If you’re a female entrepreneur who wants to grow their business, a little extra capital can go a long way towards meeting your entrepreneurial objectives. One of the main challenges that business owners cite when it comes to expanding their businesses is a lack of capital. With late payments, unexpected expenses, or just needing a safety net to fall back on during leaner months (especially if you own a seasonal business), it is important to always have a business funding source available when you need it.
Women, however, have unique challenges when it comes to obtaining funding, due to gender gaps and biases in the business world. Fortunately, there are caring, professional loan service providers available who can help. If you’re a female entrepreneur, here are some of the top ways in which business funding for women can help to turn your dreams into a reality.
Why Business Funding for Women is Important
No matter what type of business you are running—whether you are a photographer, a baker, a service-based provider, or whatever you do—some of the most successful businesses in history have relied on funding for long-term successes. Business funding for women is crucial. Research shows that there has been substantial growth in the number of women-owned business in post-recession America, and today women own about 51% of all businesses across the country, with this number only expected to continue growing.
As a woman running a business, access to small business loans for women is beneficial for a number of reasons including:
Business funding for women can help to kickstart new business projects and help you reach important milestones within your company. Imagine what you could do with an additional $25K, $100K, or even $500K to boost your marketing efforts and spread the word about your business.
A working capital loan can fuel your business’s growth. You can come up with new ideas and find better solutions to existing market problems, but with the proper funding to actually implement these changes.
Business funding could also translate into updated technology and systems, the ability to hire more staff, streamlined core business processes, or expanding into new territories. The bottom line is that female-led small businesses can use funding to significantly expand their operations, making them more competitive in their chosen market.
As a female entrepreneur, we don’t need to tell you that you face a unique set of obstacles that men don’t even need to think about. Unfortunately, getting business funding is one of those obstacles. The Pew Research Center says that women are the victim of an “unconscious bias” against them by lenders. That means many investors see women owned businesses as less attractive for no good reason!
Luckily, specially tailored business funding for women removes bias from the equation. Alternative lending partners like Mulligan Funding (check out Mulligan Funding Success Stories) are dedicated to getting capital into the hands of women who need it. That way we can close these gaps by helping women business owners succeed!
Since 2007, an average of 1,100 female-owned businesses have opened every day. However, according to researchers, over half of all businesses will fail within the first five years. How do you prevent your business from becoming a statistic?
Well, one of the primary reasons for small business failure is that owners simply lack the capital to keep their companies going. A lack of liquid capital can turn a minor issue, like a late payment from a customer, into a major issue. Suddenly you can’t pay your employees on time or afford inventory. With a business line of credit allows you to draw some money for the emergency that you pay back when the customer payment comes in.
This is just one example of small business funding for women making a huge impact—keeping the doors of the business open through hard times to ensure long-term viability.
Increasing the Odds for Long-term Success
A healthy, thriving business is one that is profitable and can increase its profitability over time. A working capital loan or a business line of credit can provide the capital needed by female entrepreneurs as they search for the best ways in which to grow their businesses.
Proper funding can be a great way to invest back into the business, providing the business owner with access to more tools and resources that they may need to perfect their products or services. In this manner, capital funding can provide a direct return on investment (ROI) for savvy business owners who are devoted to bringing their dreams to fruition.
The stakes are very high when it comes to entrepreneurship. Many female-owned businesses can attribute their success to business loans and initial investments that helped them to not only get the business off the ground but to keep it afloat during more challenging periods. When it comes to business funding for women entrepreneurs, obtaining capital for your business is better when you use a lending partner that will provide you with the consideration and support you need. And this capital will go a long way to keeping your dreams afloat until you can make them into reality.
Call Mulligan Funding at 855-326-3564 to discuss your financing options today!
The information shared is intended to be used for informational purposes only and you should independently research and verify.
Note: Prior to January 23, 2020, Mulligan Funding operated solely as a direct lender, originating all of its own loans and Merchant Cash Advance contracts. From that date onwards, the majority of funding offered by Mulligan Funding will be by Loans originated by FinWise Bank, a Utah-chartered Bank, pursuant to a Loan Program conducted jointly by Mulligan Funding and FinWise Bank.