How to get a business loan for women?

[jampbell]

For all of the women business owners, how did you go about obtaining a loan or financing your business?
Actually, I want to start the Spa Business. Did you go to a bank or a venture capitalist? Did you have to come up with a substantial down payment? Did you buy an existing business or build one from the ground up?
Any advice would be greatly appreciated.

[rbetowe]

My advice is to build it piece by piece and pay cash as you go along. I have no debt and am able to weather the slow times much better than if I had a big debt hanging over my head. I didn't take any kind of loan or fill up credit cards or anything of that nature to get started. My business has grown from what I had already bought built and learned through my life experiences before starting it.

[beetee]

For all of the women business owners, how did you go about obtaining a loan or financing your business?
Actually, I want to start the Spa Business. Did you go to a bank or a venture capitalist? Did you have to come up with a substantial down payment? Did you buy an existing business or build one from the ground up?
Any advice would be greatly appreciated.

Hello, I am a multiple business owner and not stopping. I will soon add brick and mortar and have the funding pieces in place. First, how is your credit score? Second, how much funding? Third, do you have a business plan and projections? These are typical questions.

Yes think if you want to buy an existing franchise or a motivated seller. I would not reinvent the wheel. Take over a client base. It would be better for you to obtain funding if you have a turnkey operation generating income with a great score.

Depending on how much you need depends on who would be your investor. Or have a line of credit. Since you will have clients - that is better for your investor and you can get a private loan. This could be 10% down with decent terms. Will there be a payoff or balloon? Or buyout?

Hope that helps a bit. Start with your score and start viewing existing spas.

[SkyWriting]

For all of the women business owners, how did you go about obtaining a loan or financing your business?

Pretty similar to male owners.

[GPS153]

Lenders will lend to anyone regardless of your gender. They only focus on the lender's three pillars - Credit/Collateral/Cash Flow.

[gfunding]

I have alternative lenders that lend to business startups. If interested for more information, I can be reached at: info@gleavesfunding.com

[CapitalBoost]

A recent study showed that women start businesses with less capital than men and also find it difficult to secure capital for their business growth. The best way to fund your business is to apply a small business loan from a non-financial lender with your business plans. These lenders eligibility criteria are simple and are fast to respond on how much funding they can help you on.

To check if your business qualifies for a small business loan, see if the below mentioned basic criteria is met. If so, then you can approach any lender or intermediary to apply for a loan.

1. You need to have an active Australian Business Number (ABN)
2. Your business needs to be more than 6 months old
3. Your minimum average monthly turnover must exceed $5000
4. You must have a decent credit score.

If the above criteria is met, you can apply for an unsecured business loan (https://capitalboost.com.au/product/unsecured-business-loan) with any of the key lenders in Australia. Alternately, if you are unsure which lender will be best suited for your business and who offers the best rates, you can go to an intermediary (or business loan broker) like Capital Boost who will evaluate your business and match you to a lender based on the health of your business. This saves you time and effort while ensuring a higher chance of approval without affecting your credit score.

For more understanding read - https://capitalboost.com.au/blog/small-business-loans-for-women-entrepreneurs-in-australia-blog

[MElanie0147]

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--Melanie contact johnpattersonhelps@gmail.com

[3M Safety Glasses]

Hi,Generally, small business loans for women can fall into one of four categories:

Small Business Administration (SBA) loans.
Bank and credit union small business loans.
Business loans from online lenders.
Microloans.