Best Small Business Loans for Women

Since Fast Capital 360 was established back in 2013, it has acquired an A+ rating with the Better Business Bureau and a base of over 35,000 businesses that put their trust in this platform.

The company offers several working capital loan products to small-business owners, including term loans, business lines of credit, equipment financing, SBA and MCA loans, and invoice factoring.

ith up to $500,000 in funding available, swift funding times, and low APR, Fast Capital 360 is one of the better lending choices for women in the United States.

Services Offered

Fast Capital 360 is well-known for its variety of loan products available in all 50 states. If you need a quick cash infusion, you should go for merchant cash advances.

Fast Capital 360 examines your applications and approves them in no time, even with a credit score of 500, at least $100,000 in annual revenue, and just four months of business history.

With MCA loans, borrowers can get up to $500,000 with a factor rate that starts at 1.1 and repayment terms between three and 24 months.

Those who need larger amounts of money can apply for term loans with Fast Capital 360. The company offers short-term (up to $500,000, with at least 10% APR) and medium-term (up to $250,000, with a minimum 7% APR) lending products.

Repayment terms range between three and 18 months for short terms; the repayment terms for medium-term loans are between one and five years.

The requirements here are a bit stricter, but Fast Capital 360 term loans are still among the best choices for women with poor credit of at least 540 (short-term) or 600 (medium-term).

Other than that, applicants should have an annual revenue of at least $75,000 (short-term) or $200,000 (medium-term) and be in business for at least a year.

If you need a large loan of up to $350,000 that you’ll be able to repay in up to 10 years, then SBA loans are the right choice; they come with an interest rate starting at 7%.

They also come with a few downsides, including a guarantee fee and origination and loan packaging fees, while Standard 7(a) loans of $25,000 and up require collateral.

Applicants should have a credit score of 650+, two or more years in business, and at least $50,000 or more in annual revenue.

Fast Capital 360 provides more options for small-business loans for women in minority groups as well as those with low credit scores. Its offer includes equipment financing options for purchasing or leasing new equipment. With this loan, it's possible to borrow up to 100% of equipment value with an interest rate of at least 8% and pay it back between one and five years.

There are also business lines of credit that allow borrowing up to $250,000 and invoice factoring for borrowers whose capital is tied up in unpaid invoices.

Reasons to Choose Fast Capital 360

There are many reasons to consider Fast Capital 360 when looking for small-business loans for women. The company offers a variety of loan products that can cover most needs a small-business owner might have. Additionally, it's one of the few companies that provide loans to those with credit scores as low as 500 and limited business history (four months at the lowest).

Fast Capital 360 boasts a hassle-free online application and swift approval process. Most applications are approved within 24 hours, and funding will reach your account in up to seven days, depending on the loan type.

Finally, with Fast Capital 360, you can count on some of the lowest APR rates in the industry, starting at 7% for SBA loans.

Reasons to Look for a Loan Elsewhere

Those looking for small-business loans for women in the startup phase of their business might want to look for other options, as Fast Capital 360 offers loans to those who have been in business for at least four months and have generated $50,000 or more in annual revenue.

If you don't meet these requirements, you might want to look for a company that offers loans specifically for startups.

Another thing to consider is that Fast Capital 360 is simply a broker, not a direct lender. This means the fees will depend on the lender they match you with.

So, if you're searching for a company with a more transparent fee structure, you might want to look elsewhere.

Bottom Line

If you're looking for a variety of small-business loans for women, Fast Capital 360 is definitely a company worth considering.

It offers a range of loans for different needs, has an easy online application process, and provides funding quickly.

Just bear in mind that it's not geared toward startup businesses and that the fees depend on the lender.

Instead of offering loans directly, Lendio has a network of 75 funding affiliates and operates as a matchmaker between lenders and customers in need of business funding.

Services offered

Lendio is a business funding platform that provides a wide range of financial products. These include lines of credit, business term loans, short-term loans, equipment financing, and SBA loans.

Given that Lendio collaborates with more than 75 investors that specialize in different types of loans, there are no specific eligibility requirements that you'll need to meet before you can apply for a certain loan type.

