Though the article I'm referencing was originally posted in May, I still felt it a timely piece for today's mompreneur monday. Many of us women business owners worry about finances, and when things get tight we wonder what the best option is for our business: bootstrap, find an investor or partner, or apply for loan. And lately we wonder this a lot...
If you're as unfamiliar with the world of SBA loans as I am, welcome to Women and SBA Loans 101. Weekend Entrepreneur, a blog tied to Entrepreneur.com, interviewed Sue Malone, President of Strategies for Small Business. Malone is a champion of the small business and has funded 22,000 of them:
I understand women and their needs, and that is why I am the largest SBA provider to women in the nation, including all of the lending programs by SBA–24 percent of all SBA loans are to women.
In "An Insider Talks about Women and SBA Loans" Malone gives her thoughts on:
- the current trend away from traditional financing through local banks
- the amount generally financed, fees and interest rates
- biggest challenges that entrepreneurs have when it comes to getting a loan
- the types of business they can and cannot fund
- her mantra, recent breakthrough and even her role model
Weekend Entrepreneur's interview with Malone is a great way to get your feet wet in the world of SBA loans, and you might find you like it enough to go waist deep in some new financing for your company. SBA loans aren't for everyone, but if you read this article at least you'll know if one might be right for you.
You can read "An Insider Talks about Women and SBA Loans" on the Weekend Entrepreneur blog. If any of you have insight/advice/experience with SBA loans, please share. Many of us would love to learn more. Or tell us what works for you in keeping your business in business. We'd love to know! --Emily