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Important Tips for Women Seeking a Business Loan

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February 19, 2008

Important Tips for Women Seeking a Business Loan

By Brian Solomon, TMCnet Web Editor


Sooner or later, every business needs capital to start up, expand and/or survive. Although more loans are being given to women business owners, the bad news is your loan application may still be rejected -- not because you are a woman, but because bankers want to feel confident that you and your business are a good investment. Here are some guidelines to help you:

Assemble the following:
*       A business plan
*       Your business' cash flow projections
*       3 years company tax returns (if applicable)
*       A personal financial statement
*       Talk to your own financial institution first. Ask them what kinds of businesses they give loans to.
*       Talk to other women business owners in your area or in your industry who may give you tips, or leads on lending institutions with which they were successful in getting a loan.
*       Check with community business associations like the Chamber of Commerce, a home business association or a local chapter of the National Association of Women Business Owners to see what micro-lenders exist in your town.
*       Ask your state senator or state representative if there are special state loan programs for women and minority business owners.
*       Contact your local Small Business Development Centers and/or Women's Business Centers, which are sponsored by the U. S. Small Business Administration (SBA), for information about the availability of SBA LowDoc Loan Programs.
Brian Solomon is a Web Editor for TMCnet, covering news in the IP communications, call center and customer relationship management industries. To see more of his articles, please visit Brian Solomon’s columnist page
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