How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Here are 7 small-business loans for women
Lender | Best for | Max loan amount | Min. credit score | Next steps |
---|---|---|---|---|
SBA 7(a) loan with Fundera by NerdWallet | Best for Government-backed small-business loans for women | $5,000,000 | 650 | with Fundera by NerdWallet |
Fundbox - Line of credit with Fundera by NerdWallet | Best for Small-business loans for women with bad or average credit | $150,000 | 600 | with Fundera by NerdWallet |
OnDeck - Online term loan with Fundera by NerdWallet | Best for Small-business loans for women with bad or average credit | $250,000 | 600 | with Fundera by NerdWallet |
Credibility Capital - Online term loan with Fundera by NerdWallet | Best for Women-owned businesses older than 2 years | $500,000 | 650 | with Fundera by NerdWallet |
Funding Circle - Online term loan with Fundera by NerdWallet | Best for Women-owned businesses older than 2 years | $500,000 | 660 | with Fundera by NerdWallet |
SBA Microloan with Fundera by NerdWallet | Best for Startup business loans for women | $50,000 | 620 | with Fundera by NerdWallet |
Bluevine - Line of credit with Fundera by NerdWallet | Best for Startup business loans for women | $250,000 | 625 | with Fundera by NerdWallet |
Our pick for
Government-backed small-business loans for women
SBA 7(a) loan
Our picks for
Small-business loans for women with bad or average credit
Fundbox - Line of credit
OnDeck - Online term loan
Our picks for
Women-owned businesses older than 2 years
Credibility Capital - Online term loan
Funding Circle - Online term loan
Our picks for
Startup business loans for women
SBA Microloan
Bluevine - Line of credit
How Much Do You Need?
- SBA loans. There are several SBA loans that female entrepreneurs can tap 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 requires solid finances and an established business. Small businesses that are more than 50% female-owned received 13.7%, or $5.01 billion, of the SBA 7(a) loans approved in fiscal year 2021, according to the SBA. But other programs, such as SBA startup loans, are geared toward new businesses and borrowers with bad credit.
- Bank business loans. Small-business loans from banks typically come with the lowest costs but toughest eligibility qualifications. In 2016, large banks approved 50% of women-owned business applications and small banks approved 67% — the highest among all funding sources — according to the most recent data from the Federal Reserve. However, overall bank approvals have shrunk greatly since then, with Biz2Credit’s October 2021 data finding 14.1% and 19.7% approval rates at large and small banks, respectively.
- Online loans. If you have a lower credit score (a FICO score between 300 and 689) or have been in business for less than two years, an alternative online lender could be a good choice. These lenders offer multiple products (including terms loans, lines of credit and invoice factoring), specialize in speedy funding and have looser eligibility requirements than banks. The trade-off for those conveniences is borrowing costs may be higher than other options.
- Microloans. 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 loans of $500 to $15,000 to entrepreneurial women who live in poverty. Microloans can be a good option if you can’t qualify with a bank or online lender or have a small financing gap.
Grants
Women’s Business Centers
Federal contracting programs
Ascent online learning platform
National Association of Women Business Owners
National Women’s Business Council
To recap our selections...
7 Best Small-Business Loans for Women of August 2022
- SBA 7(a) loan: Best for Government-backed small-business loans for women
- Fundbox - Line of credit: Best for Small-business loans for women with bad or average credit
- OnDeck - Online term loan: Best for Small-business loans for women with bad or average credit
- Credibility Capital - Online term loan: Best for Women-owned businesses older than 2 years
- Funding Circle - Online term loan: Best for Women-owned businesses older than 2 years
- SBA Microloan: Best for Startup business loans for women
- Bluevine - Line of credit: Best for Startup business loans for women