The 5 Best Small Business Loans For Women

BusinessLoans.com is a small business loans marketplace with options for women business owners with bad credit. In fact, there is no minimum credit score required to apply. If you’re not sure you qualify for a business loan due to bad credit, you can apply to BusinessLoans.com and get matched with up to five loan offers. This is a good starting point for women with bad credit to find out what types of financing fit their credit profiles.

BusinessLoans.com does not originate loans but connects applicants with partnered lenders from within its network. Some online loan types you can apply for using this free service include short-term loans, long-term loans, lines of credit, and merchant cash advances. The maximum amount you can borrow through BusinessLoans.com is $3 million.

Rates and fees vary depending on which partnered lender you choose as well as your credit score and the status of your business. Unfortunately, BusinessLoans.com does not give any sample rates or fees on its website.

BusinessLoans.com does not have any specific eligibility requirements to apply. However, your credit history and other business credentials will determine what types of financing you qualify for. For example, bad-credit applicants will likely be connected with merchant cash advances and short-term loan offers as opposed to long-term loans.

OnDeck is an excellent option for women who need fast short-term financing for their businesses. OnDeck is a reputable short-term business lender offering same-day loans to qualified applicants. Rates are not the cheapest, but for businesses willing to pay for speed and convenience, OnDeck is a good choice.

OnDeck’s online business lending services include short-term loans from $5K to $250K, with repayment terms up to 24 months. OnDeck also offers business lines of credit from $6K to $100K, with a 12-month repayment term that resets after each withdrawal.

OnDeck states that the average APR for its STL is 62.1%; its average APR for lines of credit is 48.9%.

OnDeck requires a credit score of 625, as well as one year in business and annual business revenues of at least $100K.

Accion is a nonprofit business lender that specializes in lending to marginalized communities that have been historically shut out of business lending — namely, women and minorities. Borrowing requirements are low, which makes this lender a strong choice for women who may not have a lot of business experience and wouldn’t be able to qualify for a bank loan.

Accion’s borrowing rates are quite reasonable, in contrast to the predatory rates offered by many business lenders that cater to minority business owners and bad-credit applicants.

Accion offers short- and medium-term business loans from $5K to $100K. Term lengths range from 12 to 60 months.

Accion interest rates range from 5.99% to 17.99% and there are no prepayment penalties. The rate you will be offered depends on your credit score and financial standing.

To qualify for an Accion Opportunity Fund loan, you’ll need 12 months in business, a 570 FICO, and $50K in annual business revenues.

SBA loans have a higher acceptance rate for women compared to non-SBA business loans, and Lendio is an ideal place to apply for an SBA loan online. Similar to BusinessLoans.com, Lendio is an online business loan marketplace you can use to check your eligibility for financing and apply for multiple loans at once. Lendio has the added benefit of including SBA lenders in its network, including SBA Preferred Lending Partners.

Through Lendio, you can apply for SBA loans as large as $5 million. Some of the SBA loan types you can apply for through Lendio include:

• SBA 7(a)
• SBA 504
• SBA Microloans
• SBA Express loans
• SBA Disaster loans

In addition to government-backed small business loans for women, you can apply to many other types of business financing with Lendio. This includes term loans, lines of credit, equipment financing, accounts receivable financing, and more.

Lendio’s rates and fees vary depending on the lender and financing type, as well as the applicant’s financial status. For SBA loans specifically, rates are based on the Prime rate determined by the Federal Reserve.

Lendio doesn’t have any particular eligibility requirements to apply for financing in general, but for Lendio SBA loans, you will need a minimum credit score of 600, at least two years in business, and monthly business revenues of at least $8K.

National Business Capital is another online marketplace for business loans. National has a large network of lenders and numerous types of financing available for various needs and credit profiles. National Business Capital is an especially good fit for women-owned startup businesses. As long as you have good credit, your women-owned startup can qualify for financing through National, even without any time in business or business revenue.

Some of the lending services offered by NBC include:

• Term loans
• Lines of credit
• Equipment financing
• SBA loans
• Revenue-based financing

Loan amounts range from $10K to $5 million.

Interest rates start at about 7% but can be much higher if you have subprime credit. Term lengths for most loans range anywhere from six months to five years (with the exception of long-term SBA loans). Origination fees vary by lender.

There are no minimum qualifications to apply with National Business Capital. However, the preferred prerequisites are one year in business, a 580 FICO, and $125K in gross annual revenue.