SBA Loans for Women: the 7(a) Loan Program
SBA offers financial assistance to all small business owners. It gives special consideration to those who fall into the category of disadvantaged communities. Out of all small businesses, only a third are owned by women in the US. This small contingent utilizes only 16% of conventional small business loans every year. Therefore, women are less probable to acquire a traditional business loan in the country. Overall, female entrepreneurs have been found to receive less support from different sources. This is why the SBA includes dedicated programs for women.
The SBA’s 7(a) loan program is the most popular among the lot, mainly because it extends the best available help to women aspiring to be successful businesspersons. Below is a discussion about this program, which happens to be the most popular loan program available for women.
Things You Need to Know About 7(a) Loans
The 7(a) loan program can be used to fulfill a large number of SBA loan requirements. This includes inventory needs, expansion, refinancing debt, and everyday operational costs. Loan proceeds could also be utilized for purposes like leasing or buildings, as well as meeting payroll expenditure and purchasing equipment.
Furthermore, the flexibility offered by the 7(a) program is high, making it a popular choice for women entrepreneurs.