Your Result:
SMALL BUSINESS LOAN (SBA & Online Lenders)
and GRANTS!
SMALL BUSINESS LOAN (SBA & Online Lenders)
Your business is a potential candidate for a small business loan!
You will be required to pay back the funds that that the lender loans you, and you have to personally guarantee the loan, but loans can be used for a variety of purposes and are non-dilutive (do not take shares from your company).
SBA Loans are a special type of small business loan offered through banks and other lenders that are partially backed by the U.S. Small Business Administration. These loans are often the most affordable in terms of interest rate, but due to the paperwork and processing required, it can take several months to receive a funding decision.
The SBA sets guidelines and reduces the risk of the loan via a guarantee to the lender, so the lender is able to offer more flexible terms that may make it easier for you to access than other small business loans; for example, the SBA lender may be more lenient with respect to your personal credit score and the number of years you've been in business.
Small business loans from online lenders may be more lenient with respect to eligibility factors, such as your personal credit score and the number of years you've been in business. Many online lenders also make funding decisions more quickly than traditional banks, but the trade-off for the quicker speed is that they tend to charge higher interest rates.
GRANTS
Grants are commonly known as "free money." That's because you typically don't have to pay the money back, nor do the grant funders take shares of your company in exchange for the funding they provide.
Though grant programs are often competitive and typically do not provide feedback on your application, grants are available to a wide variety of businesses - from start-ups to established businesses, across industries, and both product-based. Grant programs tend to have a focus, such as:
A particular industry (such as Consumer Packaged Goods, B2B, Healthcare, etc.)
Business owner characteristics (such as women founders, Black founders, military-connected founders, founders with disabilities, etc.)
A particular location (such as a particular city, county, or state)
While you may not have to pay interest or give up shares of your company in exchange for the grant money, you may still have to "pay" in the form of your time - for example, the time you put into completing the application (let’s be real, some grant applications can be long and tedious!), or other accompanying terms you may have to agree to in order to receive the grant, such as:
Participating in an accompanying mentorship/training program
Reporting to the grant administrator on how you used the funds or the impact that receiving the grant had on your business
Overall, we think grants are a good financing option for you based on the current status of your business!
You’re almost there! Keep scrolling for your suggested next steps and find out how we can support you. We look forward to helping you meet your financing goals!
Your Next Steps
Access our Business Grants Database
Our team has assembled a curated list of business grant programs for women, which is constantly updated and summarizes some of the Terms & Conditions of grants programs so you have a better idea of each program’s expectations.
Click the link below and enter the password FundWomenFounders
Schedule a financing strategy call with our CEO, Christine
Now that you’ve completed your assessment, it’s a great time to schedule your business financing strategy call!
Our CEO, Christine Saffold, an experienced financial expert and small business advisor, will help you chart your next steps to securing financing for your business and meeting your growth goals.
