Small Business Loans For Women

By: Court Tuttle

Some important tips for women in small business are to compare the routes between how men and women access capital, achieve revenue, and deal with company and employee growth.

By pointing out the many differences does not imply that one aspect or plan is superior over another. However, by looking and comparing the diverse ways may be helpful to each other.

The National Foundation for Business Owners conducted a survey among business owners, 602 women and 592 men. Only 39 percent of women who own fast-growth firms have a commercial bank loan compared to 52 percent of men.

One third, approximately 32 percent of the women owners use personal credit cards to finance their firms compared to only 21 percent of men who used credit cards for the same purpose.

The study observed the women's reliance on personal debt is holding women business owners back. Those women who understand how to leverage debt have a greater chance of becoming owners at a faster pace.

Business plans by women just don't get funded easily. Due to the many new organizations out there such as Count-Me-In, The Women's Funding Network, One Women's Finance, The Ladies Club 2000, The Ada Project for Women and so many others, the tide has begun to change.

Statistically, over 600 business plans presented by women owned businesses won venture capital last year, and thousands more business plans presented for SBA financing achieved it.

That sounds like a lot, and it is. However, it is less than ten percent of all business plans that were funded. With all of the advances we have made still today, women entrepreneurs are granted only about 7 percent of the venture capital money that is invested.

Little does it seem to matter that women are leading new ventures twice the rate of men. Women need to keep foremost in mind in the money hunt the following: demonstrate how well your plan will succeed, present yourself as a professional and create your own advisory board.

Also, where the geographical and marketing sectors women have had the most success: An early-state project, located in the West or Northeast, in computer hardware/software business, health care or communication sectors.

If you are looking for financial backing there are options out there, and keep looking and do not let discouragement beat you. No matter what the statistics say don't be hesitant to search because of what your dream or a business is or where it will take you.

Another important tip, gather information on the Law of Attraction. It is wonderful how our minds can control our destiny. Do not take 'no' for your answer from anyone, most of all from yourself.

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