Women usually agree on one aspect of entrepreneurship: There are just as many reasons to start a business as ways to acquire funding.
As of 2018, the Women’s Business Enterprise National Council (WBENC) reported there were 12.3 million women-owned businesses compared to 402,000 in 1972. To put the growth rate into perspective, on any given day 1,821 women launch new businesses. That success doesn’t come without obstacles.
As women all around the globe propel their businesses forward, they struggle to finance them. In plain and simple English, they need help. Thankfully, there are some financial institutions that exist for the sole purpose of providing small business loans for women to help support their endeavors. It’s possible you’re one of those women with limited access to funding. More than likely, you identify with the following female entrepreneurs that grapple with what to do next so their businesses thrive.
Barbara: Creative by Nature
Creativity has always been Barbara’s strong suit. Currently, she uses a vehicle and patents as collateral required for a line of credit. Because she invents products for mothers, she needs capital to create prototypes for new ventures.
Barbara just heard about InnovateHERChallenge which offers annual grants. Her goal is to receive money to pay for research and development. She also needs funds for patent costs and legal fees. Furthermore, she knows it’s important to push ahead to brand and market her ideas. Doing so means there’s a greater chance for investors to take an interest in her ongoing work.
By securing additional funds, Barbara can close the line of credit so she no longer needs to offer collateral as security.
Edith: Brand Spanking New Women’s Business Owner
Having just graduated from college with a degree in accounting, Edith incurred start-up costs for her tax preparation service.
Currently, she operates the business from her home, but her goal is to rent space in a high traffic area. To make that happen, Edith is interested in a personal loan because she’s only been in business a short while. She’s also aware that she can apply for funds from the Amber Grant that exclusively helps women entrepreneurs.
Aileen: Small Budget but a Big Heart
Social injustice has been high on Aileen’s list of priorities. For now, she’s content working as a social worker for the city. Aileen’s business, “Women for Justice”, will address concerns like female human trafficking, child labor, and maternal health. She wants to work directly with lawmakers so girls and women are treated fairly. An Open Meadows Foundation grant and a small online loan would be stepping stones to make her business dreams a reality.
Business Loans and Programs for You
Barbara, Edith, and Aileen all have different stories to tell when overcoming financial obstacles. If you are a woman and a business owner, check out all the financing options you have in Top 20 Small Business Loans for Women, this article by Camino Financial describes how your business could benefit from these types of funding. At a glance, you’ll be able to weigh the pros and cons of each loan type to determine those most suitable for your business.
Just so you know. In WBENC’s report, it was pointed out that women employ 9.2 million people and generate $1.8 trillion in revenue. Of the referenced women entrepreneurs, roughly 62% of them depend on business proceeds as their primary source of income.
As your business grows, some people won’t take you seriously, but these financial lenders will.
They will help you face financial barriers that threaten to stop you in your tracks. You and other successful women entrepreneurs can take advantage of these viable financing options to secure their future.