Small Business Loans for Women: Best Options & How to Qualify
The best business loans for women help bridge the funding gap — empowering female entrepreneurs to grow and succeed.
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Updated · 6 min read
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Editor & Content Strategist Women-owned businesses make up just under 40% of all U.S. firms and employ nearly 13 million people. And yet, 67% of women-owned businesses experienced debt payment and credit availability challenges between 2023 and 2024. In response to those (and other financial) challenges, 62% dug into personal funds.
Getting a business loan as a female entrepreneur can be challenging. There are no special loans given only to women (largely because lenders can’t legally discriminate based on gender). As a result, many women entrepreneurs rely on certain types of small-business loans that are easier to qualify for.
We’ve compiled a list of our recommended business loans for women below. Then you’ll find the types of business loans for women, organized based on common situations, like starting a business or needing fast funding, so you can quickly find the right fit. Plus we’ve included some tips to increase your chances of approval.
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.
8 Best small-business loans for women
We consulted our list of more than 30 lenders to evaluate those best suited for women entrepreneurs in need of financing. We selected these eight business loans for women to represent a variety of loan types, and to ensure accessible qualification criteria and a range of maximum funding amounts.
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| Product | Max Loan Amount | Min Credit | Min Time In Business | |
|---|---|---|---|---|
 SBA 7(a) loan with Fundera by NerdWallet | $5,000,000 | 650 | 24 months | with Fundera by NerdWallet |
| SBA microloan with Fundera by NerdWallet | $50,000 | 620 | N/A | with Fundera by NerdWallet |
 Accion Opportunity Fund Small Business Working Capital Loan Nerdwallet Rating with Fundera by NerdWallet | $250,000 | 620 | 12 months | with Fundera by NerdWallet |
 Giggle Finance - Merchant cash advance with Fundera by NerdWallet | $15,000 | 300 | 3 months | with Fundera by NerdWallet |
 Fora Financial - Online term loan Nerdwallet Rating with Fundera by NerdWallet | $1,500,000 | 570 | 6 months | with Fundera by NerdWallet |
 Bank of America Business Advantage Unsecured Term Loan Nerdwallet Rating with Fundera by NerdWallet | $100,000 | 700 | 24 months | with Fundera by NerdWallet |
 Headway Capital - Line of credit Nerdwallet Rating with Fundera by NerdWallet | $100,000 | 625 | 6 months | with Fundera by NerdWallet |
 National Funding - Equipment financing Nerdwallet Rating with Fundera by NerdWallet | $150,000 | 600 | 6 months | with Fundera by NerdWallet |
Best business loans for women by use case
The right loan for you depends on your specific situation and business needs. We’ve organized your loan options below based on the most common categories borrowers fall into when looking for financing.
Best for women-owned startups: Microloans and CDFIs
Microloans
Microloans are typically offered by nonprofits that support women or minority entrepreneurs. Though they max out at $50,000 (or often less), these small loans can offer just enough to kickstart your business.
Lenders of microloans often have more flexible qualification requirements than banks and credit unions. They tend to be willing to work with new businesses (less than two years in operation) as well as borrowers with lower credit scores. Plus, microlenders often provide free or low-cost coaching and business training.
SBA microloans are part of this category. They’re funded by the U.S. Small Business Administration and issued through nonprofit intermediaries. 46.5% of SBA microloans issued in fiscal year 2025 went to businesses that are completely female-owned.
CDFI loans
Community development financial institutions (CDFIs) focus on lending to low-income and underserved communities, including women. According to the CDFI Fund’s 30th Anniversary Report, CDFIs reported financing over 155,000 women-owned businesses in the last three years.
As with microloans, the qualification requirements for CDFI loans tend to be more flexible than they are for traditional loans. CDFIs offer competitive rates and terms, though they’re slower to fund than online lenders.
Accion Opportunity Fund, which is included above in our comparison table of the best small-business loans for women, is a CDFI that offers free online financial courses and business advising for women and minority entrepreneurs.
