Top Loan Sources For Women With Bad Credit
Women have a distinct advantage over men when it comes to sourcing small business loans. The microfinance sector has a number of women focused organizations who are eager and willing to lend to women entrepreneurs in need of small business loans. These organizations will overlook disadvantages such as bad credit and lack of collateral to help these women. Not only do they provide the money for their businesses, they also often give training. This is a very useful approach that helps give basic business education to women entrepreneurs at no cost at all and therefore improves their chances of success.
SBA loans are another good option for women with good business ideas. With a well prepared business proposal and having already been declined for a loan by a mainstream bank, these women can then apply through a variety of financial institutions for SBA loans. Many peer to peer lenders also have a focus on women entrepreneurs. This is a great source for small business loans for bad credit as there will essentially be competition to offer funding if the business proposal is really good. When you upload the proposal details you can expect multiple offers and can determine which offers the best terms of repayment. Certain peer to peer lenders also take an active role in helping the entrepreneur to establish or expand the business. It can be a more informal approach to business training and networking.
Angel and venture capital investors are another choice but given the large sums of money involved tend to not focus on gender, but rather the potential of the business idea. The key to encouraging such lenders to make an investment is to ensure you prepare a very good business proposal that indicates strong profit potential that will see them recoup their investment quickly. Like peer to peer lenders these investors are also very helpful in networking.