The U.S. Small Business Administration (SBA) helps small business owners in a variety of ways. They guarantee a wide range of loan products. Their 504 product is designed to be used for the purchasing and improvement of real estate, machinery, equipment and inventory. They can also assist in the acquisition, expansion and operation of an existing enterprise. The agency also backs working capital loans and revolving lines of credit and supports loans for refinancing existing debts. The SBA is also a big supporter of women business owners who are much more likely to secure SBA guaranteed loans than traditional loans.
In 2012, Montana’s SBA agency guaranteed 76 loans to women-owned businesses that amounted to $15.3 million. Loans for women represented 22% of their total loan portfolio. In 2013, 36 loans have been guaranteed so far; amounting to $10.6 million and representing 19% of total loan portfolio. The SBA has also increased access to government and commercial loan opportunities for women owned small businesses in 300 industries where they are not currently adequately represented.
Women business owners are also able to get assistance from the Montana Women’s Business Center (WBC). The Montana WBC is dedicated to providing counseling, mentoring, training and networking services to businesses owned by women.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to