Business loans for women-owned businesse, fast.

There are loan programs designed for historically underserved communities including women and minorities. Community Advantage Small Business Lending Companies offer SBA 7(a) loans to underserved communities. Non-profit lenders also offer SBA microloans of up to $50,000. U.S. Bank offers a Business Diversity Lending Program that offers revised credit standards to businesses owned by minorities, women, or veterans. Other regional banks also have Diversity lending programs with relaxed credit criteria for smaller loan amounts.

Some of the advantages of getting a loan for your business through an online marketplace include:

• A streamlined application process – It’s possible to apply for a business loan online and upload your supporting documents in just a few minutes.
• More options to meet your unique needs – A marketplace is able to provide a host of options to meet the needs of a wide spread of credit profiles.
• Faster funding – Some online business loans can be funded in as little as 24 hours.

The Small Business Administration doesn’t loan money directly to small businesses unless they’re eligible for disaster recovery, but it does help small businesses access funding by setting loan guidelines for small businesses and reducing lender risk. As a result, they can be one of the safest, easiest ways to access loans for women-owned small businesses.

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What makes SBA loans so beneficial? They offer enviably lower rates, lower down-payment requirements, and larger borrowing allowances than private-sector lenders often offer, especially to newer or smaller businesses. And these benefits can help you to grow your credit and connect you, in the longer term, with other funding opportunities.

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There’s an SBA loan option to cover just about every aspect of your woman-owned small business. Some of the most common SBA loans include the 7(a), 504, and SBA Express—but there are numerous others that may suit a particular need or aspect of your business.

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SBA 7(a) loan

The SBA 7(a) standard is one of the most flexible SBA loans. You can use it to:

• Buy land
• Cover construction costs
• Buy or expand an existing business
• Refinance your existing debt
• Buy machinery, furniture, supplies, or materials

SBA 504/CDC loan

SBA 504 loans can be a bit more complicated than 7(a)s,. Because you must use a 504 to fund a specific fixed asset, a thorough examination of your project costs will be required. When your loan is funded, the lender will initially cover 50% of your costs, and the SBA will cover 40%—this means that you’re responsible for covering at least 10% right off the bat. You’ll also be required to personally guarantee at least 20% of the loan.

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You must use an SBA 504 loan to finance fixed assets, although some soft costs can also be included. Examples of qualifying projects include:

• Buying an existing building
• Building a new facility or renovating an existing facility
• Buying land or making land improvements, such as grading, landscaping, and adding parking lots
• Buying long-term machinery
• Refinancing debt incurred through the expansion of your business or the renovation of your facilities or equipment

SBA export loans

Is your woman-owned small business considering exporting goods to other countries? This is often seen by U.S. lenders as a particularly risky option, and it can be harder to access funding as a result.

Check out the SBA’s export finance offerings, which include export loans, export express loans, and export working capital loans.

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SBA microloans

If you need a smaller amount of funding quickly to jumpstart your woman-owned small business, the SBA offers microloans—up to $50,000—for this exact purpose.

According to the SBA, microloans can be used for a wide range of purposes in order to rebuild, reopen, repair, enhance, or otherwise improve your small business, including:

• Working capital
• Inventory
• Supplies
• Furniture
• Fixtures
• Machinery
• Equipment

An SBA microloan, however, cannot be used to purchase real estate or pay down debts.

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SBA disaster loans

Hopefully, you’ll never need disaster loan assistance for your small business. However, if the COVID-19 pandemic has taught us anything, it’s that we never know what lies ahead.

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Types of SBA disaster loans include:

• Physical damage loans to cover repairs and replacement of damaged physical assets
• Mitigation assistance to cover small business operating expenses
• Economic Injury Disaster Loans (EIDL) to provide economic relief to small businesses and nonprofit organizations that have suffered damage to their home or personal property
• Military reservist loans to help eligible small businesses with operating expenses to make up for employees on active duty leave

Whichever type of SBA loan fits best for your small business, make sure to consider your options today—and get help from Lendio.

Grants can be tough to get due to high competition, but don’t underestimate the abundance of options specifically designed for women entrepreneurs. Federal and state government agencies offer some grants; nonprofits and private business organizations offer others.

When it comes to finding grants to help fund your business, the best thing you can do is keep a broad horizon. Here are some of the grant options we’ve found for women entrepreneurs:

• National Association for the Self-Employed (NASE) Micro-Business Grants
• Small Businesses Association’s Office of Women’s Business Ownership
• Eileen Fisher Women-Owned Business Grant Program
• Cartier Women’s Initiative Award
• GrantsforWomen.org
• Amber Grant
• Grants.gov
• The Halstead Grant
• #GIRLBOSS Foundation Grant
• FedEx Small Business Grant

There are several government and nonprofit programs available to women.

• The SBA provides counseling and training at its local Women’s Business Centers.
• The Woman-Owned Small Business Federal contract program seeks to award government contracts to women-owned businesses in industries where women-owned businesses are underrepresented. A selection of those contracts are reserved for economically disadvantaged businesses.
• Ascent is a free learning platform for women entrepreneurs provided by the SBA.
• The National Association of Women Business Owners represents all female entrepreneurs across all industries with a focus on government advocacy. They also offer the NAWBO Institute, a free resource with articles and webinars.

With a woman-owned business certification, you’ll be eligible for the Woman-Owned Small Business Federal contract program which awards government contracts to woman-owned businesses.

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Qualification requirements include:

• Business is at least 51% woman-owned and operated
• Business is for-profit
• Business meets the definition of a small business
• The business operates primarily in the United States

To qualify as an economically disadvantaged woman-owned small business you must meet the above-listed requirements and the following:

• The owner’s personal net worth is less than $750,000
• Adjusted gross income over three years of $350,000 or less
• The fair market value of all assets of $6 million or less

To get certified, apply through the Small Business Administration.