Women owned businesses are increasing at a higher rate than ever. This can be attributed to a few different factors from narrowing gaps in education, more access to funding or the economy making people look at new career options.. Even though the economy may be at a standstill, there are lending sources out there actively trying to fund new small businesses loans for women. Owning your own business gives you true freedom and opportunity unmatched by working a 9 to 5 job.
This criterion is important because that is what will be used as the basis of you getting the small business loan. Hard money lender are taken seriously, and being able to pay it back is very important. The proof of this will show up on your credit report.
You don’t get these monies unless you are a viable business. Boy, you can drive a truck through that phrase. Our friends at the SBA will determine if you are “viable” (imagine how inferior you will be when you have to tell your friends your business was determined by the Federal government to be “non-viable” and on life support).
Getting back to the GAAP line/loan, there is not a better or easier way for you to fund your business. Here are a few of the points why it is such a good thing to go after.
Market Analysis – this is where your knowledge and experience in your industry will come in. In this section, you have to describe the industry, its current growth, challenges, and expectations. You have to describe your target market, how you plan to reach that market, and the results of any market tests.
Scene two: you work for yourself; you do what you want to do. You work hard and you are satisfied. You go home a better person each day cause you work for yourself. And you definitely earn more.
A. This is definitely required on the larger loans, but not on the small ones. The paperwork is meant to be short and simple so they can be processed quickly.
So what does that mean to me as a small business owner? I’m not interested in a large loan with a lot of paperwork. I simply want a streamlined loan application where I can receive unsecured monies in the neighborhood of 5K to 50K . The last thing anyone wants to see is this type of loan going away. Well, you are in luck. Because of these incentives, banks are actually making these loans under a popular program called SBA Community Express. It does not require business plans, tax returns, or financials , and is now running at the rate of approximately 7.75% or $60 per month for every $5,000 borrowed. We can only keep our fingers crossed that this golden egg laid by Congress remains available.