Women are not left out in today’s business circle. Recently, the world has witnessed more women getting into business at an overwhelming rate. But the question is, are there business loans for women to help them succeed in a man-dom9inated business world?
We are going to look into this question here.
In essence, this article will list the top 5 business loans that women with small or medium-scale ventures can opt for.
There’s not much time to waste; let’s get started.
These are the recommended business loans for women
Women are steadily making their mark in the entrepreneurial world. However, they face the same or even bigger challenges in accessing loans, just like their male counterparts.
To ease this challenge, we have fine-tuned 5 areas where women can access small business loans.
These are the recommended ways they can get a loan to either start or further enhance their businesses:
1. Loans from family and friends
When a woman wants to start a business, she normally looks first to her family and friends for financial support. In addition, acquiring loans from family and friends can be flexible. However, you will need to have clear terms and communicate well to avoid personal misunderstandings.
Mostly, this type of loan does not require you to pass through stringent eligibility requirements. The people offering the loan are mostly people you know, and this makes everything easy.
if you want to receive a loan from family or friends, you need to consider those people in mind who are nearly to help you the most after that reach them and ask for a bussiness help as well offer them business partnership to get them attracted to your plan.
2. Hereconomy Enterprise Challenge
This “Enterprise Challenge” program is sponsored by Hereconomy. The program is aimed at providing financial empowerment to female business owners. They just don’t leave their beneficiaries like that, but further provide continuous support.
Hereconomy organizes annual challenges to select female-owned businesses that support at least one of the SDG’s.
To qualify, you must be a female business owner having a business registered with the Corporate Affairs Commission (CAC).
3. technology Bussiness loans for Womens
A women who want to start a tech business and have no idea should have to join the Women in Tech Incubator (WITI) they can help them to get them better in business and leadership.
the main goal of witi program is to help women who are new in the tech field. It is also the goal of the witi project to help Nigerian women achieve the Sustainable Development Goals (SDGs) set by the United Nations.
4. Community Banks
If you want an easy way to get a loan for your business, you might want to go to your local bank.
Community banks offer loans with lesser strict standards. This makes it easy for people and small companies in the area to get the loans.
There are so many community banks, and we believe you have one in your community.
So, don’t hesitate, to visit your community bank today and see that justice is done to your business in terms of financing.
5. Flourish Africa grants
The Flourish Africa Grant is a N1 billion fund aimed at supporting and promoting businesses owned by women in Nigeria. The program is aimed at empowering at least 2,500 female business owners.
This program does not only fund these female businesses but also trains them over five years on how to make good use of the grant.
Each year, the Flourish Africa Grant program aims to train a minimum of 500 female business owners. From this number, the top 100 from the pool are given access to a grant of up to N2 million each.
In business, women face the same challenges as men when it comes to accessing loans. However, men have higher chances of getting these loans because they have larger numbers in the entrepreneurship game.
So, to increase the chances of getting small business loans for women, we have provided you with a list to channel your loan challenges.
This list is not exhaustive, but will surely serve the purpose.