Women account for about 20% of business owners, according to U.S. Census data. However, that number is on the rise. In 2021, women started nearly half of all businesses in the U.S. Getting started—or advancing to the next level—as a woman entrepreneur means taking advantage of all the resources available to you for financing, education, mentorship, and more.

Financial Resources for Women Entrepreneurs

Securing financing remains a challenge for many women business owners. Fewer than half believe they have equal access to capital, according to a Bank of America survey. Here are some places to start:

Small Business Grants for Women

Unlike loans, small business grants do not have to be repaid. They are typically designated for women who meet specific criteria or whose businesses help achieve the goals of the granting organization. Here are some places to look:

• Grants.gov – A database of government grants.
• iFundWomen – Apply for multiple grants with one application.
• GrantsForWomen.org – Lists a variety of grants for women.
• WomensNet – Gives out $450,000 in grants per year.
• Cartier Women’s Initiative Awards – Grants of $30,000, $60,000, or $100,000.
• Tory Burch Fellows Program – $5,000 grants and access to 0% interest loans.
• SoGal Foundation – Grants for Black women or nonbinary entrepreneurs.
• Visa’s She’s Next Grant Program – Grants and coaching for Black women entrepreneurs.

Small Business Loans for Women

Small business loans are typically designed for existing businesses rather than startups. One exception is the Small Business Administration (SBA) Microloan Program, which makes loans of up to $50,000 through nonprofit community organizations. Larger SBA loans are another alternative for established businesses. Use the SBA Lender Match tool to find an approved lender near you.

Online lenders and lending platforms offer a wide range of loans for small businesses, usually with more lenient criteria than banks. Here are some options:

• Biz2Credit – Working capital loans, term loans, and commercial real estate loans.
• CAN Capital – Working capital and equipment loans up to $250,000.
• Fundera by Nerdwallet – Apply for various types of loans from multiple lenders.
• Funding Circle – SBA loans, term loans, and business lines of credit.
• Lendio – Business lines of credit, SBA loans, term loans, and more.
• OnDeck – Business lines of credit and term loans up to $250,000.
• Bluevine – Business lines of credit.
• Fundbox – Business lines of credit.

Educational Resources for Women Entrepreneurs

There’s always something new to learn when you run your own business. Community colleges often offer classes in entrepreneurship and various aspects of business ownership, such as marketing or accounting. Other entrepreneurship education programs include:

• Goldman Sachs 10,000 Women Online – 10 free online courses covering all aspects of business ownership.
• Ascent – The SBA’s free online learning platform developed by experts in women’s entrepreneurship.
• Bank of America Institute for Women’s Entrepreneurship at Cornell – Six free, two-week online courses.
• DreamBuilder – Free online courses created by business experts at the Thunderbird School of Global Management.
• U.S. Women’s Chamber of Commerce – Online and in-person educational programs.
• Women’s Business Centers (WBCs) – Training in all aspects of starting and running a business.

Mentorship and Networking Resources for Women Entrepreneurs

Whether it’s sharing ideas via networking or formal mentoring, learning from other women entrepreneurs can help your business grow. Start by searching Facebook and Meetup for local women business owners’ organizations. Then check out these national resources:

• Curated Coaching for Entrepreneurs from Chase for Business – Free, small-group coaching from experts.
• U.S. Coalition of Black Women in Business – Networking opportunities, events, workshops, and courses.
• Wells Fargo’s Milestone Circles – A 12-week program pairing women business owners with peers and coaches.
• National Association of Women Business Owners (NAWBO) – Networking and education opportunities.
• SCORE Mentors – Personalized mentoring through all stages of business.
• Small Business Development Centers (SBDCs) – Free business consulting, plus educational and networking opportunities.

The Bottom Line

When you apply for a small business loan, lenders sometimes consider your personal credit as well as your business credit score. Review your credit report and credit score before you start your loan search, as well as your business credit report. Confirming that your credit reports are up to date, and working to improve your credit score if needed, can improve your odds of getting the right loan for you at the best possible terms.

For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. Our team is here to help you navigate the complexities of securing the right mortgage for your business or personal needs. We look forward to working with you!