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The right source for women business loans
What qualifies as a woman owned business? The criteria for this qualification are rather simple on a federal level in USA but it might vary from one state to another. Any business that is owned at least 51 % and managed by a woman or a group of them qualifies as a woman owned business.
The 8 (a) certification program from the US Small business Administration (SBA) becomes necessary for small business companies owned by women and minorities to be eligible to get assistance in receiving federal contract set asides and other business development support.
Statistics tell us US has 9.1 million women owned businesses which together employ about 27.5 million people and collectively they contribute over $ 3.6 trillion to the economy. Even in this back drop, assistance to small businesses owned by women becomes important to make them tide over the unique obstacles they encounter in the every day business world.
How to get small business loans for women?The documentation required by lenders is similar to that required by other businesses. These are the basic documents required to asses the credibility of your business and stake holders in the business. Here is a brief list of critical documentation necessity.
- You need to submit the history of your business with purpose of the loan
- Three years' financial statements ( for existing businesses)
- Comprehensive statement of term debts ( for existing businesses)
- Accounts payable and receivable (existing businesses)
- Projection and balance sheet for the opening-day (new businesses) and lease details, if any
- Details of investment by the promoter/s
- Projections of income, expenses and cash flow
- Personal financial statements with personal resume/s
Some of these may vary from state to state. However this documentation applies to most of the banks and all SBA assisted programs.
Continue to : Government business loans for women
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