Best Small-Business Loans for Women
Best Small-Business Loans for Women
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SBA 7(a) loan
Best for businesses that can’t qualify for bank financing
Max loan amount
$5,000,000
Min. credit score
650
Est. APR
10.50-14.00%
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Collateral is typically required.
- Longer processing times than online lenders.
SBA 7(a) loan
Best for businesses that can’t qualify for bank financing
Max loan amount
$5,000,000
Min. credit score
650
Est. APR
10.50-14.00%
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Collateral is typically required.
- Longer processing times than online lenders.
Max loan amount
$1,500,000
Min. credit score
570
Pros
- Cash can be available quickly.
- Get a discount for prepaying.
- No collateral required.
- Low minimum credit score requirement.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Can’t build business credit.
- Longest loan term is 18 months.
- Charges an origination fee.
Fora Financial - Online term loan
Best for bad credit
Max loan amount
$1,500,000
Min. credit score
570
Pros
- Cash can be available quickly.
- Get a discount for prepaying.
- No collateral required.
- Low minimum credit score requirement.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Can’t build business credit.
- Longest loan term is 18 months.
- Charges an origination fee.
SBA microloan
Best for microloans
Max loan amount
$50,000
Min. credit score
620
Est. APR
8.00-13.00%
Pros
- Can be used for a variety of funding purposes.
- Designed to finance traditionally underserved businesses.
- Startups and business owners with bad credit may be able to qualify.
- Competitive interest rates, low fees and long repayment terms.
- Intermediaries typically offer business training and educational resources.
Cons
- Loan amounts max out at $50,000.
- Can’t be used to pay existing debt or purchase real estate.
- Collateral is likely required.
- Slow funding timeline.
SBA microloan
Best for microloans
Max loan amount
$50,000
Min. credit score
620
Est. APR
8.00-13.00%
Pros
- Can be used for a variety of funding purposes.
- Designed to finance traditionally underserved businesses.
- Startups and business owners with bad credit may be able to qualify.
- Competitive interest rates, low fees and long repayment terms.
- Intermediaries typically offer business training and educational resources.
Cons
- Loan amounts max out at $50,000.
- Can’t be used to pay existing debt or purchase real estate.
- Collateral is likely required.
- Slow funding timeline.
Giggle Finance - Merchant cash advance
Best for working capital
Max loan amount
$10,000
Min. credit score
300
Pros
- No minimum credit score requirement.
- Same-day funding available.
- Specifically designed for freelancers and self-employed individuals.
Cons
- Funding maxes out at $10,000 ($20,000 for repeat customers).
- Factor rate and fee information not available on website.
- Charges an origination fee.
Giggle Finance - Merchant cash advance
Best for working capital
Max loan amount
$10,000
Min. credit score
300
Pros
- No minimum credit score requirement.
- Same-day funding available.
- Specifically designed for freelancers and self-employed individuals.
Cons
- Funding maxes out at $10,000 ($20,000 for repeat customers).
- Factor rate and fee information not available on website.
- Charges an origination fee.
Max loan amount
$100,000
Min. credit score
625
Est. APR
35.00-80.00%
Pros
- Flexible qualification requirements.
- No prepayment penalties.
- Funds available by next business day after approval.
Cons
- Most borrowers are subject to a 2% draw fee.
- Not available in all U.S. states.
Headway Capital - Line of credit
Best for startups
Max loan amount
$100,000
Min. credit score
625
Est. APR
35.00-80.00%
Pros
- Flexible qualification requirements.
- No prepayment penalties.
- Funds available by next business day after approval.
Cons
- Most borrowers are subject to a 2% draw fee.
- Not available in all U.S. states.
Max loan amount
$150,000
Min. credit score
600
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
National Funding - Equipment financing
Best for equipment loans
Max loan amount
$150,000
Min. credit score
600
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
Bank of America Business Advantage Unsecured Term Loan
Best for established women-owned businesses
Max loan amount
Undisclosed
Min. credit score
700
Pros
- Bank loan with competitive interest rates.
- No collateral required.
