5 small business loans for women you can apply for today
Nowadays, more women are starting businesses (even more than men,) but they are still facing some serious challenges and struggles when it comes to cash flow and accessing business financing.
Investing in a business is a key step to growth, so how can women obtain the money to help their business thrive?
And even though there are institutions, like Camino Financial, that help small businesses, there are some others that focus solely on supporting female small business owners.
Let’s take a look at some of the options:
5 options for female entrepreneurs
1. Open Meadows Foundation
Open Meadows Foundation is a grant-making organization seeking projects that promote gender/racial/economic justice and is run solely by volunteers. The foundation grants a maximum of $3,000 to activities that support women. They also have three special funds:
- Jeanne Meurer Indigenous Women’s Fund gives grants to projects related to issues concerning indigenous women.
- The Ellen Dougherty Activist Fund for Young Women helps young women of 19 and under who support projects that are focused on activism and social change.
- The Edie Windsor Fund for Old Lesbians supports projects developed by lesbians aged 60 and over concerning lesbian rights and activism.
2. Amber Grants
The Amber Grants began in 1998 and was launched by WomensNet to honor the memory of a young woman, Amber Wigdahl, who died at the age of 19.
They have helped women such as Amira Idris Radovic, Founder of TheraV, who qualified for their $25,000 year-end, Amber Grant.
If you want to apply for this grant, you can do it online. You just need to tell your story.
The judges select a $2,000 Amber Grant recipient each month and one of their 12 monthly winners will be awarded their $25,000 Amber Grant at the end of 2019.
3. The Walmart Foundation
The Walmart Foundation debuted in 1982 and was created to support the communities Walmart serves. They provide convenient access to affordable food and other products to people around the world.
Globally, Walmart and the Walmart Foundation gave more than $1.4 billion in cash and in-kind contributions during the fiscal year ending Jan. 31, 2019. Their grants are available for sums between $250 and $250,000 for non-profit organizations.
Microloans are short term loans that can help women entrepreneurs (with businesses with less than $500,000 in annual sales) achieve their business goals and cover costs to keep their business afloat. They offer a variety of benefits and they range from $5,000 up to $50,000.
Applying for a microloan is generally easier and quicker than getting a traditional bank loan. However, you will still be required to write a business plan and need to have good credit standing.
5. Personal Loans
If you have good personal credit, you may qualify for a personal loan for business.
Personal loans are normally granted for smaller amounts, up to $40,000. They’re great for women entrepreneurs just starting out with good personal credit.
You can use a personal loan for:
- Buying new equipment
- Paying off unexpected expenses
- Purchasing raw materials
With flexible terms and payments, personal loans for women can be a great option for any number of projects for your business.
Don’t let anything stop you
Being a woman entrepreneur and having your own business is always a challenge. The good news is that you are not alone.
Start researching today to find the financing option that will best suit you and your business. Your success could inspire others to do the same.
How will you use a gran or loan money to grow your business?