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Business Loans for Women:
A Guide to Finding Owner-Friendly Business Loans in 2018

As any business owner can attest, the journey to success is difficult. Yet, across America today, there are more successful business women that own and operate businesses than ever before.

One of the common challenges among business owners today is to find a lender they trust to fund their business growth.

This guide discusses what to look for in a lender and in the products and services they offer, to give your business the best chance for success in today’s competitive marketplace.

W

A Personalized Approach

Building a solid relationship with a business financing partner who’s there to support your business needs and growth objectives can be invaluable. You deserve an assigned point of contact who develops a quick understanding of your business while helping you throughout the lending process.

How can a cookie-cutter bank financing product give you the personalized approach that you need? The answer is, it can’t.

The majority of bank loan applications are rejected. Choose a lender and loan product that take your unique situation, goals and background into consideration. It not only increases the likelihood of getting approved, but it also puts you in a financial position that will accelerate your business growth.

A Quick Funding Process

The application and funding process can vary dramatically between loan sources. For instance, a bank loan could take several months to finalize, requiring prohibitive amounts of documentation and an extended approval process.

The same kind of loan from an alternative lender can be funded within 24-48 hours. There’s much less paperwork and documentation required. This is especially crucial when you’re seeking fast business funding for short-term opportunities or unexpected emergencies. The perfect opportunity could be long gone by the time you go through the SBA or bank process.

Prioritize the ability to access capital quickly when establishing a new funding relationship, because you never know when an unexpected expense will come up that requires immediate attention.

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Flexible Guidelines

A lack of established credit can be an obstacle if you’re relatively new to the business world. And for SBA or NAWBO loans, there are often far more applicants than available funding. So, it can be difficult to secure funding for your business project.

Less than perfect credit can be a major roadblock with traditional banks. Alternative lenders are much more lenient in their qualification criteria.

A previous bankruptcy can prevent a bank approval. With most alternative lenders, a closed bankruptcy is not a problem.

Restricting the use of your loan proceeds is common with banks. You must apply for a loan for a specific purpose, and you have no freedom to change how funds will be used once the loan is received. An alternative lender allows an unrestricted use of funds, so you can use the money however you deem best. This is especially advantageous if your needs change after receiving the loan.

Guide
Lines

The Top 2 Small Business Loans for Women

1. Working Capital Loans for Women

Working capital loans help business owners get the cash they need for day-to-day operation costs, such as payroll, rent, vendor payments, tax bills, and more.

This small business loan option is also perfect for any businesses primed for growth. You can use your loan to upgrade facilities, expand employee training programs, and repair or replace equipment.

It’s quite common for small businesses to need additional working capital at some point in their business growth, especially factoring in seasonality and unforeseen expenses that can arise. In a recent year, 48 percent of businesses in North America experienced a reduction in working capital levels.

This top small business loan for women provides a quick and flexible way to invest in your business’ growth.

2. Business Lines of Credit for Women

A business line of credit is often ideal when you have frequently changing business needs. When you’re approved for a line of credit, the amount will be for the total you qualify for. But you only pay for the amount of money that you access.

Let’s say you’re approved for a $50,000 line of credit, and you access $20,000 of that limit initially. The remaining $30,000 is still available through your line of credit. In this scenario, you’re only paying fees on the capital you accessed, not the entire line of credit. And you can come back for more as needed.

If you need access to flexible funding, and your needs frequently change with short notice, then a business line of credit may be the best choice for your business.

What Other Business Loans Are Available to Women?

Bank Loans for Women

Statistics show that over 70% of all business loan applications are turned down by banks. For the majority of business owners, banks aren’t the right place to get a loan. The extended application and vetting process means you may invest weeks or months of your time waiting, only to end up denied altogether. Overly stringent requirements can be hard to meet, and the time investment and delay can have a negative impact on your business.

SBA Loans for Women

The Small Business Association (SBA) offers a host of funding solutions tailored toward women entrepreneurs. SBA loans are government-backed. This removes a significant level of risk from the lender, and encourages the lender to work with businesses that would have difficulty qualifying under normal guideline standards.

Unfortunately, the fact that the loans are government-backed means that there’s an extensive application and vetting process. As with regular bank loans, it’s not uncommon to invest months in the application process only to be turned down in the end.

If you apply for an SBA loan, expect to be required to show, at a minimum:

  • Your personal and business credit report
  • Your resume
  • Your business plan, including balance sheets, profit-loss statements, cash flow statements, and more
  • Your personal and business tax returns for at least three years
  • All personal and bank statements for at least 12 months
  • All legal documents related to your business, including franchise agreements or licenses
  • Valuations of any collateral assets
  • A signed personal financial statement

Grants for Women Business Owners

There are grant programs that are designed specifically for women business owners. But competition for grant money is heavy, there are very specific criteria that must be met, and it’s usually a lengthy process to receive funding if you do get approved.

It’s probably best not to consider grants as a primary source of capital, especially for urgent projects or opportunities, since the likelihood that you’ll receive funding at all, let alone a timely manner, is slim at best. For most business owners, it would be wise to pursue grants only as a supplementary source of funding.

Available Funding Options
Choosing

The Right Lender

Mulligan Funding offers every aspect that you should look for in a lending partner. We’re a family-owned lender that takes great satisfaction in helping business owners grow their business.

We offer a highly personalized approach, a quick application and business funding process, flexible guidelines, working capital loans and business lines of credit.

With Mulligan Funding as your partner, you can expect:

  • A simple, one-page application
  • Approval and funding within 24-48 hours
  • High approval rates
  • Flexible guidelines
  • A one-on-one relationship with one of our funding experts to help you through the entire lending process.

We take the time to understand your business needs and concerns so we can tailor a loan for your specific situation. And we’re highly committed to helping female business owners reach their financial goals.

Call Mulligan Funding at 855-326-3564 to discuss your financing options today.

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For more information, contact one of our friendly and knowledgeable financing experts today. Give us a call today at:

855-326-3564