Small Business Funding for Women-owned Companies

Small Business Funding for Women-owned Companies

  • June 11, 2021
  • Written by : Elizabeth Beall

Man, are we happy to be coming out of one of the hardest times for businesses yet to date?

We can all finally see the tip of the iceberg, but we can’t ignore the still-in-existence struggles and limitations of owning a business during a lingering pandemic.

As more business owners continue to push through barriers, both from common operational and financial limitations and from the pandemic itself, we are beginning to realize the significance of women-owned businesses.

According to WBENC, or Women’s Business Enterprise National Council, research from 2018 to now, 40% of businesses in the US are women-owned, accounting for 12.3 million in total. That means that women alone are generating $1.8 trillion per year in annual revenue.

Some of these women-owned businesses have been a project in the making for years, some began in the comfort of their households during the pandemic, and others are a newly sought venture as we close on this worldwide crisis.

No matter the reason to begin, there is a reason to continue, and that is why the SBA, or Small Business Administration, along with many lenders including us, want to provide ongoing financial support and resources for the thousands of women who help our country prosper.

What kind of funding is available for women?

According to the U.S. Small Business Administration, they help women entrepreneurs launch new businesses and compete in the marketplace, by providing training and funding opportunities specifically for women. Funding is by approval only, yes, but it does not exclude women for any purpose.

So long as you have a reputable financial history and a strategic plan as to how you will pay back the funds, you are a strong candidate in the perspective of any lender, including us. With this being said, you are eligible for any kind of funding that makes sense for your business and industry.

If you’d like to apply for funding for your women-owned business, see here.

How does women-owned business funding work?

Women-owned business financing is not any different from those that are male-owned or led. If you need further assistance in determining the best funding option for your business, please let us know.

Also, OWBO, or the Office of Women’s Business Ownership helps to ensure women entrepreneurs have access to capital and credit, and other helpful resources such as training, counseling, and federal contracts. This group may be an excellent source of information for you as well.

Remember, reaching out for a helping hand doesn’t set you back, it catapults you toward higher success.

How to get women-owned business funding

As with other forms of funding, you will need to first secure a lender of your choosing; we recommend someone who is trustworthy and understands your market (hint: that might be us. Get in touch with a financial rep.).

Next, you’ll decide the right type of funding for your business. This will depend on your eligibility and ability to meet said lenders’ qualifications, and in some cases, to provide collateral.

Lastly, you will submit your funding application and await approval. With us, it will take less than 24 hours. Ready for funding now?

FAQ for Funding for Woman-Owned Business

How do I qualify for funding for my woman-owned business?

To acquire small business funding with us, we typically look for the following qualifications: $100,000 minimum annual revenue, 3+ years in business, 650+ credit score, 145+ business score, and no bankruptcies, outstanding liens, or judgments.

Can I receive funding if I am starting a women-owned business?

Most lenders these days will require you to have been in business and in good financial standing for a number of years, some shorter or longer than others. Overall, however, there are some forms of funding that could still benefit your business. Beyond this, a capital investor or a friend or family member may be a good idea as well.

If you’d like to speak to one of our financial experts, we’d be happy to help you determine which type of funding is best for your business.

What documents do I need for funding my woman-owned business?

When you apply for funding for your business with us, you’ll need to submit a few documents: completed application, 3 months of business bank statements, 3 years of business tax returns, 3 years of personal tax returns, business profit and loss statements, and your business balance sheet.

What qualifies as a woman-owned small business?

According to APTAC, to qualify as women-owned, you must meet the following requirements:

  • Considered small as defined by the most-recent NAICS code
  • Be at least 51% directly owned and controlled by one or more women who are U.S. citizens

Where can I get certified as a women-owned small business?

One option for getting certified is the business we mentioned above, APTAC, or the Association of Procurement Technical Assistance Centers.

Whether you are just starting out on your new business venture or gaining traction on your already-successful business, we’d love to support you.

We may be a financial team of male cousins, but we have amazing wives, friends, and family that we’ve helped before.

Apply for funding for your women-led business today.

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