- Bank of America’s Preferred Rewards program can offer interest rate discounts and other perks.
Cons
- Can be slow to fund.
- Prepayment fees may apply to early repayments.
- Must be an existing Bank of America customer to apply online.
- Charges an origination fee.
Bank of America Business Advantage Unsecured Term Loan
Best for established women-owned businesses
Max loan amount
Undisclosed
Min. credit score
700
Pros
- Bank loan with competitive interest rates.
- No collateral required.
- Bank of America’s Preferred Rewards program can offer interest rate discounts and other perks.
Cons
- Can be slow to fund.
- Prepayment fees may apply to early repayments.
- Must be an existing Bank of America customer to apply online.
- Charges an origination fee.
Max loan amount
$250,000
Min. credit score
600
Est. APR
8.49-24.99%
Pros
- Loan amounts from $5,000 to $250,000.
- Customized loan terms.
- No prepayment penalty.
Cons
- Slower processing speed compared with online lenders.
- Charges an origination fee.
- Not available in all U.S. states.
Accion Opportunity Fund Small Business Working Capital Loan
Best for minority women
Max loan amount
$250,000
Min. credit score
600
Est. APR
8.49-24.99%
Pros
- Loan amounts from $5,000 to $250,000.
- Customized loan terms.
- No prepayment penalty.
Cons
- Slower processing speed compared with online lenders.
- Charges an origination fee.
- Not available in all U.S. states.
Huntington National Bank Lift Local Business Program
Best for women veterans
Max loan amount
$150,000
Min. credit score
Undisclosed
Pros
- Loans starting as low as $1,000.
- No origination fees.
- SBA loans offered with SBA fees paid by Huntington.
- Free financial entrepreneurial courses.
Cons
- Low maximum loan amounts.
- Program only available in certain U.S. states.
- Limited information on terms and fees available online.
Huntington National Bank Lift Local Business Program
Best for women veterans
Max loan amount
$150,000
Min. credit score
Undisclosed
Pros
- Loans starting as low as $1,000.
- No origination fees.
- SBA loans offered with SBA fees paid by Huntington.
- Free financial entrepreneurial courses.
Cons
- Low maximum loan amounts.
- Program only available in certain U.S. states.
- Limited information on terms and fees available online.
Concerned about tariffs?
Many small-business owners are under increased economic stress and uncertainty following the latest tariff announcements. NerdWallet is here to help you find answers for whatever you're looking for. Here are some resources to help you get started:
- Need emergency funding? Consider a business line of credit.
- Looking for fast access to working capital? Discover the best working capital loans.
- Want tips on how to mitigate the impact of tariffs? Read our guide.
A closer look at the best business loans for women
SBA 7(a) loan
Best for: Businesses that can’t qualify for bank financing
- For-profit U.S. business.
- Unable to access credit on reasonable terms from nongovernment sources.
- Financial qualifications determined by individual lender.
How it benefits women entrepreneurs: The SBA has been making a concerted effort to equalize the lending playing field and ensure that women entrepreneurs are able to access capital that empowers them to grow their businesses. In FY 2025 so far, more than $2.7 billion in 7(a) funds have gone to businesses that are majority women-owned.
With an SBA 7(a) loan, women business owners have access to low interest rates and long repayment terms, plus the versatility to use the funds for working capital, supplies, inventory, equipment, real estate and other purchases. And because of the SBA guarantee, lenders can often relax their qualification requirements, which makes it easier to qualify for these loans.
Fora Financial - Online term loan
Best for: Bad credit
- Minimum credit score:570.
- Minimum time in business:6months.
- Minimum annual revenue: $240000.
- No open bankruptcies or dismissed bankruptcies within the past year.
How it benefits women entrepreneurs: Fora Financial’s minimum credit score requirement is one of the lowest available for online term loans, and it doesn’t require collateral. It therefore provides a valuable funding opportunity for women entrepreneurs who have less-than-ideal credit scores and who prefer not to secure a loan with physical collateral. Fora is also unique among many of its competitors for offering discounts for early payments (some lenders, particularly banks, actually charge prepayment penalties).
