Finding the right funding tool for your business is like any other use of tools for business operations. You might not use a sharpie on a whiteboard, or a glue stick to secure a 10-page presentation. Both tools work for the job, but certainly are not effective. Because of this, we have outlined the funding tools available to businesses and when each is useful. We have also reviewed some interesting statistics about funding as a women business owner and shared with you two in-depth learning resources to review later.
Funding Statistics for Women Business Owners
- The average credit score for women-owned companies increased from 595 in 2016 to 598 in 2017, but then decreased to 588 in 2018. This is 25 points under male owned businesses whose average credit score in 2018 was 613. (3)
- From 2017 to 2018, average revenues for women owned businesses rose from $202,491 in 2017 to $228,578 in 2018. (10)
- 19.7% of loan applications from women-owned businesses are in service businesses, such as; accounting, public relations, translation to nail salons and cleaning companies. (3)
- 18.2% of loan applications were from women-owned retail businesses. (3)
- 14.3% were from accommodation and food services. (3)
- 7.6% were from women-owned healthcare and social assistance businesses and 6.4% were from women-owned construction businesses (3)
Resources for an in-depth Understanding of Business Financials
The SCORE business learning center, explains the difference between cashflow, profit and margin. They also walk users through the creation of various financial documents that lenders may potentially ask you for.
Dream Builder offers overall business knowledge and has a business plan tool.
Common Funding Options Available for Women Owned Businesses
- Grants
- SBA Loans
- Term Loans
- Credit
- Merchant Cash Advance
How can I find out more about funding options for my business?
You can download our Complete Resource Guide for Women Business Owners. It is available at:
https://reliantfunding.com/women-business-owner-resource-guide/
