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In this day and age everybody aspires to become an entrepreneur. Every individual having their own dreams and Inspiration dream of their own success. During this dreaming of theirs they tend to forget the hardships and difficulties that are faced by the people on this endeavour. Financial problems are the leading cause of start-ups or even long-established businesses failure. Also, since the dawn of the 21rst century, perhaps for the first time in history, men and women are able to see eye to eye. Meaning today we have women leaders as well. But here is the hard truth. Lady entrepreneurs of small scale or large-scale business find it extremely hard to get investors. Thus, loans provisions for such motivated women must exist somewhere right? Yes, they do. For more info on small business loans for women, read on!
I have heard about the SBA. What exactly does it constitute?
SBA is an abbreviation for small business administration. This firm/administration has been an avid supporter for helping move the entrepreneurship spirit in whatever way possible.
Their rich history of more than 60 years is a proof of it. This agency provides a way for the government backing that minimizes the total risk to the (approved) partners that enables maximum capital flow to small scale business.
Moreover, the SBA loans generally come at rates ranging from about 7-8% and at longer terms when compared to other. What this translates to? This means budding women entrepreneurs can pay off the low-cost money loan over a longer/extended period of time.
This translates to more leg room for entrepreneurs to focus more on their business than paying back their loans part! The only drawback to SBA in our opinion is the backing up by government bit that just increases the total paper work.
A small business line of credit is another option for women leaders (though not just restricted to them of course). Here the help is provided by “on needed” basis.
When you want is when you get. Companies that qualify are granted access to the waiver when needed as needed. Interest paid are also directly proportional to the total sum taken out. Interest rate can vary from 2% to low end 10%.
Though you might be expecting something that requires a bit of more in depth of research however sometimes the old classic is the best. Approval of the traditional loans i.e. The borrowing of certain amount of sum that has to be paid back in a specific time with the pre-determined interest.
According to biz2credit small business lending index released back in December of 2017: the big and small banks are now approving more of funding request for small scale business. Regional banks are also granting almost half of the application that they are receiving (49%).
Microloans and other help You can avail from national association of women business owners and national women’s business council.
Sometimes you don’t require large sums of money for your business to rocket shoot. You are missing the mark by only a small amount. So, what do you do? You guessed it. Microloans are the way to go. Here you are able to avail small sums of loans from a variety of sources raging from non-profit lenders to top level investors. The interest rate charged is going to be larger then what is charged by SBA so you can expect an interest rate (of 2 figures) going as high as 13/14%. By being able to pay swiftly in small amounts however, the leader is able to better positions themselves for future.
Other information on tactics, agencies for loans and other business-related problems-solutions can be availed from: national association of women business owners (based in Washington DC). Having over 5000 members across the country, it offers training and information on topics related to (access to) capital, government contracting and business certification etc.
On the other hand, there’s also have national women’s business council that works in tandem with the office of the president, congress and the SBA on issues that are related to women business owners.
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