Small Business Loans & Grants For Women?
Like most small business owners, you may assume that a bank is the only place to go when you need a small business loan. You may already have experienced the frustration of applying for a small business loan at a bank or even have been turned down.
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Federal Government Small Business Loans For Women!
The Women's Small Business Loan Prequalification program uses non-profit organizations as intermediaries to assist prospective women borrowers in developing a viable small business loan application package. That application can be submitted directly to the Federal Government's Small Business Administration for expedited consideration of a small business loan prequalification. On approval, the intermediary can assist the applicant in locating a competitive lender.
Women's Small Business Loan Prequalification Program
The Women's Small Business Loan Prequalification Program provides guaranteed small business loans to women owned small businesses which are unable to obtain financing in the private sector business loan marketplace, but can demonstrate an ability to repay the business loans.
This small business loan program enables a woman business owner to prequalify for an Federal Government Small Business Administration small business loan guaranty before going to a bank.
Step 1: Prepare the Small Business Loan Prequalification Application
The small business owner works with an intermediary to help prepare a business plan and
complete a small business loan prequalification application.
Step 2: Submit the Small Business Loan Prequalification Application
The intermediary reviews credit information, performs a business loan analysis, and
submits the loan prequalification application to the Federal Government's
Small Business Administration.
Step 3: Federal Government Review
The Small Business Administration ( SBA) reviews the completed small
business loan prequalification application and makes an approval decision
within 3 working days.
Step 4: Small Business Administration Approval
If the Small Business Administration ( SBA) approves the application, the agency issues a
small business loan prequalification
letter. This letter is intended to be a commitment on behalf of the Small
Business Administration to
authorize a small business loan guaranty.
Step 5: Find Your Small Business Lender
When the small business owner receives the government small business loan prequalification letter, the
intermediary assists her in finding a small business lender.
How Do I Qualify For the Women's Small Business Loan Prequalification Program?
Primary criteria for small business loan prequalification are the ability to repay, a good business plan and good credit. However, loans will not be declined where inadequate collateral is the only unfavorable factor. Normally, business assets will be pledged, and personal assets when warranted.
The Women's Prequalification Pilot Loan Program focuses primarily on the character, credit and apparent ability of the applicant to repay the small business loan from business earnings. Small business loans under the Women's Prequalification Pilot Loan Program are limited to amounts of $250,000 or less.
EQMI, LLC * Mt Holly, NJ 08060 * 877.252.5064
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