Did you know that in 2024, 64% of women-owned businesses applied for some form of financing? This data collected by the Small Business Credit Survey[1] found that female entrepreneurs are ramping up their operations and seeking funding in line with men or equally owned businesses.
If you’re here to research how to get financing and looking for loan options that might meet your business needs, look no further. I’ve put together my top picks, along with some tips and resources to make your search a lot faster. Whether you’re just getting started or looking to grow, I hope this saves you time (and maybe a headache or two).
Quick loan comparison: My top picks for women-owned businesses
Let’s compare the top loan options side by side, so you can quickly spot which one might be a fit for you. My picks are based mainly on types of loans offered, favorable rates and terms, loan amounts, and flexible qualification requirements.
Here’s a quick rundown of the loan options I chose and what use cases they are best for:
Now that you’ve seen the quick comparison, let’s dive further into each provider individually so that you can ensure the one you choose is the best fit.
Want to be considered for multiple loan options all at once? Apply with Lendio
How it benefits women-owned businesses
Using a broker can potentially save you both time and money since you can apply for multiple loan types and lenders all at once. This can maximize your financing opportunities and allow you to consider lenders you might not have otherwise known about. Essentially, you can use this type of service to your benefit, instead of having to research a wide variety of potential options.
Why you should consider it
Lendio is a loan broker with over 75 partners in its lending network. It can provide you with the opportunity to review multiple loan options at once, all by submitting a single, simple application. There is a wide variety of loan programs available, inclusive of SBA loans, lines of credit, term loans, cash advances, equipment loans, commercial mortgages, and startup loans.
My take: I’d choose this provider if I wanted to keep things simple. From both an application and approval standpoint, this option streamlines the process of sourcing funds. Just keep in mind that loan terms and qualifications can vary widely based on the participating lender.
Visit Lendio
Looking specifically for an SBA loan program? Check out Clarify Capital
How it benefits women-owned businesses
Your business can benefit from SBA loans since they offer some of the best rates and terms available. These government-backed loans are designed to support small businesses and reduce lending risk. That means more opportunity and better terms, especially for groups that have been historically underfunded.
Why you should consider it
Navigating the world of SBA loans solo? Not fun. Clarify Capital takes that weight off your shoulders by connecting you with the right SBA lenders and walking you through the process.
It’s a broker similar to Lendio and 1West that offers a wide variety of loan offerings, but it’s chosen for this guide based on its SBA loans. Using a broker to search for SBA-affiliated lenders can save you a great amount of time by being presented with all of your options at once. This can keep the process simple and allow you to get financing sooner rather than later. Notably, Clarify Capital is known for its excellent customer service and experienced representatives.
My take: Instead of wasting your time going down a rabbit hole searching for an SBA-approved lender (yeah, we’ve all done it), using this broker can help you navigate the process. If your business is still getting its financial footing, my advice is to look into its microloan program, as it’s often a smoother entry point with more flexible qualifications.
Visit Clarify Capital
Want a provider specializing in financing minority groups? Consider Accion Opportunity Fund
How it benefits women-owned businesses
Accion Opportunity Fund is focused on helping marginalized entrepreneurs get access to both business capital and education. This particularly includes women-owned businesses, as the majority of its issued financing goes toward female entrepreneurs.
Why you should consider it
This provider lends with purpose. It is mission-driven and offers a support network in addition to its loan offerings. Funding and repayment terms will be customized to meet your business needs, and the prequalification process can be completed in just a few minutes. It also offers favorable loan rates and terms, along with flexible qualification requirements. The application is relatively simple and can be accessed via the official website.
My take: I’d choose this provider if I wanted to work with a lender that creates opportunity and can offer personalized support and educational resources in addition to funding. I also like that it aims to make a difference and help business owners who might commonly get overlooked achieve their financial goals.
Visit Accion Opportunity Fund
Have a low credit score but still need funding? Try working with 1West
How it benefits women-owned businesses
Specific to its unsecured working capital loans, it can benefit you if you have less-than-ideal credit or need resources to help secure financing. While its rates are a bit higher than the other providers in the roundup, 1West can provide you with opportunities that might not be available to you with traditional lenders. Its tech-driven platform makes the process fast, with no calls or complicated paperwork required.
Why you should consider it
1West is a loan broker and is similar to Lendio in that it has a large network of partnering lenders that can match you with a variety of loan options. 1West stands out, though, due to both its flexible qualification requirements and its ability to process loans without the need to speak with a lender. It utilizes a tool named “ABLE” (Automated Business Lending Engine) that allows you to apply for financing at any time of day, with an approval decision to follow shortly after processing.
My take: I’d choose this provider if I were a business that needed a little wiggle room when it comes to qualification criteria. If you don’t have collateral or a cosigner to help you secure financing, I’d recommend this as an option for unsecured working capital opportunities to help your business achieve its goals.
