We are in a new age! In today’s changing economy, women are making a name for themselves as entrepreneurs, thanks to small business loans for women. For many of you women, the dream to own a business is just the beginning. Small businesses for women is a rapidly growing segment of the economy with increased competition. Being successful requires patience, dedication and hard work, but most importantly, the financial reserves to set the wheels in motion. The financial part can seem like the real overwhelming aspect of it all.
According to the National Women’s Business Council (NWBC), there were 7.8 million businesses owned by women in America in 2007. Of these, about 11.7% employ full-time workers, generating average annual receipts of over $1 million. The total revenue generated by all the women-owned businesses across the country (not considering farm-based business) has increased to $1.2 trillion. Women-owned businesses make up about 52% of all the businesses in the social and healthcare assistance arena.
Starting a business requires balancing your family and/or personal budget with a new, often larger budget for your business. Procuring a small business loan is pivotal to most businesses’ success. The Office of Women’s Business Owners sets out rules that are mostly the same for every loan or grant: you’ll need a good business credit report with any of the three business reporting agencies, and a solid business plan that instills confidence in the lender.
In order to help women, various organizations operate day and night, with the total purpose of helping women realize their dreams and ambitions. Moreover, these organizations provide complete information regarding various loan programs, and how to apply for them:
- NWBC – a non-partisan federal advisory council created to serve as an independent source of advice and policy recommendation to the president, Congress, and the U.S. Small Business Administration on economic issues of importance to women business owners.
- Gateway for Women-owned Businesses Selling to the Government – an organization to target the five specific stages that a woman business owner should go through as she begins to explore whether the federal government is the right customer for her.
- SCORE – connects entrepreneurs with mentors to help you build your business with free business advice.
It really does not matter what business venture you head for, it is going to require you to be well informed about the competition. That will include, but not limited to, the number of similar ventures established, their success-to-failure ratio, etc. The way to convince lenders who provide small business loans for women is by showing them that you possess the drive to overcome adversity. You can win in this area by keeping up that fighting spirit. Drive matters! Remember that there always is a way!