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How to Get Small Business Loans for Women

Small Business Loans for Women Entrepreneurs

Running any business in today’s economy is terribly difficult, and if you are a woman, it is even more so. Women-owned businesses are more apt to fail because of the many other responsibilities that many woman have and because of the lack of support, both financial and otherwise, that they receive. If you are a woman, in business for yourself, then you should be aware that you can get small business loans for women owned businesses.

There are numerous sources if you are looking for a loan, but you probably are already aware that your bank is no longer a viable option. The larger banks are not generally loaning to any companies that are in need of funding right now, no matter how sound your books and your business plan may be.

Small business loans for women can be obtained from other sources such as the government, women-based organizations, and private foundations. Although loans are by no means as good as grants (which do not have to be paid back), they usually allow your company a little more freedom as to what you decide to do with the money.

The first place to look for small business loans for women is the federal government. By visiting the website of the government’s Small Business Administration, you will find links to various sites that are offering loans and grants to women-owned businesses. Your state and local governments may also have small business, minority-owned business, or disadvantaged business departments that can assist you in finding funding. Also, don’t forget to investigate local women-based organizations.

Although banks are no longer handing out money, there are ways to get funding for your business, whether you are just starting up or you have been in business for years and find that now is the time to start growing.

Photo Credit: egor.gribanov

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