Visit 1West
Need flexible funding on an as-needed basis? Go with Bluevine
How it benefits women-owned businesses
You can benefit from this provider by having access to working capital anytime your business might need it. If your business is still growing or looking for some sense of financial security, a revolving credit facility can provide you with funding as you need it most and prevent gaps in cash flow.
Why you should consider it
Bluevine makes the list since it offers a business line of credit that’s easy to apply for and can be used for a wide variety of business purposes. Its favorable starting rates allow you to borrow funds on an as-needed basis (up to your credit limit) and repay them over time.
While other providers such as Lendio and Clarify Capital also offer lines of credit, Bluevine is a direct lender. As such, if you have a Bluevine checking account (see our Bluevine business checking review), you can get instant access to approved draw requests. The application is simple, and with such quick access to funds, this can be a solid option to help you cover short-term expenses such as emergencies, gaps in cash flow, payroll, and inventory.
My take: Choose this option if you’re looking for flexibility when it comes to funding. Meaning, if you don’t want to take out a lump sum and have a monthly payment obligation, go with this, mainly to ensure you have funds “just in case” to cover any potential short-term business financing needs.
Visit Bluevine
Want help financing equipment for business operations? Choose National Funding
How it benefits women-owned businesses
Due to its flexible qualifications, National Funding can benefit your business if it needs a startup-friendly provider to either purchase or even upgrade existing business equipment. It can be especially useful if you need access to funds quickly and want to take advantage of potential discounts.
Why you should consider it
National Funding has competitive rates and terms when it comes to its equipment financing offerings. The application process is straightforward, and it also has perks such as early payment discounts (something to differentiate itself from Lendio) and no down payment requirements. It’s an ideal option if your business relies on equipment for its operations and is looking to purchase assets with customized funding options, as it offers funding as soon as the next day.
My take: I’d choose this provider if I were sourcing equipment to help my business operations. With long repayment terms, it can be a budget-friendly option that can provide you with the opportunity to purchase new or used equipment and help continue growing your business.
Visit National Funding
Why you can trust my top picks
Narrowing down the exact providers that made the list required a few key considerations on my part. Considering my banking background and knowing what’s important to women-led businesses, I aimed for lenders that provide the following criteria:
- Competitive rates and terms: I factored in the competitiveness of each lender’s interest rates and loan terms to ensure you’re getting the best deal for your budget.
- Qualification requirements: I wanted to showcase lenders with flexible qualification criteria so that a wide variety of business owners might be considered for financing.
- Repayment terms: Lenders offering a variety of repayment options, from short-term to longer-term financing, were prioritized, with the goal that business owners can have flexibility in their repayment schedule.
- Ease of application: I looked for lenders that keep the application process as simple as possible and offer easy application and documentation requirements, along with excellent customer service.
- Documentation requirements: Preference was given to lenders that don’t require a ton of documents to start the application process so that you can get access to funds more quickly.
- Number of loan programs offered: Lenders with multiple loan options were highly considered so that a wide variety of business purposes can be covered.
- Maximum loan amounts: I considered lenders that offer a wide range of financing amounts so that borrowers can source funds for both small and large funding needs.
- Customer reviews and ratings: Lastly, I researched customer reviews and feedback to verify the reputation of the lender and the quality of customer service.
Business loan type breakdown: Choosing your perfect fit
Lucky for you, there are likely a variety of business loan types that are suitable for your financing needs. Common loan types might include the following:
- A microloan provides smaller financing amounts (usually up to $50,000) and can offer flexible qualification requirements. It can be a great option if you have limited or low credit history and provide working capital for a wide range of business uses. Microlenders are available nationwide; you’ll just need to work with an SBA authorized intermediary lender.
- An SBA loan offers some of the best rates and terms available, and loans are government-backed and facilitated by a participating lender. There are a variety of loan programs to consider, with each having varying flexible qualification requirements.
- A term loan offers lump-sum funding that is paid in installments over a specified period. Funds can be applicable to a wide variety of business purposes and can be sourced from traditional banks, online lenders, brokers, and more.
- A business line of credit is a revolving credit facility in which you have a specified draw limit. You can borrow funds as needed and repay the balance over time. Usually, it comes with a variable interest rate and a shorter repayment term. However, it is great for flexible funding uses and often has less strict qualification criteria.
Our guide on how to get a small business line of credit will walk you through everything you need to know.
- An equipment loan can provide you with the ability to finance assets that support your business operations and pay it off in installments over time.
Set yourself up to get funded: Read this before you start shopping
When getting a small business loan, it’s important to stick to a game plan. Trust me, you’ll save yourself a ton of back-and-forth later. You don’t want to apply for or agree to financing terms without reading the fine print.
If you know you’ll need financing in the future, here’s what I want you to consider before stepping up to the plate:
Step 1: Start building credit strategies.
If you’re a newer business still building your credit and finance history, you should strategize ways to present your business best so that lenders are willing to consider your application.
Step 2: Prepare a business plan and gather supporting documents.
To showcase your business operations and cash flow, you’ll want to write a business plan that’s detailed and collect supporting documents (tax returns, bank statements, etc.) so that the lender can better understand your financial position and long-term operating plans.
