Best Small Business Loans For Women In 2024

Get Started With BusinessLoans.com

Total Rating	4.0
Rates & Fees4.6 Pricing 4.3 Affordability 5.0
Services4.0
Eligibility Requirements4.1
Application3.0
Sales & Advertising Transparency3.6 Sales Practices 3.0 Web Presence 4.4
Customer Service4.1
User Reviews4.4

Pros

No minimum credit score to apply
Receive loans as quickly as 24 hours
Large business loans available

Cons

Minimal information disclosed on company website
Lack of long-term financing options

Why BusinessLoans.com Works Well For Bad Credit Applicants

BusinessLoans.com is a small business loans marketplace with options for women business owners with bad credit. In fact, there is no minimum credit score required to apply. If you're not sure you qualify for a business loan due to bad credit, you can apply to BusinessLoans.com and get matched with up to five loan offers. This is a good starting point for women with bad credit to find out what types of financing fit their credit profiles.

BusinessLoans.com Services

BusinessLoans.com does not originate loans but connects applicants with partnered lenders from within its network. Some online loan types you can apply for using this free service include short-term loans, lines of credit, and merchant cash advances. The maximum amount you can borrow through BusinessLoans.com is $3 million and the longest term length is 36 months.

BusinessLoans.com Rates & Fees

Rates and fees vary depending on which partnered lender you choose as well as your credit score and the status of your business. Unfortunately, BusinessLoans.com does not provide any sample rates or fees on its website.

BusinessLoans.com Eligibility Requirements

There are no specific eligibility requirements to apply for BusinessLoans.com. However, your credit history and other business credentials will determine what types of financing you qualify for. For example, bad-credit applicants will likely be connected with merchant cash advances and short-term loan offers as opposed to loans with longer terms.

Though startup and bad credit financing options are available, applicants should generally have at least six months in business, make at least $100K in annual revenue, and have a credit score of at least 550.

When To Use

You have bad credit and have been rejected by other business lenders
You aren’t sure what types of business financing you qualify for and want to see your options
You need relatively fast, short-term funding (but not same-day)

OnDeck: Best For Fast Loans

OnDeck

Total Rating	3.9
Rates & Fees4.6 Pricing 5.0 Affordability 4.2
Services2.9
Eligibility Requirements3.8
Application4.5
Sales & Advertising Transparency3.8 Sales Practices 4.0 Web Presence 3.5
Customer Service4.1
User Reviews4.0

Pros

Same-day funding available
Lower borrowing costs on repeat loans
No prepayment penalty

Cons

Origination fee is charged
High average APRs

Why OnDeck Is Best For Fast Loans

OnDeck is an excellent option for women who need fast short-term financing for their businesses. OnDeck is a reputable short-term business lender offering same-day loans to qualified applicants. Rates are not the cheapest, but for businesses willing to pay for speed and convenience, OnDeck is a good choice.

OnDeck Services

OnDeck’s online business lending services include short-term loans from $5K to $250K, with repayment terms of up to 24 months. OnDeck also offers business lines of credit from $6K to $100K, with a 12-month, 18-month, or 24-month repayment term that resets after each withdrawal.

OnDeck Rates & Fees

OnDeck states that the average APR for its STL is 55.8%; its average APR for lines of credit is 52.6%.

OnDeck Eligibility Requirements

OnDeck requires a credit score of 625, as well as one year in business and annual business revenues of at least $100K.

When To Use

You need one-day or same-day funding
You have OK credit and 1+ year in business, but you don’t qualify for a bank loan
You are prepared to repay your loan quickly

Get Started With OnDeck

Accion: Best For Minorities

Accion

Total Rating	3.8
Rates & Fees5.0 Pricing 5.0 Affordability 5.0
Services2.1
Eligibility Requirements4.1
Application3.5
Sales & Advertising Transparency4.8 Sales Practices 5.0 Web Presence 4.5
Customer Service3.9
User Reviews3.2

Pros

Long-term financing available
Caters to marginalized communities, including women
Low credit score requirements
Low interest rates

Cons

Small maximum borrowing amount
Not available in all US states
Time-to-funding can be slow

Why We Chose Accion Opportunity Fund For Minorities

Accion is a nonprofit business lender that specializes in lending to marginalized communities that have been historically shut out of business lending -- namely, women and minorities. Borrowing requirements are low, making this lender a strong choice for women who don't have a lot of business experience and can't qualify for a bank loan.

