Women start a business, it takes off, and they succeed. It’s not that hard, right? Well, not exactly.
Being a brilliant businesswoman doesn’t mean you won’t encounter roadblocks.
Being a female entrepreneur means you need to find ways to overcome obstacles.
Even though women can equal or surpass their male entrepreneurs, they still struggle to find financing opportunities.
Limited access to funding is not the only problem women encounter. Women struggle to be taken seriously. Likewise, women constantly attempt to balance business and family life and fear their businesses will fail.
You may be relieved and surprised to know that there are financial institutions that support female small business owners by offering small business loans for women.
These financial institutions have embraced their role as lenders to help women stay competitive in their business fields. Here’s an example of a woman that kept her business afloat by contacting one of these institutions.
Sarah began her interior design business surrounded by choruses of “You won’t make it.” She had heard those words so much and so often that she nearly believed them when, after applying for a loan at a local bank, she was turned her down by the male-dominated staff.
She’d earned substantial profits but had only been in business for less than two years. Because of this, the bank felt loaning her money was too risky.
Along with making business decisions, being a mother of a toddler and trying to balance work and home responsibilities always tugged at her heartstrings. She was feeling despair and, even though she loved her business, she thought she was going to have to put an end to her business.
Then, Sarah found out about the Cartier Women’s Initiative Award that honors women entrepreneurs who actively generate revenue. She was relieved that finally, someone understood her financial concerns.
Sarah needed funding to decorate a show home for a well-known local builder and upgrade her digital portfolio. She also wanted to participate in panel discussions at interior design events and earn an NCIDQ certificate so she’d qualify to take on commercial projects.
After submitting compulsory documents, an evaluation jury would decide between applicants based on creativity, the business’s growth potential, and the impact of the business on society.
Within a few months, an official notified Sarah that she qualified as a runner-up finalist and would be awarded $30,000.
After hearing that she would receive the grant money, Sarah also applied for a loan with an online alternative lender. She will use the $15,000 loan proceeds to hire an assistant and update her social networks and website.
Everything seemed to fall into place and her business seemed to have a brighter future.
By having an extra pair of hands, Sarah now spends more time with her family and works remotely to design interior spaces for her customers. Even though Sarah works as hard as ever, she discovered that small business loans for women are available to help her succeed.
Sarah is aware that she will face other obstacles in her business’s future, but she feels more confident now. She’s willing to put herself on the front lines in order to achieve her business goals. Sarah has learned to own her accomplishments and ask for help along the way. She smiles when those same people who said she wouldn’t make it now cheer her on.
Whether you’re interested in applying for an online loan, an asset-based line of credit, or a grant, there are numerous funding options to consider.
Keep in mind, a business loan or grant could make a difference in your business’s future just like they did for Sarah. Why not face your challenges head-on and find the perfect financial solution for your business.