In the past, when one speaks the word “Boss” – it automatically pertains to a man who runs the business. However, times have already changed. Today, this term may not necessarily mean only a male employer anymore; more and more women are already venturing into the world of business. For this reason, more and more agencies or institutions that offer business loans for women are also on the rise.
Applying in small business loans for women is a good decision. It provides a woman enough funds to start up her own entrepreneur project and eventually gain money and even financial freedom. On the other hand, before applying in a business loan, a smart businesswoman must act with keenness and good decision-making skills.
There are four easy steps that a willing businesswoman should take before applying into any agency that provides business loans for women. These four essential procedures are as follows:
Step 1: Check one’s assets and liabilities. In other words, every woman applying for a business loan should check her strengths and weaknesses first. It is advisable for the woman to ask herself these questions:
Do I have a good credit report?
Did I pay previous lenders the amount as stated in our contract?
Do I have the capacity to pay back the funding I will receive from granted business loans for women?
Do I have a collateral?
These simple questions are necessary in determining whether one is capable of applying for a loan, and whether the lender will most likely approve the application or proposal.
Step 2: Identify the lender. The lender and the borrower must complement each other. The loan applicant should be able to find an agency or institution that grants business loans for women whose criteria suits her business plan or proposal. For small businesses, it is a good move to also choose small lending agencies or banks.
If the lender’s criteria are too high for one’s capacity, the available option is to get a good and trusted broker (preferably someone one knows). If there aren’t any lenders or even a broker, getting a commercial mortgage broker is the last resort.
Step 3: Sell oneself… or the proposal. In applying for business loans for women, the lender will definitely throw out questions and usually, the successful applicants are those who know their numbers well and who are prepared enough for these questions. So sell oneself to the lender, and be prepared!
Step 4: “Never say never.” Finally, a positive outlook towards the business loan can make all the difference. If one’s proposal gets denied, it’s never an option to give up. Although it may be difficult to have business loans for women get approved, it is not impossible. Determination, willingness, and perseverance should be practiced.