Nowadays, women all around the world are experiencing a powerful business momentum.
The presence of more female leaders is an excellent sign of what the future holds. Women have certainly made progress. However, some women are still struggling to get the financial support they need to develop their own projects in the field of entrepreneurship.
There are several factors for why those who are business owners are not earning what they deserve.
One of the challenges female entrepreneurs must face every single time they start a new business project is to deal with limited access to cash. Although, according to some studies carried out by Stanford University students, firms with more female members are more likely to support women-run startups.
On the other hand, nowadays there are other ways they can fund their business. Some financial institutions, like Camino Financial, have launched small business loans for women and business credit cards that are crucial to support new female entrepreneurs.
Short-term loans vs. business credit cards
Short-term loans are the favorite ones of business owners who need to raise cash fast at acceptable interest rates. They usually cost between 1% to 2.25% per month (it depends on the institution which grants the loan). Regarding repayment, they can be paid over a period that ranges from 12 to 60 months approximately.
In contrast, the cash that business owners can access through a credit business card is a whole different story. In this case, funds must be used in a different way, in other words, this type of financing is like a line of credit. The most important advantage they offer is their flexibility: users pay interest only for the periods the funds are used.
Women who reached their dreams
Knitting a better future
Jesse from Austin, Texas, has a small shop where she sells hand-knitted clothes. She and other expert knitters make all the pieces by hand and with a lot of passion, these items are then included in the shop’s collections.
Last spring, a representative of a famous ready-to-wear brand contacted her because they were interested in ordering 30 different crochet pieces for their next runway show. Jesse was ecstatic. But before letting herself celebrate, she knew that there were two problems to solve before thinking of fulfilling the order.
First, buying the wool they needed, and secondly, hiring two more knitters to meet the deadline. She would need more cash immediately.
She is likely to get a short-term business, so when she applied for one with an institution, she was granted the amount she needed to fabricate the crochet pieces.
A slice of success
Susana from Bismarck always wanted to start a small business. When she was finally able to open her own pizzeria, she faced a problem that she had never imagined: there weren’t enough customers in the area.
She decided to contact an online marketing agency to advertise her restaurant in Google and other social networks. They offered a wonderful campaign that was sure to get her enough customers.
The problem: it was too expensive for her.
Susie is a perfect candidate for a short-term business loan. After doing some online research, she found it easy to decide which loan matched with her needs. Now her pizzeria is bursting with new clients.
Helena, from Orlando, Florida, is a talented painter who has been working hard to open a small art gallery to support new artists. She has already prepared lots of things to make her dream a reality.
But she needs some more cash to finish her project.
Helena checked if she was able to obtain a pre-approval online by uploading her business documents. She got quotes from several institutions. After reviewing all her option, Joan chose the bank that best fitted her needs. Now she’s helping bring to the spotlight new and talented painters.
Why short-term business loans?
Short-term business loans are the ideal solution for people, especially female entrepreneurs, that are coping with a lack of cash flow to grow or start their business. Additionally, they are payable in only 12 months or less, so the interest rate applied is lower than in long-term credits.
Are you interested in taking a short-term business loan, but you have some doubt about installments, rates, and requirements?
If you are a woman and a business owner, you will find what you are looking for your business on Top 20 Small Business Loans for Women.