Female empowerment cuts across
various industries – from TV and film production to any kind of businesses,
both big and small. In fact, many small businesses today are owned by women,
many of them mothers, with entrepreneurial minds and maternal hearts that care
for their kids.
It’s this dual role (running a
business and raising kids) that can sometimes make it tough for mom
entrepreneurs. The good news is that there is help available when it comes to
financial support for female business owners.
Cognizant of the important role
women play in starting and growing a small business, loan providers and lending
companies, and even institutions like Camino Financial have included small business loans
for women in their financial portfolio.
What are small business loans for women?
Simply put, they are precisely that:
loans provided to solely meet the business needs of women entrepreneurs.
They’re structured in such a way that they have less restrictive requirements.
Let’s say you’re a mother (single or not) and own a business; with these kinds
of loans, it’ll be easier and faster for you to get your hands on funds.
Depending on the loan provider, the
amounts may range from $5000 to $400,000 with monthly repayment schemes that
run from twenty-four to sixty months. Interest rates also vary, they can go
from a low of 8% to a high of 29%.
What kind of loans should I apply for?
There are a lot of types of loans
for women, you just need to do some research to find the one that’s right for
you and your business. There are many banks that have special loans designed
just for women, there are even institutions created with the sole purpose of
helping women entrepreneurs.
Let’s take a look at small business
loans, what they are and what you could use them for.
These loans are geared towards
helping small business owners who make less than $500,000 in annual sales. It
involves loan amounts from $5000 to $50,000 payable within two to five years.
If you’re a mother planning on
starting up a business, it’s the kind of loan that will help get your business
up and running.
You’d also want to make sure you
take out a loan within your capacity to pay on time. Otherwise, the interest
payments could get you in trouble.
Is it possible to be your own boss while having time for your kids?
It was this kind of loan Rebecca
Gonzales took when she decided to open her own business: Becca’s Bake Shop.
Rebecca, a single mother of a
6-year-old boy was a bank teller was not happy with her day job, but never had
the courage to do something about it. She always had big dreams of starting a
business that’d give her and her son a life of great comfort.
Baking is her passion, she’s been
doing it ever since her grandmother gave her an Easy Bake Oven for Christmas
when she was only 8.
After a lot of consideration, she
realized setting up a bread-and-coffee sort of business was what she needed in
her life. Unfortunately, she lacked capital.
She had some savings but it wasn’t
enough to buy and install the customized oven she needed for her unique pieces
of bread, cakes, and pastries.
She had heard of small business
loans and decided that might be the way to go. She googled companies that
offered small business loans for women, applied for one, was approved and got a
$35,000 fund.
With this amount, she was able to
buy and get the oven installed, she also hired some good help and was soon
selling the best cupcakes and birthday cakes in the neighborhood.
She was also able to resign from her
bank job and now devotes her time to growing the business and spending quality
time with her son.
Becca took a chance on her dream and
now she feels happier than ever. So, if you’re a mother in need of additional
funding to start or get your business really going, maybe you should start
researching small business loans for women.
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