However, there are a few general eligibility qualifications that can increase your chances of getting small business loan you need. These include a credit score that exceeds 550, monthly revenue of $10,000, and a minimum of six months in business.

Keep in mind that even if you fulfill all of these requirements, there are no guarantees that you’ll get the funding. However, as Lendio claims that as many as 65% of its applicants get funded, your odds are good.

Although Lendio’s services don’t incur fees, the costs of borrowing capital can vary widely depending on the investor you decide to work with. Types of charges include interest rates, fixed fees, administration and origination fees, prepayment penalties, and other fees. 

Reasons to choose Lendio

With an extensive list of financial products and an even longer one holding all Lendio's partners, there's no doubt that this lending service can provide a funding option to suit almost anyone. 

Using a funding matchmaker like Lendio comes with many advantages. If you decide to go with this company, you won't need to waste your time searching for possible lenders, as Lendio will do that for you free of charge. As soon as you get a list of offers, the only thing you'll have to do is pick the best one. 

This online loan provider is notable for its highly responsive customer service and quick and easy application process. It’s safe to say that Lendio is one of the best choices if you have never dealt with the alternative lending market and you’re trying to get a small business loan.

Reasons to look for a loan elsewhere

While Lendio is much faster than any traditional funding option, it still takes longer than most of its individual lending affiliates. As far as credit inquiries go, although the company claims it only does soft credit inquiries, some customers have complained that they received hard ones. Also, there’s a risk that borrowers won't get paired with the most suitable lenders.

Bottom line

Thanks to its huge network of lenders offering various types of women's business loans, Lendio has established itself as a company that offers great deals relatively quickly. Dealing with this funding provider is as easy as filling an online application and waiting for the offers to land in your inbox.

However, if your credit score is poor, you may not be able to get the funding you need.

Since its launch in 1961, Accion has become one of America’s largest non-profit lending networks. Its mission is to financially educate small businesses and help local communities thrive. Nowadays, this lender is best-known for providing loans to small businesses and startups that have a hard time meeting the requirements of other funding companies.

Services offered

This lender provides installment loans (also known as term loans) for many different purposes, including business funding for women. Borrowing amounts can range anywhere from $300 to $1 million, while loan terms range from six months to five years. As far as interest rates go, expect an APR of 7.5% to 34%.

There are no time-in-business requirements, and in terms of revenue, you’ll need to demonstrate that you have the cash flow required for repayment. 

Although borrower qualifications may vary state by state, there are a few general requirements you'll need to meet to get an Accion loan. These include a credit score of 575+, no bankruptcies in the past 12 months, no foreclosures in the past 24 months, no adjustments to your mortgage rate during the term of the loan, and no overdue mortgage or rent payments in the past year.

Apart from that, make sure that you are no more than 30 days late on any bills and credit card or loan payments. Also note that the total of any overdue amounts needs to be under $3,000.

There are a few more conditions to fulfill. You'll need to keep your past-due debt under $3,000, submit a business plan featuring a one-year financial projection, and present your two most recent pay stubs. 

Reasons to choose Accion

What makes Accion stand out from the competition are the mentorship and networking programs it provides as well as its comprehensive library of videos and articles brimming with financial and business advice. 

Accion's overall low borrower qualifications and its determination to financially educate and empower women and men from all backgrounds have already won this lender plenty of admiration. Not only does this company have a great choice of small business loans, but also it offers funding to those women with average-to-low credit scores.

Reasons to look for a loan elsewhere

Although Accion is a solid lending institution overall, there are some things that you should watch out for if you decide to apply for a loan with this company. First of all, the application process usually takes longer than it does with other lenders.

Apart from that, with a processing fee of $135 and a closing fee of 3% to 5% of the total loan amount, the costs of Accion loans can add up. Other drawbacks include the fact that Accion doesn’t offer particularly large loans, and it isn’t BBB accredited. 

Bottom line

As this online lender doesn't impose any time-in-business requirements, Accion loans can make a solid choice for growing businesses and startups in need of some extra capital.