Grants for women-owned businesses
Grants aren’t actually loans, since they don’t need to be repaid. They’re essentially free money. Hundreds of grants are available each year from private companies and nonprofit organizations.
Small-business grants can be highly competitive, and some applications can be quite involved. But the payoff can be well worth it. Many grants are designed to help startups get up and running, and many are focused specifically on supporting women-owned businesses.
In fact, we’ve compiled a list of 40+ small-business grants for women. Check it out!
My colleague Randa Kriss regularly updates this page to refresh deadlines and add new grants as they become available. Set calendar alerts now to remind you of upcoming deadlines for grant opportunities.
Grants vs. loans
Trying for a grant may make more sense than applying for a loan in the following cases:
- You’re just starting up your business, so you won’t have the time in business or annual revenue to qualify for most business loans.
- You need only a small amount (think, $1.5K to $25K) for a specific project or purpose. Grant applications often ask you to describe exactly how you plan to use the cash.
- You have poor credit. Most grant applications don’t ask for your credit score, though they may have some requirements around time in business and revenue. Generally, they’re designed to uplift small businesses that would otherwise struggle to get funding.
Best for women business owners with bad credit or in need of fast cash: Online loans and merchant cash advances
Online loans
Online loans can be some of the best business loan options for bad credit borrowers. They’re issued by fintech or non-bank lenders, which means the approval and underwriting processes often move a lot faster than with banks.
Several online loan types are available, including term loans, lines of credit, equipment financing and invoice factoring.
The best online business loans offer fast funding and flexible qualification requirements. The tradeoff for the speed and flexibility, however, is higher business loan interest rates and often additional fees.
Merchant cash advances
If you’ve already been warned to be wary of merchant cash advances (MCAs), whoever warned you wasn’t wrong. Because an MCA isn’t technically a loan but rather a cash advance you pay back daily or weekly from a percentage of your card sales, MCA companies aren’t regulated the same way lenders are. So there are plenty of bad actors operating in this space.
Still, an MCA is sometimes the only option for women business owners who are desperate for fast financing but don’t have the qualifications to get an online term loan or line of credit. And there are some reputable companies that can quickly approve you and deposit funds into your account. In fact, we’ve compiled a list of the best merchant cash advance companies, based on our research and partner vetting process.
If you go this route, proceed with caution, and read every word of your agreement before signing.
Best for women entrepreneurs looking for low rates: Bank loans and SBA loans
Bank business loans
If you’ve been running your business for more than two years, and if you have a great credit score and strong revenue, then you should first try for a business loan from a bank.
Banks usually offer the lowest interest rates and most competitive terms, especially if you already have a relationship with the bank. You’ll need to meet high qualification requirements, and a bank is likely to be slower to fund than an online lender. But that wait is worth it if you can meet the requirements.
Some banks have lending programs dedicated to helping traditionally underserved borrowers, including women. Huntington Bank, for example, launched its Lift Local Business Program in 2020. Since then, it’s funded over 3,000 women-, minority- and veteran-owned businesses. The program offers more flexible requirements, fee discounts and additional business resources.
SBA loans
SBA loans are the next best option for women business owners who can’t qualify for a bank loan. 18.8% of SBA 7(a) loans so far in fiscal year 2026 were issued to businesses with more than 50% female ownership.
These loans are issued by banks and credit unions and partially guaranteed by the SBA. They offer low interest rates and long repayment terms — up to 10 or 25 years, depending on your use of the loan. Acceptable uses of funds include inventory, equipment, working capital and real estate.
SBA 7(a) loans are most common and can reach a maximum of $5 million. SBA Express loans can fund faster but have smaller loan amounts (maximum $500,000).
When working too much stops working for you
Nearly two-thirds (63%) of women business owners do some form of additional work — full time (35%), part time (12%) or gig/freelance (18%) — on top of running their business, according to a 2025 NerdWallet survey of more than 3,000 U.S. adults.
Yet, fewer than 1 in 4 (23%) women entrepreneurs say they feel financially successful. Compare that with 32% of men entrepreneurs who feel successful.