If you’re a female entrepreneur with bad credit, it may be more difficult to get a loan for your business. There are a few options for bad-credit business loans, but keep in mind interest rates may be higher than alternatives.
Some online lenders can lend to businesses with bad credit, especially those with strong finances. Nonprofit lenders and community financial development institutions (CDFIs) also offer small-business loans for women with bad credit. These lenders often provide funding to traditionally underserved business owners, which can include those with poor or limited credit.
SBA Microloan
Best for: Microloans
- Be a U.S. business.
- Show your ability to repay the loan.
- Personal guarantee and collateral likely required.
- Specific financial qualifications determined by individual lender.
How it benefits women entrepreneurs: SBA microloans can be a good option for women who need a business loan at a low interest rate. Loan funds can be used for working capital or to make supply, inventory or equipment purchases. In addition to its commitment to funding women-owned businesses, the SBA has dedicated resources and programs for supporting women in business, including the Office of Women’s Business Ownership and the Women-Owned Small Businesses Federal Contract program (learn more about these programs below).
Giggle Finance
Best for: Working capital
- Minimum credit score: All credit scores may be accepted (ranging from 300 to 850).
- Minimum time in business:3months.
- Minimum annual revenue: $18000.
How it benefits women entrepreneurs: Giggle Finance is a good option for women-owned businesses that need a small influx of working capital. Giggle offers financing as fast as the same day, in amounts up to $
10000
(up to $20,000 for repeat customers). Giggle is also a worthwhile option for female entrepreneurs who are just starting out, as well as those who have bad credit. To qualify, you’ll only need 3
months in business and $1,500 in monthly revenue. Giggle does not check your credit score.Headway Capital - Line of credit
Best for: Startups
- Minimum credit score:625.
- Minimum time in business:6months.
- Minimum annual revenue: $50000.
How it benefits women entrepreneurs: Headway Capital is friendly to women who have recently started their businesses due to its low annual revenue and time in operation requirements. This line of credit can be a good option to cover ongoing expenses, emergency purchases and general working capital needs.
National Funding - Equipment Financing
Best for: Equipment loans
- Minimum credit score:600.
- Minimum time in business:6months.
- Minimum annual revenue: $250000.
How it benefits women entrepreneurs: National Funding’s equipment loans are startup-friendly and don’t require a high credit score. Because the equipment purchased is typically used to secure the loan, additional physical collateral is not required. Like Fora, National Funding offers prepayment discounts, which can help reduce the overall cost of the loan if you are able to repay it early.
Bank of America Business Advantage Unsecured Term Loan
Best for: Established women-owned businesses
- Minimum credit score:700.
- Minimum time in business:24months.
- Minimum annual revenue: $100000.
How it benefits women entrepreneurs: For women business owners who can’t or prefer not to put down a security deposit for a loan, the Business Advantage unsecured term loan offers a lump sum of capital for a variety of business needs. Additionally, Bank of America offers several resources through its Center for Business Empowerment, including a free educational program through a collaboration with Cornell University and a database of various funding sources available to women entrepreneurs.
For established businesses with solid revenue and excellent credit scores, a traditional lender like Bank of America can typically offer the best interest rates and terms.
Accion Opportunity Fund - Small Business Working Capital Loan
Best for: Minority women
- Minimum credit score:600.
- Minimum time in business:12months.
- Minimum annual revenue: $50000.
How it benefits women entrepreneurs: Accion Opportunity Fund describes nearly 90% of its clients as women, people of color or low-to-moderate income borrowers. It is a good option for women with businesses that have been in operation for at least
12
months and that haven’t been able to secure financing from other types of lenders. Accion also offers business mentoring and educational resources that can be helpful in growing your operations.Minority women entrepreneurs can access funding from SBA lenders, nonprofit organizations and specialty programs — and may have more success with these options than applying for traditional business loans.
Nonprofit lenders and community development companies who applied for the new Community Advantage Small Business Lending Company license can offer funding through the 7(a) loan program. CA SBLCs prioritize small-business loans for women and other borrowers in underserved markets.
