Although women entrepreneurs are entering the marketplace at record rates, many businesses that provide financing to small businesses offer more benefits to the working man. Fortunately, more Americans believe that lenders need to adapt to the reality of today. Women-owned businesses are more prevalent and deserve the opportunity to find success. Here are some tips to find financing for your business.
Know Your Loan Options
There are dozens of different funding options, from factoring, bridge loans and traditional loans. Knowing what options your business has available to it can help you find the right loan. You can also access crowdfunding, grants and alternative financing. You don’t have to give up equity to get a partner when you do some research about financing options.
Look For Resources That Cater to Women-Owned Businesses
Grants.gov is a great place to find federal grants. The SBA offers resources to help find funding in the state. Wells Fargo has an extensive collection of financial solutions that ensure women entrepreneurs have equal access to lending. Some states have funding options designed to support women and minority-owned businesses. Grameen American offers microloans to impoverished women business owners. Some angel investors cater to women entrepreneurs. Crowdfunding can be another source of revenue, but make sure to really weigh the pros and cons.
Keep Good Records
One key to getting financing is by having your business in order. Make sure that your business documents are safe. Keep copies to submit with financing applications. Get your bookkeeping up-to-date. Check your business credit score. Maintain a good invoice and purchase order records. Have a dynamic business plan that demonstrates your vision, mission, goals, and support. When you do meet an investor or lender, you want to be ready to show off your business.
Monstera Lending Group offers financing options for women entrepreneurs. Contact us for more information.