How to Get Outside Financing
Houston Growth for Women-Owned Businesses
1. SBA.gov Loan Programs and Online Loan Search Tool
While there aren’t any government loan programs specifically for women business owners,
the SBA is one of the largest loan guarantors in the country and offers a variety of loan programs to small businesses.
The SBA doesn’t lend the money. Instead, it provides a guarantee to banks and lenders for the money they lend to small businesses owners (and you’ll find information here on what the SBA officially considers “small”). This guarantee protects the lender's interests by promising to pay a portion (the percentage varies by the type of loan) if the business owner defaults on the loan, thus encouraging the lender to take a greater risk than it would have otherwise.
SBA does not discriminate against any group and therefore does not provide funding specific to only one demographic.
FACT: SBA loans are three to five times more likely to go to women than non-SBA loans. SBA’s flagship loans programs include 7(a) and 504, but women-owned businesses often need small-scale financing, so SBA microloans are another option to consider. In Fiscal Year 2011, approximately 54% of all microloans made went to businesses owned in whole, or in the majority, by women.
You can explore loan programs based on your business profile and needs using BusinessUSA.gov’s Loans and Grants Search Wizard, or navigate your way around SBA’s Small Business Loans and Grants home page. Alternatively, you can take one of these free online courses that explain SBA’s loan programs: Online Courses for Financing Your Business.
Source: SBA GOV
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Houston Growth for Women-Owned Businesses.
Business consulting for women entrepreneurs in Houston, Advice for women entrepreneurs, Business Coach in Houston, Growth strategies for small business, Business coaching for women, Growth for women-owned businesses, Houston business coaching, Financial strategies for small business, Small business consulting in Houston, Business management consultant, Business, Consulting, Women, Entrepreneurs, Houston, Coach, Growth, Strategies, Coaching, Owned, Owner, Financial, Consulting, Management.
