenty of business loans for women; the number of women-owned small businesses increased by almost 20 percent between 1997 and 2002.
Some other findings from a Department of Labor study released in January, 2008:
- Women own 26 percent of all non-farm businesses in the United States, equally 5.4 million businesses.
- Women employ 7.1 million workers.
- Women earn $818.7 billion in sales and receipts annually.
Impressive as those numbers are, in 2006 the SBA released the findings from study of women-owned businesses covering the years 1997.
- Women-owned firms increased their number of employees by 70,000.
- Men-owned firms decreased their number of employees by 1 million.
- Firms jointly owned by men and women decreased their number of employees by 2.6 million.
And, as those figures would indicate, firms owned by women are just as likely as those owned by men to be successful.
How hard is it to find small business loans for women?
Women who were able to obtain loans for their small businesses report that on average they had to make four attempts to secure funding. But, women who own businesses are feeling much better about their relationships with their lenders than they used to. In 1992, only 35 percent said they were satisfied with their lenders; today, 82 percent say that relationship is satisfactory. They also say that they make decisions about financial services bases on their relationships with their lenders.
Where can you find small business loans for women?
American Unsecured offers business loans for women. They can also provide same day response. Suggested uses include cash flow, equipment, building improvements, payroll or marketing.
Learn More About Small Business Loans For Women.
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