Small Business Loans for Women Starting Businesses Today
Personal Background Information
The loan application itself will ask for some personal information such as name, previous names, address, previous addresses and social security number. If you are filling out an application online, be sure that you are at an “https” secure site before you enter social security information. That way, no one can hack your personal information or steal your identity. You may also be asked about your education, although education and experience in your industry of choice is usually included in your business plan.
Specific Programs for Women
Small business loans for women and men are available from numerous sources. There are specific programs designed for women, including the Women-owned Small Businesses Federal Contract Program. The program is often referred to by the initials WOSB. While requirements and paperwork vary, there are some generalities concerning the application process. You can learn about some of the information you will need to provide here.
Your Business Plan
All lenders require the submission of a professional, sound business plan along with the application. The plan will include information about expected profits and losses, competition in your field, current financial statements if the money is to expand an existing business and projected financial statements for new businesses.
A Business Plan Template
You can find a good business plan template to use for this part of the application process online. There are templates for many different types of common businesses, including restaurants and beauty salons.
Providing a Resume
Although a resume does not replace a business plan, some lenders require a resume for people who are starting new businesses. Your resume allows the lender to see your management experience and your experience working in your chosen field. It helps the lender understand whether or not you have the potential to be successful with your company.
Reviewing Your Personal Credit Report
The lender will actually obtain this information for you, but you are entitled to a free copy of your credit report on an annual basis. It is a good idea for all consumers to review their credit reports to check for errors and make sure that no one has tried to steal their identity. Reviewing this information before talking to a lender could help you identify problems and correct them before you fill out the application.
Submitting Previous Income Tax Returns
You are typically required to submit your personal and any business income tax returns for the previous three years. Depending on the loan amount and the type of business, some lenders may require additional years, along with things like financial and bank statements.
Some lenders offer very low interest rate small business loans for women. To get a current list of what programs are available, check with the Small Business Administration at sba.gov.
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