Women's Small Business Loans

If you're looking for funding to start a new business or expand an existing one, it's natural to wonder if there are special programs offering women's small business loans. There are a number of funding options available to women business owners as well as other entrepreneurs.

Funding Options for Small Business

The Small Business Administration's Office of Women's Business Ownership (OWBO) is an excellent resource for identifying potential funding sources. This division of the SBA is responsible for overseeing the network of Women's Business Centers throughout the U.S., as well as for seeking to establish new centers in underserved areas. The office focuses on connecting female entrepreneurs with the information and resources they need to accomplish their goals, including counseling and training related to financing options for women business owners.

When seeking information about women's small business loans, it's advisable to reach out to the Women's Business Center that serves your region. To find a center near you, see the online directory on the Association of Women's Business Centers (AWBC) website. When you determine which office serves the area where you live or in which your business is located, contact the organization and inquire about the types of services provided. Typically, these centers offer workshops on small business loan programs for women, business plan writing services, entrepreneurial coaching and counseling, networking opportunities, and more.

One of the best things that any small business owner can do is to cultivate a relationship with a knowledgeable business banking specialist. Whether your company is already established or if you are just getting started, there's no substitute for having a knowledgeable banker in your corner.

When you are ready to apply for a business loan, make an appointment to meet with the business banking specialist at your financial institution. If your bank doesn't have an employee in this position, you may want to shop around for one that is dedicated to providing personal service to small business customers.

Be honest with your banker about your financial situation and funding needs. Talk to him or her in detail about your goals, and be prepared to share a detailed business plan. A professional banker will be able to explain the various financial options available to you in great detail, and can help you understand what type of loan product may be best for your particular situation.

Bank loan options may include:

• SBA loan program
• Business collateral loan
• Business signature loan
• Secured personal loan
• Home equity line of credit (HELOC)
• Personal loan
• Second mortgage

The Senior Corps of Retired Executives (SCORE) is another outstanding resource for women business owners who are in need of advice about business financing. SCORE volunteers are retired professionals who donate freely of their time and knowledge to help guide entrepreneurs toward the path to success. While they don't have money to lend, they can provide information about lending programs for small business owners and facts about the possibility of obtaining funding via an Angel Investor funding program.

It can also be beneficial to look for information about small business loans for women business owners on websites devoted to woman owned firms and entrepreneurial business growth. Some of the resources you may want to investigate include:

• Inc.com How-to for Women in Business
• SBA Financial Assistance
• SBA Start-Up Finance
• VentureWorthy.com
• WomanOwned.com
• WomensNet.net

There are plenty of online scams, promising access to entrepreneurial grant funding and women's small business loans to those who pay a fee or purchase a program. Don't spend your money on these false promises. You won't likely find out about any funding opportunities that you can't easily learn about on your own. Instead of wasting money on these scams, put your hard earned dollars into your business and invest time researching options on your own using SCORE, your local Small Business Administration office, your lending institution and other resources available to you.

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