Accion's borrowing rates are quite reasonable, in contrast to the predatory rates offered by many business lenders that cater to minority business owners and bad-credit applicants.

Accion Opportunity Fund Services

Accion offers short- and medium-term business loans from $5K to $250K. Term lengths range from 12 to 60 months.

Accion Opportunity Fund Rates & Fees

Accion interest rates range from 7.49% to 29.67% and there are no prepayment penalties. The rate you will be offered depends on your credit score and financial standing.

Accion Opportunity Fund Eligibility Requirements

To qualify for an Accion Opportunity Fund loan, you’ll need three months in business, a 570 FICO, and $50K in annual business revenues.

When To Use

You have bad credit but reliable monthly revenue
You can wait up to several weeks to receive your loan
You can budget for a sizable monthly loan repayment

Get Started With Accion

Lendio: Best For SBA Loans For Women

Lendio

Total Rating	4.8
Rates & Fees5.0 Pricing 5.0 Affordability 5.0
Services5.0
Eligibility Requirements4.9
Application4.5
Sales & Advertising Transparency4.4 Sales Practices 4.0 Web Presence 5.0
Customer Service4.9
User Reviews4.9

Pros

Numerous types of financing available
Partners with Preferred SBA Lenders
Lots of helpful information on company website

Cons

Funds can take awhile to disburse
Fees can be high

Why Lendio Is Best For SBA Loans

SBA loans have a higher acceptance rate for women compared to non-SBA business loans, and Lendio is an ideal place to apply for an SBA loan online. Like BusinessLoans.com, Lendio is an online business loan marketplace you can use to check your eligibility for financing and apply for multiple loans at once. Lendio has the added benefit of including SBA lenders in its network, including SBA Preferred Lending Partners.

Lendio Services

Through Lendio, you can apply for SBA loans as large as $5 million. Some of the SBA loan types you can apply for through Lendio include:

SBA 7(a)
SBA 504
SBA Microloans
SBA Express loans
SBA Disaster loans

In addition to government-backed small business loans for women, you can apply to many other types of business financing with Lendio. This includes term loans, lines of credit, equipment financing, accounts receivable financing, and more.

Lendio Rates & Fees

Lendio’s rates and fees vary depending on the lender and financing type, as well as the applicant’s financial status. For SBA loans specifically, rates are based on the Prime rate determined by the Federal Reserve.

Lendio Eligibility Requirements

Lendio doesn’t have any particular eligibility requirements to apply for financing in general, but for Lendio SBA loans, you will need a minimum credit score of 650, at least two years in business, and monthly business revenues of at least $8K.

When To Use

You have an established business and fair or good credit
You can wait up to several months to receive your loan
You want to compare SBA loan options from various lenders

Get Started With Lendio

National Business Capital: Best For Established Businesses

National Business Capital

Get Started With National Business Capital

Total Rating	4.2
Rates & Fees4.0 Pricing 5.0 Affordability 3.0
Services3.5
Eligibility Requirements4.3
Application4.5
Sales & Advertising Transparency4.4 Sales Practices 5.0 Web Presence 3.5
Customer Service4.7
User Reviews4.9

Pros

Low credit score requirements
High borrowing amounts
Same-day financing available

Cons

Rates tend to be high
High revenue requirements

Why We Chose National Business Capital For Established Businesses

National Business Capital is an online marketplace for business loans with a large network of lenders and numerous types of financing available for various needs and credit profiles. National Business Capital is an especially good fit for established, high-revenue businesses. As long as you have at least one year in business and strong monthly revenue, your women-owned startup can qualify for multiple types of financing through National, even with bad credit.

National Business Capital Services

Some of the lending services offered by NBC include:

Term loans
Lines of credit
Equipment financing
Inventory financing
SBA loans
Revenue-based financing

Loan amounts range from $10K to $10 million.

National Business Capital Rates & Fees

Interest rates start at about 7% but can be much higher if you have subprime credit. Term lengths for most loans range anywhere from six months to five years (with the exception of long-term SBA loans). Origination fees vary by lender.

National Business Capital Eligibility Requirements

The minimum qualifications to apply with National Business Capital vary somewhat based on the lending product, but in general, you’ll need to bring in at least $480K or $500K annually and have at least one year in business. Some products have a minimum credit score, while others, such as lines of credit, have no minimum credit score.

When To Use

You have bad credit but strong cash flow
You want to leverage your inventory or other assets to secure a business loan
You want same-day funding options

Business Loan & Funding Products Review Methodology

We spend hours researching and evaluating each business loan and funding product that we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.