Loans from this non-profit funding service don’t come cheap, but Accion’s commitment to providing useful business and financial resources to its customers make it one of the better business lenders on the market.

BlueVine is one of the quickest providers of small business loans for women. Not only is this capital provider well-known for granting same-day funding, but it also stands out from the crowd by offering some of the largest financing options available.

If you have a project that needs financing, but your imperfect credit score prevents you from applying for a loan through more traditional funding sources, BlueVine may be a great alternative. It’s highly praised among borrowers and has an A+ rating from the BBB.

Services offered

BlueVine provides three funding options: lines of credit, invoice factoring, and term loans. 

This lender’s line of credit is intended for short-term financial demands such as buying inventory. As far as loan amounts go, you can borrow anywhere between $5,000 and $250,000 with an expected APR of 15% to 78%. Based on the length of the repayment period, BlueVine offers two options.

The Flex 6 package is a six-month line of credit available for those who have been in the business for more than six months, with $100,000+ in annual revenue and a credit score that surpasses 600.

The 12-month option, Flex 12, offers loans for women with a credit score of 620 and $450,000+ in annual revenue. Note that your business needs to be at least two years old for this option.

When it comes to invoice factoring, BlueVine's option is good for financing large invoices provided you can rely on your customers to pay what they owe to the lender on time. Loan amounts start at $20,000 and can go up to $5 million. The APR ranges from 15% to 68%, and loan terms range from one to 13 weeks.

To qualify for this type of loan, you’ll need to be in business for at least three months with a personal credit score of 530+ and a minimum monthly revenue of $10,000.

BlueVine also offers term loans, or in this case, loans for women looking to start a small business. As a rule, term loans are geared towards new businesses in need of short-term funding. BlueVine’s term loan amounts range from $5,000 to $250,000. They come with an APR of 15% to 88% and a six- or 12-month repayment period.

To qualify for this type of funding, you'll need to be in the business for at least half a year, with a personal credit score that surpasses 600 and $10,000+ in monthly revenue.

Reasons to choose BlueVine

When it comes to applying for small business funding for women with BlueVine, the process is fast and simple. A line of credit usually gets approved in 12 hours, invoice factoring takes anywhere from a few minutes to one day, while term loans can be approved in as little as 10 minutes.

BlueVine's invoice financing is a great service if your company suffers from customers not paying on time. As it focuses on your small business’s cash flow and the creditworthiness of your customers (in the case of invoice factoring), this lender also has a good choice of business loans for poor credit.

If you use QuickBooks, FreshBooks, or Xero for invoicing, the lender lets you connect your accounting software with BlueVine. Alternatively, there's an option to create invoices directly within the lender's interface. 

Reasons to look for a loan elsewhere

With an APR of up to 88%, BlueVine definitely sits on the more expensive side of the lending spectrum. 

A BlueVine loan comes with short repayment terms and therefore high installments, which may be an issue for business with irregular sales or unsteady cash flow.

Invoice factoring can also be problematic here. If your customers fail to pay what they owe directly to BlueVine in two weeks, you'll have to settle the invoices.

Bottom line

Overall, BlueVine offers a solid alternative to traditional government-backed small business loans for women. Its services are not the cheapest on the market, but if you have a large project in mind and can't qualify for a loan elsewhere, this provider is one of your best options.

StreetShares is a lending marketplace that provides great funding options for underserved groups such as female entrepreneurs, growing businesses, and veteran-owned businesses.

While this provider lets you borrow a maximum of 20% of your business's annual revenue, its eligibility requirements are among the lowest on the market. 

Services offered

StreetShares provides a few different loans, including lines of credit and installment loans.

As far as lines of credit go, StreetShares lets you borrow a minimum amount of $5,000 and a maximum of $250,000. Loan terms are between three and 36 months, and you can expect an APR of between 8% and 39.99%. Eligibility requirements include at least one year in the business, a personal credit score of 600, and $75,000 or more in annual revenue.

