According to Small Biz Trends, 59% of women entrepreneurs seek funding for business growth. Working in an entrepreneurial workforce alongside male peers, women sometimes struggle to finance their businesses.
Melinda Gates, Co-Founder, Bill & Melinda Gates Foundation, understands the impact women make in their communities:
“What I learn from talking to so many women around the world: If you can empower them with the right things, the right tools, they can lift up their family. And that often lifts up their community and their society.”
Many times, small business loans for women available from financial institutions that support female entrepreneurs are the right tools women use to get the job done. Here are three scenarios of women that needed money to finance business goals.
A Child Mentor Turned Entrepreneur Thanks to a Loan
Melissa used to be bullied by classmates. After working for several years at schools with bullies and bullied children she decided she could help even more people.
She designed a mentoring program to build self-esteem in children used by local and national school educators. To expand globally and fund initial expansion costs, she applied for and received a $40,000 loan to research and develop her product statewide.
Now, educators contact her to learn about her mentoring product.
Sometimes a Restaurant is More Than Just a Business for the Community
Laura’s Italian cuisine restaurant serves the best food. People wait in line to be served and keep asking when she plans to open another location.
People from all around her community gather there to have a great time, but also to discuss important problems. She decides to add more dining space, she might also rent or build a second restaurant. Her quickest way to access money is to borrow against equity on her home. She approaches her bank and is able to acquire $50,000 in the form of a line of credit.
Within very little time, she has sufficient space for her customers and revenue has increased by 25%.
A Woman Who Knows the Importance of Social Activism
Abigail gets the word out about child labour, human trafficking, and domestic violence. She publishes a newsletter to donors and wants to start a live radio show aired weekly.
Abigail applies for a $25,000 non-profit loan and is awarded the funds. She is now able to get the word out on a broader scale.
Gender Has Never Been an Impediment to Own a Business
These women decided to make a difference in their communities and acquired a small business loan to fund their ideas.
Financial lenders can help empower you to change the world too. Maybe your next question should be when you should take your business to the next level.