The number of female entrepreneurs across the world, and particularly in North America, has increased enormously over the past few years. That, however, is in no thanks to the amount of women small business loans that have become available. Women might act and think differently than men when it comes to running their business, but they have proven equally as successful in the long run. The only tricky part comes in raising the capital to get the idea off the ground. Read on to find out how to make the most of the available sources of financing.
Banks across American have proven largely unreceptive to women’s requests for financing. Indeed, across the board, men are given the disproportionate upper hand when it comes to receiving loans from banks. That happens for a number of different reasons. For instance, women may not have been in the workforce as long because they took time off from their career to look after their children. They thus might not have the financial credit they need to qualify, or the experience. But as governments begin to realize that trend, they have started to do something about it.
Women are a valuable segment of the entrepreneurial class and they, too, need to be supported in their quest for business success. That is why the U.S. Small Business Administration is now offering a number of services and programs aimed specifically at female small business owners.
One of the services offered by the SBA is the Online Women’s Business Centre. As well as serving as a directory on where to find women small business loans, it also offers general advice on starting up a business. There are even special support sections for women with disabilities or young women.
The SBA has local offices throughout the U.S. where women entrepreneurs can go and speak to representatives for one-on-one advice. These are not only experienced businesswomen with years of expertise in their field, but they are also women who have gone down the same path as you years before. They found the financing to get where they are today and they’re there to make sure you do too. It’s out there; you just need to know where to look.
In Canada, there are a number of programs that offer small business loans to women and women-owned businesses. For instance, the Business Development Bank of Canada gives out $25 million annually to women entrepreneurs who want to startup or expand outside of Canada. There are also a number of local initiatives, such as the AFER Program for Women in Rural Communities, which gives up to $3000 to women entrepreneurs starting up their ventures in rural Quebec.
Female entrepreneurs face a much harder time finding the financing they need for their businesses than do men. Women small business loans are out there, but they are most definitely few and far between. Do your homework and don’t give up. Once you get the capital you need, you’ll be off and running and you’ll never have to look back!
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