With a term loan, you can get anywhere between $2,000 and $250,000. The repayment period can last from three to 36 months, and the APR is usually between 8% and 39.99%. You won't be able to qualify for this type of loan unless your business is at least one year old. You’ll also need a minimum credit score of 540 and an annual revenue of $75,000.

Reasons to choose StreetShares

What makes StreetShares stand out from the competition is its unique take on peer-to-peer lending. The company works as a lending marketplace and matches investors with customers based on their mutual characteristics.

Upon applying for a line of credit or a term loan, you’ll be asked to explain your business situation and list the reasons why you need the money. If your business idea manages to capture the attention of multiple investors, they'll compete for an opportunity to fund your loan. Keep in mind that an engaging business story may help you get the loan much faster.

Reasons to look for a loan elsewhere

One of the biggest drawbacks of StreetShares’ small business loans is that you can't qualify for a loan amount that exceeds 20% of your annual revenue. For example, if you make $250,000 annually, the maximum amount you can borrow is $50,000. So if you’re looking to finance a large project, such as buying real estate, you should probably look elsewhere.

There are also a few location- and industry-related restrictions. StreetShares currently does not offer loans to businesses located in North Dakota, South Dakota, Nevada, Montana, or Rhode Island. Apart from that, if you work as a non-commercial construction contractor or run a law or accounting firm, you won't be able to get a loan from this funding network.

Bottom line

Overall, StreetShares provides a good choice of loans for women, especially for those who have been in business for a few years. Loans get approved quickly, the funding is affordable, and there isn’t a long list of unnecessary fees. However, given that StreetShares won’t let you borrow more than 20% of your yearly revenue, this lender won’t be a perfect fit for every female-owned business.

Credibility Capital is one of the most popular online business funding platforms that connects financial providers and small business owners in need of financing. The company’s partners are mainly high-profile institutional investors such as banks, insurance companies, and hedge funds.

Services offered

Provided that you can meet its requirements, Credibility Capital offers excellent small business loans for female entrepreneurs. Its term loans range from $25,000 to $350,000 and can be paid off in monthly payments over a period of 12 to 36 months.

Credibility Capital's loans are fully amortizing, which means that each monthly payment consists of a portion of the interest and a portion of the principal. The APR starts at 8%, there are no application fees, and the origination fee starts at 3%. 

Before you apply for a business loan with Credibility Capital, make sure that your business has been operating for at least two years and that you are currently generating income.

This provider won't consider your application if you've gone through a personal or commercial bankruptcy within the past 60 months. Lastly, even though the company doesn’t set a specific FICO score threshold, strong personal credit is among the eligibility requirements. 

If you are not a US citizen, you won't be able to apply for a loan with this company. Also note that Credibility Capital doesn't offer funding to businesses located in North Dakota, South Dakota, Nevada, or Vermont. 

Reasons to choose Credibility Capital

This New York-based lending platform gathers high-profile investors that offer capital to low-risk borrowers. In other words, if you own an established small business that's looking for growth opportunities, you're a perfect candidate for a Credibility Capital loan.

Credibility Capital takes a holistic approach when evaluating a business's financial situation and stability. This kind of underwriting flexibility means that great performance in one particular area can make up for a lower annual revenue or an imperfect credit score. 

This lender lets businesses pay their loans back early. Not only are there no charges for prepayments, but the company actually encourages you to pay what you owe early and lower the total cost of borrowing by saving on interest.

Reasons to look for a loan elsewhere

If you’re on the hunt for a startup loan or if you have a poor credit score, Credibility Capital won’t consider your application. Also, as this provider’s loans max out at three years, Credibility Capital won’t be a perfect fit if you’re exploring long-term business funding options. 

Apart from the aforementioned location-related restrictions, if you are a sole proprietor or your business is involved with firearms, gambling or adult entertainment, this lender's investors won't offer you a loan.

Bottom line

This New York-based lending platform gathers high-profile investors that offer capital to low-risk borrowers. If you have an established business and a strong personal credit, Credibility Capital’s affordable loans could be an excellent choice. However, if you don’t meet the strict eligibility criteria, you’ll have no choice but to look for funding options elsewhere.