USA women owe 9.4 million of firms, supply 7.9 million jobs, and produce $1.5 trillion in sales. Just ponder this information! It’s a powerful purpose to launch your own business, isn’t it? Thousands of American women managed to do it and you will!
You know, I’ve used to think about launching a small business as an unreachable dream.
I thought women are out of the business society and they will definitely face unbearable difficulties. In the reality, though, things become easier with small business loans for minority women!
Yes, ladies, today I decided to consider small business loans for women, who are dreaming of launching their own business!
No matter what are your plans for future – even if you don’t plan to start a business, you must familiarize with this information. But if you are going to become a part of “businessmom” society, this post is a must-read one!
Why Things Became Different?
There are different types of women – confident or hesitant, risky or cautious, resourceful or “in a search of the brilliant idea” BUT loans for women-owned business will fit everyone!
Believe me, I am the woman, who dealt with small business loans, and I know all benefits and drawbacks of this issue.
The good news about loans for women in business is that getting them became much easier and there are certain reasons for it.
There are no restrictions on the potential borrowers as well as no prejudices about women’s creditworthiness. That’s why banks are really condescending about it.
Though based on my experience, women are even more responsible when it comes to the substantial financial expenses.
Women are gradually taking leadership positions in today’s business American world.
American women occupy more than half of the labour force in the financial services industry. Not that I am a feminist but I am kinda satisfied with the growing statistic.
And the final touch – women show positive results when it comes to debt repayment. It makes banks to reconsider our chances of getting small business loans.
Read also my article about refinancing student loan.
To sum up today’s situation with small business loans, I must confess that it’s improving. So, ladies, no excuses, for now, deal?
5 Winning Steps to Reach Approval
1. Register a Separate Bank Account
The biggest mistake I made about loans was joining two bank accounts – business and private. When you are about to start your business officially, you must register a unique business name, a tax identification number, and a business bank account established from day one.
2. Register Your Business as Women-Owed
Apply to Small Business Administration and register your business as a women-owned one. It will simply help you to get additional benefits (not that substantial, actually, but all the same).
3. Settle Regular Reports
When you will apply for a small business loan for women, you will be required to provide information about expenses, revenue and losses, taxable income and paid taxes, and other information that I didn’t have to cope with.
By setting regular reports, you will avoid jigsaws before applying for a loan itself.
4. Look for Targeted Programs
You should definitely look for the small business loan programs for women entrepreneurs. Lots of online financial institutions offer such programs. My neighbor Alisha benefited from the certain program and she said that launching a business with the help of such programs is a pleasure! I agree.
5. Create an Impressive Credit
Yes, it’s not really easy to create a good credit and in most posts, people just don’t pay attention to this step. They just say “create a good credit” but omit the real working schema. Honestly, I will omit too. But just for now. I think I will consider this issue in the further posts (at least I hope). Still, trying to maintain or reach a good credit is important as it will facilitate the process of receiving a small business loan.
So, what is the main thing to know about small business loans? The main thing is that receiving an approval is possible. There are small business loans for black women, for single women, for women with average credit.
You must only make the first step toward your dream. If you want to launch your own business, start doing at least something. No matter what. Just start. I encourage all Moms to be resourceful and risky and to believe in yourself as well as Irene Kot believes in you!
See you, ladies.