According to a report from the Institute of Women’s Policy Research (IWPR), more and more women each year are launching their own business.
And while the numbers are not yet where they should be – women comprise 51% of the US population, yet 71% of business owners are men – this is nevertheless a step in the right direction. What’s more, given that the number of women-owned firms has risen 68% since 2007, it’s possible that within a few years we may get to a place on the business landscape where gender is a non-issue, and all that matters is talent, hard work and dedication.
However, the reality for many women today across the country – in both small towns and large urban centers – is that gender does matter, because women are sometimes discriminated against when it comes to applying for either business loans. And this barrier is even harder to overcome when the topic shifts to unsecured business loans for women.
Here are 3 things you need to know about unsecured business loans for women.
Banks aren’t the answer
The good news is that banks aren’t necessarily discriminating against you when they don’t offer you an unsecured business loan. The bad news is that they don’t offer unsecured business loans to anyone – female or male.
Invariably, banks demand that loans be secured by collateral, such as property, vehicles or other assets. What’s more, banks are notorious for under-valuing collateral, which means that the vehicle you (and everyone else) knows is worth $40,000 will likely be valued at much less by banks; something like $20,000 or $30,000.
Of course, all of this is academic – because if you don’t have collateral, don’t have enough collateral, or don’t want to pledge collateral, then you won’t get a bank loan, period.
Unfortunately, discrimination exists
Without making a political statement, we think it’s fair and reasonable to say that in terms of gender equity, US society has made some strides in the last few decades. However, we have by no means come close to eradicating gender inequality. And the thorny issue of a lack of unsecured business loans for women reveals how much work there is to be done.
For example, a Newsday.com revealed that women business owners are systematically excluded from getting small business loans, because the credit rating process is inherently biased towards men.
The point we’re making here is that, yes, though we would like to say otherwise, we are obliged to agree that the business lending system and marketplace has histoically been stacked against women, althought that has changed quite a bit in recent years.
Mulligan Funding PROUDLY Offers Unsecured Business Loans for Women
At Mulligan Funding, we proudly offer unsecured business loans for women, so that women like you can elevate your business, generate economic activity in your community, and ideally inspire other women to follow your path!
What’s more, our unsecured business loans for women have high approval rates because:
- Perfect credit is not mandatory
- A past discharged bankruptcy is not necessarily an obstacle
- A long credit history is not necessary (6 months is typically fine)
Additionally, we do not require an assignment of collateral against our loans. And you have total freedom to use the fun your small business loan any way you choose.
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.