Women-owned businesses are experiencing rapid growth and have become a vital part of the U.S. economy. Despite this progress, many female entrepreneurs still face challenges when trying to secure financing. These challenges may include limited access to traditional financing, lack of collateral, or a shorter business history compared to their male counterparts.
In response, lenders and organizations have developed loan programs specifically designed to support female entrepreneurs. For example, the SBA has complied resources specifically designed to aid women owned entrepreneurs. Additionally, SBA loans are designed to bridge the funding gap for small businesses by providing essential funding to help women grow their businesses, scale operations, and achieve their entrepreneurial dreams.
Women Ownership Statistics:
Over the past decade, women-owned businesses have grown significantly. Today, women own 12.3 million businesses, employing 10.7 million Americans. These figures underscore the immense impact women entrepreneurs have on the economy and the lives of millions of Americans each year.
SBA 7(a) Loans for Women-Owned Businesses
The SBA 7(a) loan is a powerful resource for women-owned businesses, offering affordable capital for growth and working capital needs. It provides flexible financing options, longer repayment terms, and lower down payments compared to traditional loans. Entrepreneurs can use these loans to pay utilities, hire staff, expand into new markets, or refinance debt while maintaining better cash flow.
The national average of approved SBA 7(a) loans for women-owned businesses varies across lenders. At NEWITY, we are committed to supporting underserved groups, including women entrepreneurs.
Benefits of the SBA 7(a) Loan:
- Flexible Use of Funds: Funds can be used for a variety of business needs, including working capital, equipment, and debt refinancing.
- No Down Payments: When you apply through NEWITY, there are no down payments required.
- Longer Repayment Terms: Extended repayment terms help businesses manage cash flow more effectively.
- Competitive Interest Rates: Typically offers lower interest rates than conventional loans, reducing the cost of borrowing.
- No Collateral for Smaller Loans: Loans up to $50,000 may not require collateral, providing flexibility for smaller businesses.
At NEWITY, we offer access to SBA 7(a) loans of up to $500,000. Our streamlined application process allows you to discover how much you’re eligible to receive in less than 10 minutes—without impacting your credit score!
