All across America, more successful businesses are owned and operated by women than ever before. That being said, it can be very difficult for women to obtain small business loans from traditional lenders in today’s current economy. At Mulligan Funding we understand that it’s crucial for female entrepreneurs to have access to working capital when they need it. At Mulligan, we’re happy to assist women across the country to grow and expand their businesses!
At Mulligan Funding, we offer a variety of small business loans for women. We realize that your business and your position in the marketplace is unique. And we’ll take the time to listen and understand what those differences are.
Let’s face it, the financing industry isn’t usually known for its compassion or empathy. It’s usually all about the money. And while we at Mulligan appreciate developing profitable relationships, we treat all of our clients as a valued partner. We believe that a successful funding company should be financially astute but not at the expense of the long term relationships it wishes to build.
We’ve always felt that if we were willing to invest the time and effort necessary to treat each of our clients as valued business partners instead of just as a way to make a quick buck, the results would be worth it. And it turns out that we were right! Check out some of our small business loans for women here:
Working Capital Loans for Women
Working capital loans are a great option for female business owners. These short term unsecured business loans are usually used to address common daily expenses as well as unexpected cash-flow needs for your business. Examples of uses might be payroll, accounts payable vs accounts receivable deficit, equipment, expansion, marketing etc. Please see our Working Capital Loans page for a detailed explanation.
Merchant Cash Advances for Women
A Merchant Cash Advance is technically not considered a loan. They’re a sale of a portion or future credit or debit card sales toward the amount advanced by a lender. Consequently, these advanced are unsecured loans except by future sales. Advances are paid with small daily payments through your credit card processor as a portion of credit card sales. Please see our Merchant Cash Advance page for a detailed explanation.
Business Line of Credit for Women
A business line of credit can be extremely useful and cost effective as a small business loan for women. They are often referred to as a revolving account because of the repayment options. One of the greatest advantages of this type of business financing is that you are only charged for the capital that is accessed instead of the entire loan approved amount. An LOC is a great alternative to a lump sum long term loan. Please see our Business Line of Credit page for a detailed explanation.
Additional Small Business Loans and Resources for Women
Bank Loans - Typically, bank loans are secured business loans (sometimes referred to as asset-based financing) that require collateral. Banks usually have the lowest annual percentage interest rates and loan costs but can be extremely difficult to qualify for. And if you are lucky enough to get approved, it usually takes weeks or months to get funded. Besides collateral, bank financing usually requires a high credit score (or FICO score) and an updated business plan. Term loans are lump sum loans that are paid back with interest over a fixed period of time. This kind of debt has historically been the most common. But fortunately female entrepreneurs have a wide selection of alternative business funding sources available to them today.
SBA Loan Programs - The SBA (Small Business Administration) is a government entity. Contrary to popular belief, the SBA does not loan money. Their programs are set up to guarantee loans made by qualified and participating lenders. The 7(a) Loan program is the SBA’s primary program for helping start-up and existing small businesses. One of the purposes this program can be used for, is to assist female entrepreneurs and business owners that may have trouble qualifying for traditional bank loans. The SBA also has loans for nonprofit businesses. SBA Women’s Business Centers are a network of almost 100 centers that assist women to start and grow their business. They offer workshops and seminars on a variety of relevant topics.
National Association of Women Business Owners - This organization has over 5,000 members and 60 chapters across the nation. They offer training and information on multiple topics that are relevant to small businesses that are owned by women.
Grants - There are many small business grants available for women business owners but as you can imagine, the competition and qualifications for this money is usually quite intense. Also, many of these grants are targeted to specific industries, locations and other qualifiers.
Make sure that you apply for the appropriate type of grant program as it relates to the stage of your business. Start-up or new businesses are viewed very differently than existing businesses that are creating revenue. Be sure to check for city, state and federal government grants. There are also private and corporate grants available for women. Keep in mind that although these grants are “free money”, they are usually much more restrictive in nature than a small business loan for women.
Walmart Global Women's Economic Empowerment Initiative - Walmart’s GWEEI is an international program, they’ve pledged to support women-owned businesses with over $100 million in grants.
Open Meadows Foundation - Open Meadows funds projects with $2,000 grants, so long as they’re designed and led by women.
Mission Main Street Grants | JPMorgan Chase & Co. - Chase for Business had twenty $100,000 grant recipients for Mission Main Street Grants in 2015. These winners were selected from a field of more than 30,000 applicants. According to Chase, the winners embody innovation, diversity, and the strength of America’s small businesses.
Regardless of where you obtain your small business loan for women, we wish you the very best! Feel free to contact us today to find out how we can help you to grow your business at (844) 336-6639.