But feeling the pressure to juggle it all isn’t a personal failing. It can be a sign that your business needs more capital to stand on its own.
Finding a small-business loan from a reputable lender could help free you from the juggling act.
How to get a business loan for women
Applying for a business loan for women is similar to applying for any other type of financing. Follow these steps:
1. Identify your funding needs
Determine how much funding you need and why you need it. Consider your cash flow and bottom line — and make sure you can support monthly payments — which will include interest.
Estimate payments to understand the cost of a business loan
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2. Check your qualifications
Although qualification requirements vary, it can be helpful to know where you stand with lenders before applying. Consider these common loan criteria:
- 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 three to six months in business, while most banks prefer at least two years.
- Annual revenue. A few lenders only require $50,000 (or less) in annual revenue, while most look for $100,000 to $250,000.
3. Choose the right lender
You should always compare multiple options to decide which small-business lender is best for your needs. Consider factors such as qualifications, interest rates, repayment terms and application process. You can read online reviews to get a better sense of what it’s like to work with a particular lender.
4. Prepare your documentation and apply
Streamline your application process by gathering all of the required documentation ahead of time. Specifics will vary based on your lender, but generally you’ll need:
- 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.
Keep in mind: Many banks require you to apply in person or over the phone, while online lenders will have you complete the application entirely online.
5. Review your loan agreement and receive funds
In order to receive your funds, you’ll need to sign a business loan agreement. You should carefully review the agreement and make sure you understand all of the terms and conditions. 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, as well as provide guidance on topics like starting a business, financial management and marketing.
Office of Women’s Business Ownership
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.
DreamBuilder
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.
Women’s Business Centers
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.
Women-Owned Small Businesses Federal Contracting Program
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 economically disadvantaged women-owned small businesses.
Access to Capital Directory
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.
Women’s Business Enterprise National Council
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.
National Association of Women Business Owners
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:
Equity financing for women-owned businesses
Equity financing can include angel investors, venture capitalists and crowdfunding. Although women-owned businesses may also face funding disparities in equity financing, there are programs and companies that target female entrepreneurs, including startup businesses. IFundWomen, for example, offers a crowdfunding platform and business resources for entrepreneurs — and 37 Angels is an angel investment network that connects female founders with investors and educational tools.
Business credit cards
Business credit cards are also a good option for women-owned small businesses that are just starting out or need working capital. Qualification can be easier than for a business loan because approval relies more heavily on your personal credit history.
Frequently Asked Questions
Are there specific loans for women-owned businesses?
Banks, SBA lenders and online lenders don’t typically offer loans specifically for women-owned businesses, but may provide helpful financial resources. You're more likely to find business loans designed for women at community based organizations such as CDFIs, microlenders and nonprofits.
How hard is it for a woman to get a business loan?
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[citation]. However, established women-owned businesses with good credit and strong finances are typically in the best position to get a loan.
Can a woman get a small-business loan with bad credit?
If you’re a woman-owned business with bad credit, you may be able to get a loan from online lenders, CDFIs or microlenders — as they tend to have more flexible qualification requirements. These loans tend to have higher interest rates and shorter terms, however.
Should you get certified as a women-owned business?
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.
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- 1. Wells Fargo. 2025 Report: The Impact of Women-Owned Businesses. Accessed May 8, 2026.
- 2. Fed Small Business. 2025 Firms in Focus: Chartbook on Firms by Gender of Ownership. Accessed May 8, 2026.
- 3. Federal Trade Commission. Equal Credit Opportunity Act. Accessed May 8, 2026.
- 4. U.S. Small Business Administration. Microloans Segment Report. Accessed May 8, 2026.
- 5. CDFI Coalition. CDFI Fund 30th Anniversary Report. Accessed May 8, 2026.
- 6. Huntington Bank. The Lift Local Business Program. Accessed May 8, 2026.
- 7. U.S. Small Business Administration. 7(a) and 504 Segment Report. Accessed May 8, 2026.
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