Financing is a major pain point for small-business owners, and if youre a woman, your choicesmight be even more limited. According to the Senate Committee on Small Business and Entrepreneurship, women receive $1 of every $23 of small-business financing. There are small-business loans to help women-led ventures flourish, but toss in a credit history that includes a few wrong turns, and those femalebusiness owners oftenstruggle to access the capital they need.
However, there are alternative lenders that help owners with poor creditestablish and grow their businesses. These lenders generally have fastapplication processes and fund borrowers quickly but at a cost. Alternative lenders charge a wide range of APRs, sometimes upward of 100%.
Whether your business is just getting started or ramping up for itsbusy season, here are five alternative lenders that can help with your financing needs, even if you havea less-than-stellar credit score.
For women starting a business
Banks small-business lending has yet to bounce back to pre-recession levels, making access to startup capital from traditional lenders scarce at best. Because of this, if you have a poor credit history, funding your venture with a credit card might be your best option.
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For growing women-owned businesses
As your business starts to grow, you might want capital to purchase more inventory, make renovations or support increased labor costs. OnDeck offers term loans and a business line of credit that can help cover those expenses, and the lenderslooser requirementsmakea bad credit score less likely to affect your chances ofqualifying. An added bonus? The application process is quick and simple, andfunds hit your account in as little as 24 hours. OnDeck requiresat least one owner with a personal credit score of 500 or higher.