Small Business Loans for Women - Best Lenders & Loans for 2020

Learn more about Small Business Loans for Women. Includes information on start-up business loans and SBA loans for women.

Updated on February 6th, 2020

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Women are starting around 1,800 businesses a day across the US, according to the AMEX 2018 State of Women-Owned Businesses Report. And most of these entrepreneurs were able to do so through small business loans for women.

There are many avenues that offer women's business loans, such as micro, online and SBA loans, business grants, and even crowdfunding loans.

Read More:

Small Business Grants for Women - Find the best small business grant providers for women in 2020.

Small Business Grants for Minorities - Learn more about grants for entrepreneurs from minority groups.

Small Business Grants - Find out how to get a small business grant.

SBA Loans - Discover the best banks for small business administration loans for 2020.

Best Small Business Loans for Women:

Loan Type

APR/Interest

Max Loan

Business Grants for Women

0%

$100,000.00

Business Lines of Credit

0.3 - 78%

$250,000.00

Crowdfunding Sites

5% + 3 - 5% processing fees

$150,000.00

Equity Financing Platforms

0% (re-payment in equity)

$100,000.00

Microloans

6 - 31.9%

$50,000.00

Online Loans

5.5 - 99%

$500,000.00

SBA Loans

4% - 9.5%

$50,000.00

Why We Chose Credibility Capital:

Credibility Capital provides loans of up to $350,000.00 to high-quality small businesses by matching your business with institutional investors, hedge funds, and banks. They require monthly repayments with loan terms of 1 to 3 years and no penalties for early repayment.

Credibility Capital has a quick online application process with a fast approval process. Borrowers could receive their funds within 24 hours of providing their bank routing information. There are no application fees, only a one-time origination fee starting at 3%.

Credibility Capital has a short requirements list, with business owners needing to be in business for 24 months with a good credit score and currently generating income.

Things to Consider When Evaluating Small Business Lenders for Women:

  1. Make sure you understand the payment schedule and whether it requires daily, weekly, or monthly payments. Also look for simple or automated payment procedures.
  2. Go through the fee structure carefully and look out for any hidden fees.
  3. Consider lenders that provide access to real people for answering questions and helping you through the lending process.

Top Small Business Lenders for Women:

Lender

Loan Types

Max Line of Credit

Review

Credibility Capital

Term loans.

$400,000.00

Requires monthly repayments and no collateral but you must have a minimum credit score of 680.

Fundbox

Invoice financing, line of credit.

$100,000.00

A fast loan approval process and offers loans to individuals with lower credit scores but requires weekly repayments.

Funding Circle

Term loans.

$500,000.00

Offers fast funding with a quick application process and fixed monthly payments but is not ideal for startups and has additional fees.

Kabbage

Line of credit.

$250,000.00

Offers an easy online application and monthly payments but is not ideal for startups and only offers small loan amounts.

LendingClub

Term loans.

$300,000.00

Offers an easy application and fast funding process but has an origination fee of 5%.

Lendio

Line of credit, term, SBA, start-up loans.

$5,000,000.00

Offers access to over 75 lenders and acts as an intermediary during the application process but has high fees and interest rates.

OnDeck

Term loans, line of credit.

$500,000.00

Fast and easy qualification but has high rates.

Quarter Spot

Term loans.

$250,000.00

Willing to help individuals with lower credit scores but lacks an online dashboard for managing your loan.

SmartBiz

Term loans, SBA loans.

$5,000,000.00

Offers generous loan options and great customer support but they have more additional fees than their competitors.

Street Shares

Term loans, line of credit.

$250,000.00

Offers loans to low-revenue new businesses with access to financing through peer-to-peer lending but requires weekly repayments.

FAQs:

How do women get small business loans?

There are a variety of lenders available to acquire business funding for women. These include Small Business Administration (SBA) loans, traditional banks, grants for women, and alternative lenders - each with its own pros and cons.

Are there small business loans for women with bad credit?

The best option for entrepreneurs with bad credit is to go the online lending route. Most online lenders are easier to qualify for than banks and their turnaround times are much faster although you can expect to pay higher interest rates. Alternately, you can also try invoice financing to obtain loans for women.

Small Business Loans for Women

What are the top lenders to get start-up business loans for women?

Where can you find small business loans for minority women?

There are a variety of organizations that offer business loans for minority women, ranging from $1,000.00 to $100,000.00 or more. Popular minority grants include The Amber Grant and the Eileen Fisher Women-Owned Business Grant Program.

How do I apply for small business loans for women through government funding?

Women's business loans are funded by the government in the form of SBA loans. The Small Business Administration (SBA) is a U.S. government agency that provides funding to small business owners with strong credit ratings. SBA loans for women are offered by participating lenders, and loans can range anywhere from a few thousand dollars up to $50,000.00.

What are microloans for women?

If you're seeking a loan for a woman-owned business, microfinance loans for women are among the best options available. Microfinance lenders provide loans to those who can't obtain funding from traditional banks or investors. Small business start-up loans for women can also be acquired through alternative lenders, like Kabbage, OnDeck, and SBGFunding.