SBA Women Owned Business Loans

The Small Business Administration is working hard to make sure women can access the financing they need to grow their businesses. That’s why the agency has a number of initiatives, funding opportunities and resources specifically geared toward female entrepreneurs, including the more than 100 Women’s Business Centers and the 8(a) Small Business Development Program, which allows all “socially and economically disadvantaged” entities to compete for set-aside federal contracts. The SBA also supports an online procurement training platform and matchmaking events, which can help women secure more private-sector contracting opportunities. And there’s the Eileen Fisher Entrepreneurship Award, which gives $100,000 each year to 10 woman-owned businesses that have an environmental or social change focus.

The SBA has several other loan programs geared toward women, too. These include the 7(a) loan, which offers below-market interest rates (Prime + 2.75% at Funding Circle), and terms up to a decade. And the Women-Owned Small Business (WOSB) and Economically Disadvantaged Women-Owned Small Business Program (EDWOSB) certification, which can allow businesses to compete for exclusive set-aside government contracts.

To apply for these programs, it’s important to do your research and gather the necessary documentation. Many certification programs require extensive information about owner eligibility, business entity formation and governance, financial information and more. It’s also a good idea to contact potential certifiers directly with questions about their application process. Then, once your business is certified, you can apply for an SBA 7(a) loan with the help of a Preferred Lender like Funding Circle. business loans for women