Many nonprofit lenders offer microloans and other forms of business financing for women- and minority-owned businesses in their communities outside of the SBA loan program. <br>
Some banks also administer programs dedicated to traditionally underserved entrepreneurs. U.S. Bank, for example, has a special Business Diversity Lending Program that offers loans and lines of credit to women-, veteran- and minority-owned businesses with more flexible qualifications than its standard business loans.
Huntington National Bank - Lift Local Business Program
Best for: Women veterans
- No bankruptcies in the last 4 years.
- Requirements for credit score, time in business and business revenue not disclosed.
How it benefits women entrepreneurs: For women looking for low-fee business loans, a Lift Local Business loan is a good option. There’s no origination fee or SBA fee charged, plus Huntington offers business planning, entrepreneurial courses and other services. Since the start of its Lift Local Business Program in 2020, Huntington has funded over 2,000 women- and veteran-owned businesses.
Business loans offered by banks and credit unions, as well as SBA loans may be a good fit for women veteran entrepreneurs.
The upfront guarantee fee for SBA Express loans (loan amounts up to $500,000) is waived for a veteran or the spouse of a veteran. And the SBA’s Military Reservist Economic Injury Disaster Loan (MREIDL) program can be used to cover regular business operating costs when you have an essential employee who is called up to active duty as a military reservist.
Women veterans can get a 25% discount on loan administration or origination fees for certain small-business loans offered by Bank of America. Navy Federal Credit Union is a credit union that caters specifically to veterans and active military members to provide a variety of business financing options.
What is a small-business loan for women?
Small-business loans that are specifically and solely designed for women business owners exist on the market in very limited form. This is because the Federal Equal Credit Opportunity Act makes it illegal for lenders to discriminate against applicants based on their gender (and other protected factors). Some institutions, such as Grameen America, operate as a "special purpose credit program" under this act in order to legally target a specific group of applicants — in this case, women.
Many lenders, however, do offer loans with more flexible and reasonable qualification requirements, which helps to extend funding opportunities to a wider pool of business owner applicants — including women.
Additionally, a number of lenders offer resources such as mentorship and coaching programs, online courses and searchable lists of grants and alternative funding opportunities for underserved entrepreneurial communities.
Types of small-business loans for women
Although business loans set aside specifically for women-owned businesses are limited, the SBA and some lenders do invest in programs to help level the playing field when it comes to accessing capital. As a result, women-owned companies may be able to tap into multiple types of business loans, including:
SBA loans
There are several SBA loans that female entrepreneurs can use for financing, including the flagship SBA 7(a) loan program. Banks, online lenders and other financial institutions offer these loans, which are backed by the U.S. Small Business Administration.
The SBA 7(a) loan program offers low interest rates and long repayment terms — making it a good option for a variety of use cases. SBA 7(a) loans are traditionally slow to fund, but if you need access to capital more quickly, the SBA Express loan provides a faster timeline. These loans have smaller maximum funding amounts of $500,000, but still offer competitive interest rates and repayment terms for those who qualify. Because the SBA allows some of its lenders to process and approve Express loans without SBA review, these loans can often fund faster than other SBA loans.
🤓 Nerdy Tip
Utilizing the free resources offered by the SBA-affiliated agencies, small-business development centers and nonprofit organizations — many of which are specifically designed for women business owners — can help you prepare a business plan, navigate the loan application process and secure funding.Bank business loans
Small-business loans from banks typically come with the lowest costs but toughest eligibility qualifications. You will likely need good personal credit (a score in the 700s), at least a couple years in business and strong annual revenue to qualify.
When seeking financing, 42% of women-owned businesses apply for funding at large banks and 19% at small banks, according to data released in May 2024 from the Federal Reserve.
Online loans
If you have a bad or fair credit score (a score between 300 and 689) or have been in business for less than two years, an alternative online lender could be a good choice — although programs specifically for female entrepreneurs aren’t typically available.
