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Different types of loan for women entrepreneurs

If one takes into account the contribution of businesswomen to the national economy as a whole segment, it is in no way a small one by any yardstick. This sector employs about half of what all private sectors took as on employ, and that is no mean a feat. In 1995, they were responsible for as much as 66% new jobs in the country. However, they have not quite pulled their weight when it comes to the recovery from the recession and the credit hit that was really hard. Women entrepreneurs in this segment have had to work extra hard to arrange credits for their industrial enterprises. A research paper reported that 85% of the 6,793 businesses funded by venture capitalists between 2011 and 2013 had no women executive teams at all.

Small business loans for women
They are two types of lenders. One is the direct lenders who deal directly with their clients. Others are online companies who connect the needy with lending companies who have experts in banking, finance, and industry who help the applicant with their advice. Listed below are few businesses that grant small business loans for women:

  • Key4Women
    Key4Women is a nationwide network of women entrepreneurs are catering to the needs of various business owned by women. Key bank offers small business loans for women with small businesses through Key4Women. Women’s venture fund is a flexible fund for helping first-time women entrepreneurs. The fund managers have experienced experts, who after thorough interaction with the applicant calculate the actual requirement of fund for the business. The experts take into account the number of clients, contracts, sales, and accesses to other sources of resources before arriving at the requirement. The applicant has to apply to the business plan.
  • Women’s Economic Ventures Loan Program
    Women’s Economic Ventures Loan Program is a fund instituted by Women’s Economic Ventures back in 1995 to help businesswomen who do not qualify for regular bank loans to access finances to diversify and expand their small businesses. Funds are available for startups. $1000 to $25000 for startups and $5,000 to $50,000 for expansion is given. Funds can be used to acquire fixed assets, operating expenses or improvement of the business place. Funds attract 10-15 % interest. Application for loans over $5,000 needs a business plan and get Loan Committee approval.
  • Wells Fargo
    Wells Fargo is a leading lender of small business loans for women-owned businesses. Their loans come as credit line or loans both to startups and running enterprises. Resources can be used for purchasing equipment, expansion or remodeling of the business. To become eligible the company should be at least be operated and controlled by 51% female individuals who are US citizens.
  • PNC
    PNC Financial Services is another financial solutions provider who is focused in the requirements of small businesses owned by women. They have quite a number of trained women business advocates who interact and work closely with the applicants. Term loans, with interest fixed for the term, can be used to acquire assets or specific financing needs. The loans can be unsecured or secured against collaterals. One has to apply giving the basic information of the enterprise and check the eligibility criteria of the specific product one wishes to buy.
  • Lendrin
    Lendrin is typical online aggregators of lenders who have a variety of loan products. The company has experienced experts in the fields of banking, finance and technology offer their help to the borrowers. The applicant has to fill in a questionnaire along the application to help the experts arrive at the type of loan product that meets the requirement best. A specialist called a successor manager will help the applicant to choose the ideal loan product. Money is paid into one’s bank within 24 to 48 hours after the approval of the loan. Lendrin offers transparent terms and pricing, find the lowest rates among their lenders, long-term relationship and free resources. Their products are term loans, working capital, equipment financing, a business line of credit, unsecured business loans, bad credit loans, invoice financing and merchant cash advance.
  • Top Mark Funding
    Top Mark Funding is a Better Business Bureau, A rated company who offer low-cost loans to the small business segment. The company has experts called Funding Managers to get the right fund for one’s business. The company has a No Obligation quote to be filled in. On submitting the form, a business funding manager would contact the applicant and interact with the applicant to understand the details of the venture, the applicant’s special needs and work on getting the best-suited loan product. The company offers loans like working capital loans, merchant cash advance, a business line of credit, etc. The lowest starting AIR is 5.99%

Obtaining small business loans for women today is easier than it was earlier. There are lenders dedicated to helping women entrepreneurs with loans for their small businesses. Many of them go beyond simply sanctioning a loan. These enterprises walk the applicant through the implementation of the schemes for which loans have been sanctioned. Another development in online aggregators of lenders of quality is that while the aggregator himself has competent experts to help the borrowers chart a successful course.

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