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Thread: How to get a business loan for women?

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    Default How to get a business loan for women?

    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.

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    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.

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    Hi jampbell,

    Although I'm not a female business owner, I do acknowledge the importance of your question. For the majority of its existence, the lending industry has been prone to the negative impact of human prejudices and biases.

    The short answer to your question: Lending Express provides extremely useful services that eliminate prejudices and biases from the equation, and help all small business owners (women included) improve their odds of getting approved for business financing.

    The more detailed answer: Those biases apply to gender, race, ethnicity, age, and basically whatever category a person (or lending institution) can hold judgement against. The unfortunate truth is that 82% of small businesses in the U.S. that apply for financing through their bank are rejected (particularly startups). More relevant to your question though: research shows that almost 70% of women who seek business funding are denied. And while we don't have direct statistics to support it, it's pretty safe to assume that a large amount of those rejections are the result of human prejudice. How can we make such an assumption?

    When you compare the approval rates of small business loan applications through traditional lenders like banks to the approval rates of applying through alternative lending platforms, such as Lending Express, the difference is clear as day. Online lenders present advantages to small businesses in search of financing that traditional loan providers simply don't. One of those advantages is gender-blind lending. The online application never requests your gender, your ethnicity, nor any other type of personal demographic information that may impact the chances of approval (your birth date is requested only for legal purposes, as applicants must be legal adults of at least 18 years of age). You can apply for business funding through Lending Express for free, and it won't even impact your credit score!

    By keeping those pieces of information out of the equation, Lending Express effectively provides a service that improves the odds of all small business loan applicants getting approved. Finally, steps are being taken to level the playing field for female entrepreneurs!

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    Quote Originally Posted by jampbell View Post
    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.

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