These lenders offer multiple products (including term loans, lines of credit, equipment financing and invoice factoring), specialize in speedy funding and have looser qualification requirements than banks. The trade-off for those conveniences, however, is often high borrowing costs.
Microloans
Microloans may be your best option when seeking business loans targeted specifically to women. Many mission-based nonprofit organizations offer microloans to local businesses, often focusing on businesses owned by women, people of color and veterans.
For example, Grameen America provides first-time business loans ranging from $500 to $2,500 to low-income women who live within 15 miles of one of its branch locations.
Microloans can be a good option if you can’t qualify with a bank or online lender or have a small financing requirement.
How to get a business loan for women
If you’ve decided that a loan is the right next step for your small business, then you’ll want to follow these steps to apply for a business loan.
1. Decide which loan type is right for you
With many options available to you, you’ll first want to understand the different types of business loans (see explanations of each above) and decide which option best suits your needs.
2. Check that you meet minimum qualification requirements
Qualification requirements vary by loan type and lender, so once you’ve decided which type of business loan is the right fit for you, you’ll want to check that you meet the minimums in these three key areas:
- Credit score. Lenders will ask for your personal credit score, which you can get from your credit report via the main credit bureaus. (You can also get it from NerdWallet.)
- Time in business. Most online lenders require a minimum of six months in business, while most banks prefer at least two years.
- Annual revenue. A few lenders require only $50,000 in annual revenue, while most look for $100,000 to $250,000.
3. Determine how much you need (and how much you can afford)
Before you apply, you should be clear on why you require funding and how much you need. You’ll need to do some calculations at this stage to be sure that your cash flow and bottom line can support monthly loan payments — which will include interest.
Use our calculator below to help you estimate the anticipated cost of your loan.
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4. Find the right lender for you
Different lenders offer certain types of loans. Some, for example, specialize in only equipment financing or business lines of credit while others offer a variety of loan types. Each lender will have its own set of requirements to qualify for a loan, and each will have both positive and negative factors to weigh when you’re considering your loan options.
Compare Lender Types
The graphic below may serve as a quick resource for you to understand your options and figure out which type of lender is a good fit for you.
5. Prepare your materials and apply
Your business loan application process will be more efficient and less stressful if you gather all of the required documentation ahead of time. Precise requirements will vary by loan and lender, but generally, you will need the following documents to apply for a small-business loan:
- A valid form of identification (such as a driver’s license).
- Bank statements and tax returns (both business and personal).
- Business financial documents like a balance sheet and profit and loss statement.
- Business legal documents like licenses, permits and contracts.
- Proof of collateral, if relevant.
The process for applying will also depend on the lender. Many banks will require you to apply in person or over the phone, while online lenders will have you complete the application entirely online.
6. Review your loan agreement
Once you’ve been approved for a small-business loan, you’ll need to sign an agreement to finalize the loan and receive the funds. It’s important to carefully and thoroughly review the loan agreement before you sign. Be sure to address any questions or concerns you may have with the lender before signing.
Other resources for female entrepreneurs
Government and nonprofit organizations offer free assistance to women entrepreneurs. These programs may help women access business loans, and provide guidance on topics like starting a business, financial management and marketing.
MORE NERDY PERSPECTIVE
Local groups dedicated to female entrepreneurs can be powerful tools for women-owned businesses in every stage
"When I worked in small-business lending, I met regularly with a few local groups of women entrepreneurs. I was consistently blown away by the value of the network and the support, mentorship and access to resources (including capital) it provided to group members — not only business owners, but also lending professionals like myself, as well as small-business consultants and specialists.
Whether you’re a woman thinking about opening a business, have an early-stage startup or are an experienced small-business veteran, I would recommend looking for groups dedicated to women entrepreneurs."
Olivia Chen,
lead writer,
Small Business
The SBA’s Office of Women’s Business Ownership offers a number of advocacy, outreach and education programs to assist women entrepreneurs. This includes business training and counseling (in multiple languages and dialects) as well as access to capital and federal procurement (contracting) opportunities.
