SBA Loans for Women
The SBA offers a range of small business loan programs all for different intentions, including loans that offer support for women business owners. It’s a wise move to take some time to look at each program to find out if your business qualifies, and to decide whether it’s the right one for you in your current situation. This is exactly what our team of SBA lenders will help you through.
The SBA assists women entrepreneurs to grow their businesses and compete in the marketplace through funding and training options specifically for women.
Office of Women’s Business Ownership
Coordinated by each SBA district office, the Office of Women’s Business Ownership (OWBO) exists to help women business owners through programs that include federal contracts, access to credit and capital, business training and counseling. The OWBO then oversees Women’s Business Centers (WBC’s) located all over the country that have the mission of leveling the playing field for all women business owners, who still face obstacles in the business world.
SBA Funding for Women Owned Businesses
The 8(a) Business Development Program is specifically designed to help small, disadvantaged businesses be competitive in their markets. By working with a WBC, women business owners will have access to local assistance including identifying SBA-Preferred Lenders like First Commonwealth Bank who can assist them through the application process, including reviewing the type of SBA loan that will be best for the business.
Applying for an SBA Loan for Women with Bad Credit
Just like in your personal finances, lending opportunities may exist even if you have what is considered to be bad credit, but it depends on your unique financial situation. Throughout the SBA loan application process, your lender may check your personal credit score, business credit score, or both. Try not to be discouraged if your credit score is preventing you from applying now. Our SBA lending team is available to provide you with resources for taking steps to repair your credit for future SBA loan applications.
Getting Started with an SBA Loan for a Women Business Owner
No matter what type of SBA loan you apply for, you’ll need to start the process with a lender like First Commonwealth Bank. We would love to connect with you and hear about your plans for your business and start the SBA loan application process together.