SBA Loans for Women: A Guide to Getting Approved

Last Updated on March 12, 2018

In today’s economy, women business owners are essential to creating jobs, running companies, and generating huge amounts of domestic revenue. And the truth is, women are continuing to become more influential and gaining upper management positions at a rate like never before. Nonetheless, it’s still more difficult for women to land business funding than men. So how can women secure vital financing options for their small businesses? The good news is, finding lucrative loans for women isn’t impossible. Indeed, here a few steps you can take to gain access to SBA loans for women –– so that you can bolster your company in a big way:

sba loans for women guide to getting approved

Understanding SBA Loans

SBA loans are some of the best funding options available to small business owners. That’s because they offer low-interest rates with long-term payment options. However, in addition to being valuable, they’re also difficult to come by. Banks and other lenders will often reserve SBA loans for clients with high credit scores. (Note that when you apply for an SBA loan, you do so with a private lender –– not the Small Business Administration itself.) However, even if you don’t have perfect credit, there are still ways you can position yourself to gain this vital financing source.

Improve Your Credit

It may take some time, but one of the best (and most direct) ways to improve your chances of securing an SBA loan is to improve your credit. Indeed, the longer you’ve been in business and the more you can demonstrate your company’s stability, the better chance you’ll have. This is why it’s vital to pay back all debts on time (both personal and professional!) Establishing yourself in your market can also help alleviate a credit problem. So you may want to explore alternative loan options for women first if your credit is less than stellar. More important than having spotless credit though, is proving your trustworthiness to your lender.

Create a Comprehensive Loan Package

In addition to working to improve your credit score, putting together a dynamic loan package can greatly increase your likelihood of landing an SBA loan. The key to creating one? Include everything even remotely pertinent to your personal and professional finances. Leave no stone unturned and present a clear, open front to your lender. The more you attempt to hide, the worse your application is likely to go.

Think Big Picture

SBA loans are tougher to come by than the average loan, but the benefits they offer are massive to companies that secure them. As such, applying for an SBA loan shouldn’t be a last-minute gamble or something undertaken lightly. Rather, it should be part of a larger plan of sustained growth for your company. In addition to your loan package, you may also want to include a detailed business plan, realistic financial projections, and a competitor analysis to showcase your place within the market when you apply. The more work and preparation you put into your business and your loan application, the more effectively you can use an SBA loan once you qualify.

Learn More

Need funding now but don’t have the time or the credit score to apply for an SBA loan? Don’t worry. Contact the National Business Capital & Services team today. We have the resources to help secure business loans for women –– no matter your industry or situation. Even if you’ve been turned away by the bank, don’t be discouraged. You can learn more about how to get funding in just that scenario by downloading our free eBook here:
loans for women

National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.

Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.

We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!

About the Author, Megan Capobianco

Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.

Disclaimer: The information and insights in this article are provided for informational purposes only, and do not constitute financial, legal, tax, business or personal advise from National Business Capital & Services and the author. Do no rely on this information as advice and please consult with your financial advisor, accountant and/or attorney before making any decisions. If you rely solely in this information it is at your own risk. The information is true and accurate to the best of our knowledge, but there maybe errors, omissions, or mistakes.