It is not an easy task to get a small business loan for women entrepreneurs in 2019? Whether you in the tech business or a restaurant owner, funding is something that is absolutely necessary to scale your business from a startup to a full-blown organization.
Here are the 5 best small business loans for women in 2019.
1. Lendio
Lendio is one of the options for women who own startups or small organizations. The only condition Lendio has is: you should have a fully functional business with annual income more close to $120,000. This amount does throw some women entrepreneurs off as it is difficult to have such a high income in the beginning stages of any business. But if you do qualify for this loan, you will be pleased to know that Lendio offers one of the lowest interest rates(6%) in the industry.
2. Accion
Are you a newbie women entrepreneur? You are starting a business for the first time and have a very less current annual income? Well, there is a company that might be able to help you the fundings. Accion is a nonprofit micro-financing company that offers low-interest loan to startups and small companies. You can get a loan up to $1,000,000. Another great thing about Accion is: you don’t need to have a high credit score. A FICO score of 550 is more than enough to get your loan approved. Moreover, they do offer business loans catered towards women entrepreneurs.
3. OnDeck
OnDeck is another company that offers short term loans for business that have an annual income of $100,000. The best thing about OnDeck is: you get a lot of time to pay off the loan without much increase in the interest rate. Moreover, OnDeck is very lenient as far as your credit history is concerned. Anyone having sufficient annual income and FICO score more than 500 is eligible for a loan from OnDeck. This is really the best small business loan for women.
4. Smartbiz
Smartbiz has their own metric by which they come to know where you stand when applying for a business loan. This metric is known as “loan ready score”. This metric is only for educational purposes and is not standardized. It’s not easy for a small business owner to get a loan in the current economy. Especially the business owners who have annual revenue of less than $150,000. This is where a loan ready score comes to the rescue and helps you become aware of where you stand amongst thousands of other applicants.
5. Kabbage
One thing that makes Kabbage one of the best small business loans for women is the fact that you only need an annual income of $50,000 or more. This kind of income is very common to generate for small business and they can get a loan up to $250,000. Kabbage is also very tech savvy and uses the latest technologies like artificial intelligence to make faster lending decisions. As a result, the entire form filling and loan approval process take s less than 10 minutes.
Conclusion
There are many challenges that women have to face while running a business in this extremely competitive and cut-throat market. There are ups and downs in every business and getting funded from one of these financial institutions will help you stay stable in this fragile economy.
