Business Loans for Women
At Biz2Credit, borrowers complete one application to get matched with multiple custom loan products ranging from $500 to $15 million.
Women business owners continue to face unique challenges when seeking financing. Small business loan approval rates are 15-20% lower for women-owned companies than they are for businesses owned by men (Biz2Credit Analysis of Women-Owned Businesses). Additionally, revenue and credit scores are lower and operating costs are higher for women.
Despite these challenges, the number of businesses owned by women continues to grow. More than 8.3 million businesses - or 29% of all enterprises - are owned by women (Source: American Express Report on Women-Owned Businesses). Women employ 5.5 million employees and are one of the fastest growing segments of the small business community.
With the many Biz2Credit custom financing options, we are dedicated to helping women grow their businesses. Our platform is connected to a network of over 1,200 lenders and partners. We have relationships with many different types of lending institutions that are ideally suited to issue small business loans to women. These lenders range from traditional banks with loan programs for women business owners to the SBA and community microlenders.
A History of Success
We have helped hundreds of women secure financing to pay off unwanted debt, improve or expand their business, purchase inventory and equipment, meet seasonality challenges, and fund operating expenses. Here are some of the nice things our customers are saying about us:
Nisha Khanna, Owner of Sweet & Sassy Salon franchise in Old Bridge, New Jersey said: "With the funding I got through Biz2Credit, I was able to build my store, get inventory in here, and train my staff. Of course I would recommend Biz2Credit. They were very easy to work with and the process was seamless. They find the best banks to work with you." Watch Nisha's customer story here.
Sanjyot Dunung, CEO of Atma Global in New York City said: "Biz2Credit knows the credit marketplace and understood our high caliber clients. We have done our initial funding and now looking at expansion. Biz2Credit is very efficient and easy to work with. They are very professional, and they know their business." Read Sanjyot's customer story here.
Our dedicated loan specialists are here to walk applicants through each step of the business loan application process. We regularly help women entrepreneurs write their business plans, complete all required applications and paperwork, and even offer suggestions to improve credit. We compare the terms and rates of each available loan product to help all women business owners make educated decisions about their financing options.
Facts and Figures About Small Business Loans and Women owned Business
1. Small Businesses:
- Generally counted as firms with fewer than 500 employees
- Represent 99% of all employer firms
- Provide jobs for over half of the nation's private workforce and have generated nearly two-thirds of the new jobs over the past 15 years
- Pay 44% of total U.S. private payroll and comprise 97% of all U.S. exporters (source: SBA Office of Advocacy's Research and Statistics)
2. Women-Owned Small Businesses:
- Nearly one-quarter of new registrants on Biz2Credit were women-owned businesses
- More than 8.3 million businesses -- or 29% of all businesses -- are now owned by women.
(Source: American Express OPEN State of Women-Owned Businesses Report.)
- Women-owned businesses in the U.S. employ 40% more people than the top three employers
(McDonald's, IBM and Wal*Mart) combined (source: American Express OPEN State of Women-Owned Businesses Report.)
Between 1997 and 2012, the number of women-owned businesses grew at a pace that was 1.5 times the national average
(source: American Express OPEN State of Women-Owned Businesses Report.)
- The three states with the largest number of women-owned businesses in 2007 were California, Texas, and New York. The three cities with the largest number of women-owned businesses in 2007 were New York City (305,145), LA (136,626) and Chicago (92,132).
(source: U.S. Census Bureau's Survey of Business Owners, Dec. 7,2010)
- The Small Business Administration (SBA) offers a number of resources to women entrepreneurs:
3. Small Business Lending Statistics:
- Small business lending is a $1 billion market in the U.S. (source: SBA)
- It typically takes business owners 5-6 months to get a loan (source: banking industry data)
- Small business owners typically go to 5 or 6 banks before they are able to secure some type of financing (source: Biz2Credit research)
- According to industry sources, business owners spend anywhere from $2,000 - $20,000 to get loans -- either on their own through business brokers -- and are often rejected by banks
4. Bank Statistics:
- Big banks -- institutions with $10 billion+ in assets -- reject about 8 out of 10 the loan applications they get (source: Biz2Credit Small Business Lending Index)
- Community banks, regional banks, and other smaller lenders typically approve about half of the small business loan applications they receive (Biz2Credit Small Business Lending Index).
- Banks spend an estimated 9-10% of their small business lending revenue to acquire new small business customers (source: industry reports)
- Business borrowers pay about 1% in loan processing fees (source: industry reports)
5. Biz2Credit Statistics:
- It typically takes business owners 3-4 weeks to get a loan through Biz2Credit
- After having been initially rejected for loans, 40% of the small business owners who use Biz2Credit's BizAnalyzer to increase their credit scores and improve their chance of getting a loan are able to secure funding within 3-4 months. The statistics are similar for business loans for women.
- Business borrowers get 1-3% lower interest rates through Biz2Credit
- Businesses secure funding at a 74% approval rate when they use Biz2Credit case managers