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BizReport : Internet : July 10, 2019

Discover the Institutions That Help Women Entrepreneurs Thrive

Women have taken the entrepreneurial field by storm, and if current statistics are anything to go by, this trend is going to continue in the future. Aside from earning a steady income for their families, women entrepreneurs have created numerous job opportunities.

by BizReport

While women seem unstoppable as far as following their dreams is concerned, many who have the dream of becoming entrepreneurs usually struggle when it comes to financing.

Fortunately, platforms that offer small business loans for women have come up to provide much-needed finances women need to start and grow their businesses.

Whether you want to get an online loan, or are thinking of applying for a grant, be on the lookout for products designed specifically for women.

Online Loans

In the past two decades, traditional banking institutions have not been friendly to budding entrepreneurs. Most of these institutions have strict loan application procedures, and the terms are not as friendly for small business.

According to a study by Dun & Bradstreet, over 70% of the women applying for loans in banks did not get the funding they so much needed to grow their businesses. Fortunately, other financiers have been particularly receptive to women entrepreneurs.

Online loans can be a great alternative to banks since they are more flexible and willing to consider the needs of women-owned small businesses.

Online lenders have different loan products for entrepreneurs. Some online lenders have attractive small loans packages for women entrepreneurs.

Grants for women

Besides small business loans, there are grants that target women entrepreneurs. Women with great ideas may apply for these grants and those who qualify to get the much-needed funds to start or expand their ventures.

Grants, unlike loans, don't need to be repaid. Even though there are not as many grants that are accessible to women entrepreneurs, you can benefit from these if you have a great business idea and can prove that your business will be beneficial to your community.

Such grants include the ones offered by InnovateHER Challenge and the Open Meadows Foundation.

InnovateHer Challenge

This annual challenge sponsored by SBA awards a total of $70,000 to 3 outstanding women entrepreneurs. The challenge encourages participation by women throughout the country. Aside from funding women, this challenge also makes it possible for budding entrepreneurs to mingle and share ideas.

Open Meadows Foundation

Open Meadows Foundation tends to help small organizations and start-ups. This foundation offers grants under $2000 to projects that promote racial, religious, economic or gender equality, especially amongst women and girls. The foundation's main objective is to change the wold through the empowerment of women that seek a more equal society.

To qualify for the Open Meadows Foundation grant, the budget of the project you use to applicate must not exceed $75,000.

You are not alone

It is clear that there are many small business loans and grants for women available both online and offline.

Whether you are looking for money to help you expand or start your business, there are many loan products, with favorable terms, that you can access.

So don't wait any more time, search for the financial help that your small business needs and reach success!


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