The business world is still a somewhat male-dominated one, but this is very rapidly changing. More and more women-owned small businesses are emerging every year. But the fact remains: females still are offered fewer small business loans than men are.
Read on for some tips that women can follow when looking to secure small business financing:
1. Have a Voice in the Community
Establish yourself as an influential member in your local business community. Support local small businesses, and seek out support groups and development centers where you can meet other entrepreneurs. Professional relationships can make a world of difference, especially in a smaller community.
2. Keep Financial Information Neat and Organized
If you’re going to apply for a loan, you’ll need lots of financial documentation: tax statements, pay stubs, credit history, and much more. Look through all those documents and ensure there are no calculation errors or typos.
3. Be Specific in Your Requests
As a possible borrower, you must be able to explain to a lender the exact amount you’ll need, and how you will use it. Vague requests give the impression that you didn’t do the proper financial planning. This raises red flags about whether or not you’ll be able to repay the money later on. Instead, show lenders that you will produce results with this money.
4. Know Your Goals
It’s good to have short-term goals and long-term goals for your small business. You should communicate these in your business plan and to the lender, to prove that you know what you’re doing, and that you’re clear in your goals.
Need help securing financing? The experts at Biz2credit can help you obtain all types of funding, including small business loans, cash advances, and lines of credit.