Resources for Women Building Their Business

It’s an amazing time for women to pursue their dreams of business ownership. From Spanx founder Sara Blakely to Canva CEO and co-founder Melanie Perkins (to name only a few), women are leaders in a variety of industries. In fact, a 2021 report from the U.S. Census Bureau indicates that 1 in 5 business owners are women — and that number is only growing.

If you’re a woman who wants to build her own business, there’s never been a better time. Here are some helpful resources we recommend to help you get started.

Loan Options

Many business owners need to borrow funds to start or expand. So what loans are available? And which one is best for your business? That depends on your needs — especially how much financing you require. Here are a few to consider, followed by some details for each:

• Bank or credit union small business loans 
• Online small business loans 
• Business credit cards 
• SBA microloans 
• SBA 7(a) loans

Bank or Credit Union Small Business Loans

Some go the traditional route by borrowing through a bank or credit union. Note that the amount you can borrow often depends on the institution. You’ll likely need a good credit score to get approval, but on-time payments can help improve your score. Get ready to wait, though: the approval process at a bank or credit union can be lengthy — and often includes a lot of paperwork.

Online Small Business Loans

These are great if speed is a priority. Approvals can happen in one to three days (such as a business loan from our friends at BHG Money). Also, they may be easier to qualify for if your credit score is a concern — and you may not have to pay origination fees. That said, interest rates for these may be higher than other options.

Business Credit Cards

If cash flow is your goal, a business credit card may be your best choice. It offers benefits such as improving your credit score and rewards that can help your small business. You don’t need to provide collateral for a business credit card — so it can be easier to get approval. Our friends at BHG Financial offer some excellent business credit card options.

SBA Microloans

If you’re in need of a smaller amount (up to $50,000), a microloan might be the way to go. With average loan amounts of $13,000, they’re ideal for businesses that need a kickstart — or simply don’t need as much funding. Sole proprietors often find these useful.

The SBA website has more info about microloans.

SBA 7(a) Loans

With their desirable rates and terms, SBA 7(a) loans are one of the best small business loans for all entrepreneurs. You can borrow up to $5MM — and the repayment terms are up to 10 years (for most use of proceeds) and 25 years on commercial real estate. We wrote a blog post on SBA 7(a) loans that goes into more detail. If it seems like a good fit, consider applying through Fund-Ex Solutions Group. We’d love to help you succeed in building your business.

Small Business Grants

There’s free money out there, too! Several grants are available exclusively to women, and here are a few of our top picks: 

• The Girlboss Foundation Grant provides $15,000 to 5 to 10 women small business owners annually 
• The Amber Grant awards $10,000 to a woman entrepreneur every month 
• The Eileen Fisher Woman-Owned Business Grant gives $100,000 to 5 to 10 small business owners who are women annually

See more grants for women-owned businesses.

Additional Resources

Here are some links we recommend for more information and support as you build your business:

• SBA Office of Women’s Business Ownership 
• National Association of Women Business Owners 
• National Women’s Business Council

Fund-Ex Solutions Group is also here for you

As opportunities for women to own their own businesses continue to expand, please know that Fund-Ex Solutions Group is here for you — as a welcoming team that is passionate about helping you succeed.