9 Best Small-Business Loans for Women
Bank loans, SBA loans, online loans and microloans are some of the financing options available to women-owned businesses.
| Lender | NerdWallet rating | Best For | Max loan amount | Min. time in business | Min. interest rate | Term length | Learn more |
|---|---|---|---|---|---|---|---|
 with Fundera by NerdWallet | Read expert review | Best for businesses that can’t qualify for bank financing | $5,000,000 | 24 months | 10.5% | Up to 25 years | with Fundera by NerdWallet |
 with Fundera by NerdWallet | Read expert review | Best for bad credit | $1,500,000 | 6 months | Undisclosed | 4 to 18 months | with Fundera by NerdWallet |
with Fundera by NerdWallet | Read expert review | Best for microloans | $50,000 | Undisclosed | 8% | Up to 7 years | with Fundera by NerdWallet |
 with Fundera by NerdWallet | Read expert review | Best for working capital | $10,000 | 3 months | Undisclosed | Undisclosed | with Fundera by NerdWallet |
 with Fundera by NerdWallet | Read expert review | Best for startups | $100,000 | 6 months | 35% | 12 to 24 months | with Fundera by NerdWallet |
 with Fundera by NerdWallet | Read expert review | Best for equipment loans | $150,000 | 6 months | Undisclosed | 24 months to 5 years | with Fundera by NerdWallet |
 with Fundera by NerdWallet | Read expert review | Best for established women-owned businesses | Undisclosed | 24 months | Undisclosed | 12 months to 5 years | with Fundera by NerdWallet |
 with Fundera by NerdWallet | Read expert review | Best for minority women | $250,000 | 12 months | 8.49% | 12 months to 5 years | with Fundera by NerdWallet |
 | Read expert review | Best for women veterans | $150,000 | Undisclosed | Undisclosed | Undisclosed |
best small-business loans for women: More details
U.S. Small Business Administration: Best for businesses that can’t qualify for bank financing
SBA 7(a) loans are the most common type of SBA loan and can be used for a variety of purposes. They’re a good option for long-term financing and have maximum loan limits of up to $5 million. So far in fiscal year 2025 (which started on Oct. 1, 2024), about 20% of 7(a) loans have gone to businesses that are majority female-owned, according to the SBA.
Low interest rate
SBA 7(a) loan
with Fundera by NerdWallet
Max loan amount
$5,000,000
Min. credit score
650
Term length
Up to 25 years
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Collateral is typically required.
- Longer processing times than online lenders.
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Collateral is typically required.
- Longer processing times than online lenders.
with Fundera by NerdWallet
Fora Financial: Best for bad credit
If your credit score is at least 570 and you’ve been in business for a minimum of six months, you may be able to qualify for a business loan from Fora Financial. Note that Fora charges a factor rate instead of an interest rate, which can make it harder to compare the cost of lending products.
Fora Financial - Online term loan
with Fundera by NerdWallet
Max loan amount
$1,500,000
Min. credit score
570
Term length
4 to 18 months
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.
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.
with Fundera by NerdWallet
U.S. Small Business Administration: Best for microloans
Offered through nonprofit community-based organizations, SBA microloans can provide funding up to $50,000 for working capital and other needs.
SBA microloan
with Fundera by NerdWallet
Max loan amount
$50,000
Min. credit score
620
Term length
Up to 7 years
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.
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.
with Fundera by NerdWallet
Giggle Finance: Best for working capital
If you need a small amount of working capital for your business, Giggle Finance offers up to $10,000 (up to $20,000 for repeat customers).
Giggle Finance - Merchant cash advance
with Fundera by NerdWallet
Max loan amount
$10,000
Min. credit score
300
Term length
Undisclosed
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.
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.
with Fundera by NerdWallet
Headway Capital: Best for startups
Headway Capital only requires a minimum of six months in business and annual revenue of $50,000. The lender doesn’t charge prepayment penalties, maintenance fees or inactivity fees.
Headway Capital - Line of credit
with Fundera by NerdWallet
Max loan amount
$100,000
Min. credit score
625
Term length
12 to 24 months
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.
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.
with Fundera by NerdWallet
National Funding: Best for equipment loans
National Funding offers equipment financing for agricultural machinery; commercial fleet vehicles; medical, construction, office and restaurant equipment; and other business-essential equipment.
National Funding - Equipment financing
with Fundera by NerdWallet
Max loan amount
$150,000
Min. credit score
600
Term length
24 months to 5 years
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.
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.
with Fundera by NerdWallet
Bank of America: Best for established women-owned businesses
Bank of America offers a flexible term loan that doesn’t require collateral and can be used for a range of business purposes. Interest rate discounts and other benefits may be available through the Preferred Rewards program.
Bank of America Business Advantage Unsecured Term Loan
with Fundera by NerdWallet
Max loan amount
Undisclosed
Min. credit score
700
Term length
12 months to 5 years
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.
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.
with Fundera by NerdWallet
Accion: Best for minority women
Nonprofit lender Accion Opportunity Fund says 90% of its borrowers are women, people of color and/or low-to-moderate income. It offers educational resources and other types of support for borrowers.
Accion Opportunity Fund Small Business Working Capital Loan
with Fundera by NerdWallet
Max loan amount
$250,000
Min. credit score
600
Term length
12 months to 5 years
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.
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.
with Fundera by NerdWallet
Huntington National Bank: Best for women veterans
Huntington National Bank’s Lift Local Business loan program can be a source of funding for women veterans who need capital to start a business or operate an existing one.
Huntington National Bank Lift Local Business Program
Max loan amount
$150,000
Min. credit score
Undisclosed
Term length
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.
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.
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A closer look at the best business loans for women
SBA 7(a) loan
Best for: Businesses that can’t qualify for bank financing
Qualifications:
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
Fora Financial - Online term loan
Best for: Bad credit
Qualifications:
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
More on business loans for women with bad credit
SBA Microloan
Best for: Microloans
Qualifications:
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
Qualifications:
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
Qualifications:
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
Qualifications:
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
Qualifications:
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
Qualifications:
How it benefits women entrepreneurs : Accion Opportunity Fund
More on business loans for minority women
Huntington National Bank - Lift Local Business Program
Best for: Women veterans
Qualifications:
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.
More on business loans for women veterans
What is a small-business loan for 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
SBA loans
There are several SBA loans
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
Bank business loans
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 qualification requirements
Microloans
Microloans may be your best option when seeking business loans targeted specifically to women. Many mission-based nonprofit organizations offer microloans
For example, Grameen America
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.
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."
Office of Women’s Business Ownership
DreamBuilder
Women’s Business Centers
Women-Owned Small Businesses Federal Contracting Program
Access to Capital Directory
Women’s Business Enterprise National Council
National Association of Women Business Owners
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 small-business grants - Equity financing for women-owned businesses. Equity financing can include
angel investors crowdfunding IFundWomen 37 Angels - Business credit cards.
Business credit cards - Bootstrapping. If you’re having trouble qualifying for funding, you may want to consider
bootstrapping pull money out of a retirement account to use for your business.
Last updated on March 28, 2025
How Fundera by NerdWallet works
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cost, speed, repayment schedule — can play a role in deciding which
product is right for you. Let us help you through the process.
Get started
Fill out one simple application
Answer a 3-minute questionnaire about your business to get personalized lending options. It’s free and won’t impact your credit score.
See your business loan options
Compare interest rates and repayment terms to choose the best product for your needs.
Get your loan
If the lender approves you, you’ll sign closing documents in order to receive funds. Some lenders can approve and fund loans within one business day.
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.
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 editorial guidelines
