Learning Lab: Is a Business Loan Right for Me?

Are you starting your search for financing for your business and trying to figure out which option is the best fit?

Join us for our Learning Lab series on financing options for women-owned businesses!

First up: business loans.

Most traditional banks require:

• Two years of revenue

• Good credit

• Personal assets as security for a loan

Some of these are not feasible for many of us, especially those just starting out!

The good news is that the current market has other loan options that might work for your business, such as CDFI loans, Kiva’s 0% interest loans, and loans from non-profit lenders, some of whom do not look at credit scores or your personal assets to determine eligibility.

The SBA is currently the biggest player in business loans for women. The agency guaranteed $8 billion in loans to women-owned businesses in 2019.

Read the graphic below for more about how business loans actually work and the pros and cons.

Head on over to our “What Type of Financing is Right for Me?” Quiz and we’ll assess whether business loans might be a good fit for your business!