When it comes to women owned businesses across the country, there are two very different stories unfolding – one inspiring and positive, and the other frustrating and negative. Let’s start with the former.
First, the Good News
The good news is that more and more women are starting and leading businesses. In fact, the Women’s Business Enterprise National Council reports an estimated 1,821 new businesses are started by women each day. What’s more, the report also revealed the inspiring news that:
- There are now over 12 million women owned businesses in the country – the highest number ever.
- Small business ownership among women of color is growing quickly.
- Women owned businesses are expanding across industries.
Now, the Bad News
As millions of women have already discovered, women entrepreneurs face greater obstacles to business funding than men. According to Forbes contributor Geri Stengel, there are many reasons for this systemic imbalance, including:
- Women owned businesses are less attractive to many venture capitalists.
- Many women don’t have a strong, established credit history – especially if they’re starting their business after a divorce.
- They face blatant discrimination — Stengel writes about a woman who couldn’t secure a $250,000 loan without having her husband co-sign the agreement, despite the fact that she had a multi-million dollar government contract in hand.
And BACK to the Good News!
We’re proud to empower women with working capital loans and business lines of credit that help take their business to the next level. What some may consider to be bad credit business loans for women, the reality is not that extreme. Our small business loans for women:
- Do not require assigned collateral to secure the business loan.
- Are available for either short or longer terms, depending on the needs and goals of each borrower.
- Do not demand that borrowers have perfect credit – damaged or bad credit is usually not a problem, nor is a discharged past bankruptcy.
- Do not require that borrowers have years of credit history – 6 months is typically enough.
The Bottom Line
At Mulligan Funding, we’re proud to help women business owners achieve their dreams and fulfill their potential, and in doing so, create economic benefits and opportunities in communities across the country.
Call Mulligan Funding at 855-326-3564 to discuss your financing options today!