Business Loans for Women

Gone are the days when women were considered worthy only of the kitchen and no match for men. Women are creating ripples in the entrepreneurship space and proving beyond doubt that they can handle anything -- in all spheres of life -- including the difficult world of entrepreneurship.

Being a woman entrepreneur can be very exciting! The satisfaction of seeing an idea take form and creating a new business from scratch, seeing it grow is a unique experience which can be both exhilarating and frustrating in equal measure. The journey of a businesswoman is filled with various ups and downs, including the ubiquitous need for funds.

As always, money plays an important role in converting dreams into reality and a business loan for women entrepreneurs is probably one of the most effective ways to fund your venture. However, it is not as simple as it sounds, as getting a business loan could take a long time and is often a time-consuming process.

Business Loans for Women – What Is It?

A business loan is a way of raising funds to start a new business or expand an existing one. It is can be secured or unsecured, depending on the lender.  The loan amount is meant only for business purposes and you should be able to show appropriate documents and receipts that the loan has been used towards business expenses.

The loan amount you will be eligible for varies from lender to lender and also depends on your eligibility. For example, a new business might not be eligible for a substantial sum, as compared to an existing business that is doing great in terms of revenue.

However, there are some advantages to women entrepreneurs as well. Women entrepreneurs can take advantage of custom made loan products that offer reduced interest rates, no collateral requirement, and longer repayment tenure.

Business Loans for Women – Eligibility

Generally, in order to be eligible for a business loan for women, you must:
  •   Qualify as a woman-owned business
  •   Own and actively manage at least 51 percent of the business

Documents Required

The documents required for the business loan for women differ from bank to bank and generally includes:

  •   Completed application form along with KYC documents
  •   Bank Statements
  •   Income Tax returns, balance sheet with profit and loss account statement, Form 16A
  •   Proof of business practice

Business Loans for Women – How to Apply

You can check your eligibility and apply for a business loan by signing up with CreditMantri. It is quick, simple and above all, free.

CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we pre-screen your application to make sure you are likely to qualify as per the lender's credit criteria. Hence the chances of your business loan application getting approved are higher.

Click here to sign up and apply for loans, the CreditMantri way!