When rating lenders and funding providers, we use a 31-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating. This rubric is applied to traditional term loans, as well as short-term loans, start-up loans, lines of credit, online lending products, merchant cash advances, and equipment financing products.

Rates & Fees: 20% of the total star rating
Services: 20% of the total star rating
Eligibility Requirements: 20% of the total star rating
Application: 15% of the total star rating
Sales & Advertising Transparency: 10% of the total star rating
Customer Support: 5% of the total star rating
User Reviews: 5% of the total star rating

Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like terms lengths, conditions of repayment, credit score and revenue requirements, ease of application, length of time to funding, the ethics involved in promoting the lending product, customer support, and the overall reputation of the lender or funding provider.

Read more about how we rate small business lenders.

Other Resources For Women In Business

There are a number of resources available to help women entrepreneurs further their businesses, including:

SBA Office of Women’s Business Ownership – SBA’s branch for women business owners includes resources on topics such as starting a business, applying for a business loan, and finding government contracting opportunities.
National Women’s Business Council – This non-partisan federal advisory council conducts research and provides resources about and for women in business.

Final Thoughts About Business Loans For Women

Access to capital remains a major problem for women-owned businesses, which have more obstacles to securing both conventional business loans and government-backed loans.

Many online business lenders offer business loans to women, but predatory lenders tend to dominate the marketplace. By choosing one of the best small business loans for women, you can be sure you are getting a financing product with transparent and fair rates and good customer service. The best loan for your woman-owned business depends on various factors, including your income, time in business, credit score, amount of capital needed, how fast you can pay it back, and other considerations.

Don’t qualify for a business loan or need funding for a startup? You can also apply for business grants for women as an alternative source of capital to help fund your business.

FAQs: Best Small Business Loans For Women In 2024

How do I apply for a women's business loan?

Most online loans have quick, easy online applications that will ask for basic information about your business. If you are pre-approved based on your initial application, you will likely be asked to submit additional documentation to verify your identity and business financials, along with a business plan that details how you will use the loan proceeds.

Are there loans for women starting a business?

Startup loans are offered by both banks and online lenders, but are not as easy to come by as loans for already-established businesses. It helps to have good personal credit.

You might also consider a personal loan for business, a business grant, VC funding/angel investing, or crowdfunding.

I want to purchase a small business. Where do I start?

Depending on your qualifications, there is available funding for women purchasing new businesses. Some business acquisition loan options include startup loans, bank loans (including SBA loans), and business expansion loans.

I have bad credit. Am I still eligible for financing?

Yes, but you’ll pay higher fees than you would if you had good credit. You will also have fewer options, as most business lenders will want you to have good credit.

Bear in mind that there are a lot of “payday” type loans out there that will accept bad credit applicants, but the terms are often opaque and even predatory. Ideally, you should improve your personal credit score before applying to loans.

I am a woman of color. What are my best funding options?

People of color face even greater challenges in obtaining financing, particularly when they’re female. There are loans for minority business owners with bad credit, though this, of course, assumes you have bad credit and is not specific to women.

You can start on the path to funding by contacting the Minority Business Development Agency. In addition to online resources, the MBDA maintains business centers in most major cities. One of the services they offer is helping minority-owned businesses connect with lenders.

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Shannon Vissers

Lead Staff Writer at Merchant Maverick

Shannon has been writing for Merchant Maverick about small business software and financing since 2015. She started writing professionally about business topics in 2005. Shannon has been featured in the Washington Post, Reader's Digest, US News, MSN, Yahoo Finance, Business Insider, and other publications. She has a bachelor's degree in English from San Diego State University and currently resides in San Diego, California.

@ShannonVissers

View Shannon Vissers's professional experience on LinkedIn.

Latest posts by Shannon Vissers (see all)

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1. BusinessLoans.com

❮ ❯

Best small business loans for women with bad credit
Maximum Borrowing Amount: $3 million
Minimum FICO: N/A

2. OnDeck

❮ ❯

Best short-term loans for women
Maximum Borrowing Amount: $250K
Minimum FICO: 625

3. Accion

❮ ❯

Best small business loans for minority women
Maximum Borrowing Amount: $250K
Minimum FICO: 570

4. Lendio

❮ ❯

Best SBA loans for women
Maximum Borrowing Amount: $5 million
Minumum FICO: 650

5. National Business Capital

❮ ❯

Best established business loans for women
Maximum Borrowing Amount: $10 million
Minimum FICO: N/A