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The number of women owned businesses has increased by 58% since 2007. A 2018 report from the Women’s Business Enterprise National Council (WBENC) reports that there are 12.3 million women-owned businesses in the US. Although this number may seem staggering, in comparison to the overall workforce, these businesses only make up 21% of all employer-owned businesses. That being said, everyone can agree that this number is going to continue to rise in the coming years.

Of the 12.3 million women-owned businesses, 99.9% of these are considered small businesses. It’s important for women looking to open a business or who are already running their own business to know what options and support are available to them. This includes funding options like small business loans for women-owned businesses, as well as several organizations to help assist and guide women who are building their own business.

Types of SBA loans

When your business is ready to apply for a loan, there are a variety of small business loans available. Banks feel more confident with small business loans because these loans come with a government guarantee, making it less risky for the lender. Another factor to consider is becoming a certified woman-owned business. These small business loans are generally at a lower interest rate (4-9.5%) and are based on a longer term of seven or more years.

Three types of SBA loans:

  • SBA 504 – This loan helps existing small businesses by having a smaller down payment, longer loan terms and fixed interest rates. These loans are used to acquire new land, buy new or upgrade equipment or make renovations to existing offices. Your business must have a net worth less than $15 million and a net profit (after taxes) of $5 million.
  • SBA Microloan Program – The main purpose of the microloan program is to provide capital to existing businesses that need some cash flow. These loans are smaller with loan amounts topping off at $50,000.
  • SBA 7(a) loan – This loan type gives small businesses working capital up to $5 million. These loans can be used to purchase real estate, buy machinery, buy a franchise or even refinance an existing debt.

There are other types of SBA loans for women-owned businesses. Growth Capital also offers loan programs specifically for small businesses in Ohio with its Ohio Regional 166 Program, as well as the Community Advantage loan program.

Organizations supporting women entrepreneurs

There are several organizations that help support women entrepreneurs, whether it’s through funding, business advice, continuing education or networking, these groups are here to help and can be a helpful resource to your business. The government also offers federal contracts through the U.S. Small Business Administration.

Women’s Business Support Groups:

  • National Association of Women Business Owners (NAWBO):  providing resources, advocacy and support to other women in business.
  • Women’s Business Enterprise National Council (WBENC): a nonprofit organization that offers programming, events, advocacy, and certifications to woman-owned businesses.
  • National Women’s Business Council (NWBC): a government council that advises government officials on issues related to women entrepreneurs.

Check for  local chapters of more support groups for women in business. You may consider getting certified as a woman-owned business. This has several benefits including business opportunities, as well as the possibility of federal funding.

Start growing today

Growth Capital supports women-owned businesses. Discover how we can help your business achieve its goals through our loan expertise and knowledge.

Contact our loan experts today at (216) 592-2332 or online.

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