It’s no surprise that women face unique challenges when trying to get approved for business funding. Are you a woman having a difficult time in the business world? What business financing options do you have? Keep on reading this article and you’ll know.
Business Funding for Women
More and more women entrepreneurs are starting and growing businesses in the US. However, research in the field shows that it’s tougher for women-owned businesses to obtain outside funding as compared to men. So, what choices do women entrepreneurs have?
- Merchant Cash Advance (MCA)
Unlike traditional business loans, a merchant cash advance is the best alternative to small business loans for women. An MCA is easy to qualify for and simple to obtain. Cash advances are ideal for those who need quick access to working capital. In fact, an MCA isn’t a loan: it’s simply a sale.
You get a certain amount of money from the MCA provider. Then, the merchant cash advance is being paid back by taking a small percentage of your daily revenue from cash/credit card sales.
All woman-owned businesses can benefit from a merchant cash advance to a great extent. So, it can be great both for a hair salon and beauty parlor, childcare and daycare facilities, event planning and catering companies, a creative consulting company, and more.
Only, you should find a reputable MCA provider to work with. Consider turning to First American Merchant, an award-winning business funding provider. FirstAmericanMerchant.com specializes in the high risk space and offers unique business funding opportunities to merchants of any type and size. The rates are the lowest in the industry.
- Business Funding from Online Lenders
Working with alternative online lenders like First American Merchant (FAM) is great for getting an online loan. If you need to jump on an opportunity quickly, this is the right option for you. You can get your small business funding within days.
- Business Lines of Credit
With a business line of credit, you can enjoy flexibility. This is a way to get access to a specific amount of money, without the need to use all of it. You only pay interest on the funds drawn. As soon as you’ve paid back the amount drawn, your credit line will go back up to its original amount.
- Term Loans
Term loans are another option to try. You borrow an amount of money that’s paid back with interest during a certain period of time.
- Microloans for Female Entrepreneurs
If you’re looking for small business financing to jump start your business, you can apply for a microloan for entrepreneurs. Even a few thousand dollars can be of great help in certain cases. They can help you obtain essential supplies and inventory, for example.
To avoid rocks on your way, apply for the right type of business financing for female entrepreneurs. Access to funding for your business shouldn’t be a struggle!