Step 3: Determine the best loan type.
Before approaching any lender, you should consider what type of loan will best suit your specific business needs. Review your expectations and budget accordingly!
Step 4: Consider what type of lender works for you.
This might include a traditional bank, a credit union, a broker, or an online lender. Consider whether you want to work with a lender in person or keep things simple by accessing financing strictly online.
Step 5: Utilize available resources.
One of the perks of being a women-owned business is that numerous resources are available to help you both build your business and prepare to apply for financing. Research some of these resources to network and help put your best foot forward. (I added some great resources below to help you get started!)
My two cents: Navigating small business financing for female entrepreneurs
What my background in banking has taught me is that when it comes to getting a small business loan, the best possible thing you can do is to plan ahead. My advice is to create your application in a way that demonstrates to the lender your need for financing, your plans for growth, and how you intend to mitigate risk.
It’s also important to foster a good working relationship between you and your lender, as you’ll need to work closely with them to ensure you are getting the best deal for your budget. Don’t hesitate to reach out to them with questions or concerns when planning to apply for financing.
Staff Writer – Finance at Fit Small Business
Helpful resources every women-led business should know
If I could give you one extra piece of advice? Don’t skip the support resources. These links can open doors to funding, mentorship, and even future partnership opportunities.
Here are some resources to help you get started:
How to plan your next move if you’re denied
Didn’t get approved? Don’t worry, it happens. That isn’t the end of the road, as you’ve still got options. You’ll just have to map out another route to securing financing. This might look like:
Reconsidering your loan type. Certain loan types may have varying qualification requirements. Think about whether your financial needs can be met via other loan programs. You might also consider consulting a broker, which enables you to review multiple loan options all at once.
Applying for a lesser amount. The more money, the more risk. You should only borrow exactly what you need, so consider whether you can make do with a lesser amount, and work with the lender to negotiate potential loan terms.
Seeking alternative financing methods. If getting a loan is proving to be more trouble than it’s worth, start considering what other funding methods might be available to you. This could include equity-based financing, personal funds, and more.
Funding beyond loans: Alternative ways to fuel growth
Ask yourself: Do I really need a loan right now, or would something like a grant or equity financing make more sense?
If your answer after reading this is “maybe a business loan isn’t the best fit…” I’ve got you covered. Let me introduce you to some other potential funding options that might involve a bit less risk and help free up your budget.
- Business grants: Free money for your business? Yes, please! Grants can be a powerful way to source funds without taking on debt, as applying for a grant can provide you with multiple opportunities to find funding. For the best odds of success, you’ll need to prepare at least one of the several business plan types and keep deadlines and eligibility requirements in mind. For some options, see our roundup of the best small business grants for women.
- Crowdfunding: This allows you to raise funds via a campaign. Your business essentially markets its offerings on a platform, and interested investors can provide you with funds to help finance your campaign. To find a platform, check out our article on the leading crowdfunding sites for small businesses.
- Angel investors: Have a big vision and a bold plan? Angel investors might want in and bring valuable experience with them. If you’re a promising business looking to scale operations, this might be a great option to get both funding and a solid network of experienced investors and source funding in exchange for equity in your business. Our guide on how to raise angel funding will walk you through the process.
- Business credit cards: While this is another form of debt-based financing, it’s a revolving credit facility that you can use on an as-needed basis to cover short-term business expenses. You might also be able to take advantage of rewards programs and low introductory rates. For the best options, see our list of the best small business credit cards.
- Rollover for Startups (ROBS): A ROBS allows you to access your retirement accounts tax- and penalty-free. You’ll typically need a minimum investment of $50,000 to get started, but this is a solid option to source funding without entering into debt. Since it can be a complicated transaction, I recommend working with a professional like Guidant Financial to help with the process. Read our Guidant Financial review for more information.
Frequently asked questions (FAQs)
In terms of reasoning for denial, what it really boils down to is risk. Lenders want to see strong qualifications that will help them mitigate risk, along with detailed business plans to scale growth and cash flow. That said, the stronger your application, the better your odds of approval.
Really, any type of business loan is applicable to women-owned businesses. It really depends on your financing needs, along with your qualifications and budget.
Some providers may offer additional resources or programs. However, business loans aren’t typically geared toward a specific business demographic, but rather may have limits in terms of industry inclusivity.
Yes! If you decide to avoid a debt-based financing route, grants are a great way to source funds. While there is a level of competition involved, it can be a worthy endeavor if you take steps to make your application stand out. There are a wide variety of opportunities available; you’ll just need to do some research in terms of eligibility and application deadlines.
My final thoughts
Funding your business can feel intimidating, but it doesn’t have to be. The more you know going in, the more confident (and strategic) your decisions can be, and I hope this guide helped get you there and make the best decisions for your business financing needs.
[1]Small Business Credit Survey 2025 Chartbook on Firms by Gender of Ownership (Page 20)