Created by the Freeport-McMoran Foundation, DreamBuilder is an online education program for female business owners. The program offers two course options — one course is designed to help entrepreneurs start their business, while the other focuses on how to finance your operations. It’s free to enroll in the DreamBuilder courses, and they’re available in both English and Spanish.
The Women’s Business Centers are a network of more than 160 educational centers located in all 50 states, the District of Columbia and Puerto Rico that help women start and grow their businesses. These SBA-funded centers typically offer seminars and workshops on a range of topics, including how to start a business and raise capital.
The SBA-run Women-Owned Small Businesses Federal Contracting Program is for women-owned businesses that are interested in government contracts. It tries to level the playing field for women business owners by limiting the competition they face for certain contracts. There are also some contracts that are reserved for disadvantaged women-owned small businesses.
Seneca, a global platform with the mission of advancing women and girls, and Bank of America created the Access to Capital Directory to provide information about organizations that provide funding to women-owned businesses. The directory includes funding types such as CDFIs, nonbank institutions, venture capital and angel investors, among others. However, it doesn’t include listings for bank loans.
The nonprofit organization Women’s Business Enterprise National Council (WBENC) offers programs, events and networking opportunities for women-owned businesses. Its WBENC Certification program is a national certification program for women-owned businesses that can potentially open the door to corporate and government contracts for many women.
The National Association of Women Business Owners, based in Washington, D.C., has 5,000 members and nearly 60 chapters across the country. It offers training and information on topics such as access to capital, government contracting and business certification.
Alternative funding options for women-owned businesses
If you aren’t able to qualify for a business loan, here are some additional options that may allow you to secure funding for your business:
- Grants for women-owned businesses. Small-business grants for women are available through private companies and nonprofit organizations. Although small-business grants can be highly competitive, if you do receive funding, that money may help you start or expand your business.
- Equity financing for women-owned businesses. Equity financing can include angel investors, venture capitalists and crowdfunding. Although women-owned businesses can face the same obstacles with equity financing as they may with other types of funding, there are programs and companies that target female entrepreneurs, including startup businesses. IFundWomen and 37 Angels, for example, are companies that offer crowdfunding platforms as well as resources for women entrepreneurs to learn and connect with one another.
- Business credit cards. Business credit cards also offer financing for women-owned small businesses that are starting out or need working capital. Qualification can be easier than for a business loan because approval generally relies more heavily on personal credit history instead of business credit score and revenue.
- Bootstrapping. If you’re having trouble qualifying for funding, you may want to consider bootstrapping where you rely on your own personal resources to start or expand your business. Unlike equity financing, you’ll be able to retain full control of your business. However, you may be putting personal assets at risk, as is the case when you pull money out of a retirement account to use for your business.
Last updated on March 28, 2025
Methodology
NerdWallet’s review process evaluates and rates small-business loan products from traditional banks and online lenders. We collect over 30 data points on each lender using company websites and public documents. We may also go through a lender’s initial application flow and reach out to company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer small-business friendly features, including:
- Transparency of rates and terms.
- Flexible payment options.
- Fast funding times.
- Accessible customer service.
- Reporting of payments to business credit bureaus.
- Responsible lending practices.
We weigh these factors based on our assessment of which are the most important to small-business owners and how meaningfully they impact borrowers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodology for small-business loans and our editorial guidelines.
Wondering if you qualify?
It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.
See Your Loan Options
Frequently Asked Questions
Banks, SBA lenders and online lenders don’t typically offer loans specifically for women-owned businesses, but may provide resources that can be helpful in getting funding. You're more likely to find business loans designed for women at community based organizations such as CDFIs, microlenders and nonprofits.
According to the Federal Reserve, women-owned businesses are less likely to be approved for a small-business loan, compared with companies owned by men. However, established women-owned businesses with good credit and strong finances are typically in the best position to get a loan.
Getting certified as a women-owned business can be helpful when seeking business funding in the form of business loans and grants. Certification can also open the doors to contract opportunities in the federal government and other organizations. The SBA offers certification for Women-Owned Small Business as well as veteran-owned small businesses.