It’s not all that long ago that it was rare and even frowned upon, to be a woman in business. Thanks to feminism and equal rights, today’s women are free to own and manage their own businesses. In fact, a study by American Express recently showed that over 11 million women run their own business in the US. So, it seems strange that women are still finding it more difficult to raise loans for their businesses than men. But before we cry “foul,” let’s investigate some of the reasons why.
The website www.womenonbusiness.com found that on average, women’s credit scores are around twenty points lower than men’s. This negatively impacts their ability to obtain business loans from traditional institutions. Ladies in business, particularly those with poor credit scores, need to know that there are alternative options to securing funding for their companies.
And while improving a credit rating is an applaudable goal for both men and women, it does take time. It helps if you can find a sympathetic lender who will not penalize you for having a poor credit rating, or for being a woman.
Your Options for Obtaining Business Finance
Loan officers from traditional banks are known to have an unsympathetic attitude towards women in business, especially if they have a bad credit rating. If you’re trying to secure funding to keep your business liquid or to expand it, this is one kind of judgment you certainly don’t need. Access to alternative funding institutions provided by Clear Skies Capital will mean you get the respect that you as a woman in business deserves.
Another advantage of choosing an alternative lender through Clear Skies Capital is that the time taken to apply, be reviewed, approved and have the money transferred into your account is way shorter than with the big banks. You won’t have your hands tied with red tape either, so your business won’t flounder through lack of funding.
If you’re a woman in business with a poor credit rating, we can connect you to a lender who doesn’t need a minimum credit rating. We’ll carefully select an affordable, reputable alternative lender and make sure that the loan terms they offer are not only comparable to other loans but are also the most cost-effective for your business.
Yes, You too Can Succeed!
It’s a fact that small businesses have more credit issues than big companies, regardless of whether the owner is a man or a woman. Sometimes, due to circumstances beyond your control, sales may decline. You may find that customers don’t want to pay up. Maybe you have new competition. Perhaps you have machinery, equipment, or technology problems. It’s difficult to prepare for the unforeseen, and this is where many businesses run into trouble. As a woman in business, you too need access to funds fast so that you don’t end up in financial difficulty.
Alternative lenders are aware that your credit rating is just one factor to look at. They focus on your ability to pay in the future, based on your business revenue. For example, a high volume of credit card transactions can be a viable revenue source that you can borrow against.
Another option that you as a woman in business have is to check out the Small Business Administration. They don’t give loans, but they agree to stand surety for a portion of your loan in the case you default with the bank. This kind of backing is a great way to strengthen your case with a bank.
Talk to Clear Skies Capital Today
It’s been proven that business owners who receive financial assistance have far better survival rates than those who struggle on their own. With the help of a small business loan, you’ll be able to get over a poor credit score and move onto a growth trajectory. Only about three percent of female entrepreneurs build their businesses beyond the million-dollar mark. And with financial assistance obtained through Clear Skies Capital, there’s no reason why you can’t be one of them!
We help women take control of their business future by providing access to the lender they need. All we ask is that you predict, within reason, your income and expenditure. Speak to one of our gender-blind loan experts and see how fast and easy it is to get a loan through Clear Skies Capital.
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