Women are opening more businesses than ever before and Small Business Administration (SBA) loans for women make it easier to get started without a lot of cash. Many of the new entrepreneurs are moms who want to add to their family income but don’t have a lot of money to invest in starting a business or women with day jobs who just don’t have time to go to a bank and get a traditional loan.
SBA loans are relatively easy to obtain and offer many advantages over traditional loans. If you have a low credit score, you can still be approved for a business loan through your businesses tax identification number. This will help your business build up a credit history so that future loans are easier to obtain. Once you are approved, the money will be sent to your bank account in a matter of days, not weeks or even months – as some traditional loans take to be processed. You can work with your lender to set your own repayment terms and not be locked into a strict repayment plan. There are no prepayment penalties, so if you have an excellent month and want to pay off your entire loan, you won’t be charged extra fees just for being successful. When you need more working capital to further expand your business, the reapplication process is simple and will be processed even faster. Finally, SBA loans are a great choice because they lessen your liability since they are backed by the SBA.
Simple Online Application
Women can apply for a small business loan online in just minutes. Simply fill out a short, one-page application which will be looked at and given a decision within 48 hours. Then, wait seven to 14 business days to receive the funds in your businesses checking account. During this time, you can finalize the repayment terms with the lender and get your business up and running. As you repay the loan, you’ll be helping your business build credit which will help when you want to rent or buy property or get a small business credit card.
Don’t put your dreams on hold any longer, apply for your SBA loan today and start working for yourself.