Banks & Organizations that Loan Money to Women Entrepreneurs!

13 Sep

Hi Ladies,

Okay! so you have exhausted all avenues when it comes to financing your business. You have decided that the best option for you at this time is to get a loan.  Where do you go? who do you turn to for help when your bank is not listening?

Here are several institutions that having lending programs for women in business and that make mircoloans to women business owners, minorities, and small businesses.

ACCION USA

ACCION USA is a private, nonprofit organization that provides microloans up to $50,000 and other financial services to low and moderate-income entrepreneurs, including women and minorities who are otherwise unable to access bank credit for their small businesses.

ACCION USA is NOT affiliated in any what with ACCIONNOW.com (a fraudulent website).

KEY BANK

Even during tough times, at least one bank is out there gunning for women in business. KeyBank has an impressive long-term record of lending programs for business women and has recently recommitted themselves to helping women entrepreneurs start, grow, and keep their businesses going during the recession.

ILLINOIS MINORITY, WOMEN , and DISABLED PARTICIPATION LOAN PROGRAM (MWD/PLP)

Small businesses that are 51 percent owned and managed by women, minorities, or who are disabled may be eligible for microloans up to $50,000. All businesses must employ fewer than 500 full-time employees.

The Department’s interest rate will be established at the time of its loan commitment. DCEO’s interest rate on this program variation may be lower than on a regular participation. Funds available for this program can be used for a number of business activities, such as purchase and installation of machinery and equipment, working capital, purchase of land, construction or renovation of buildings. Funds cannot be used for debt refinancing or contingency funding.

MASSACHUSETTS BDC CAPITAL COMMUNITY LOANS FOR WOMEN AND MINORITIES

BDC Capital provides community loans to companies that are minority or women-owned, not-for-profit, employ a predominantly minority workforce, or demonstrate a direct positive impact on economically disadvantaged areas.

The loans may be used for equipment, real estate, working capital or any other reasonable business or community development purpose.

GRAMEEN BANK

Nobel Prize winner Muhammad Yunus, founder of the successful Grameen Bank women’s microloan program in Bangladesh, has come to New York, the global center of capitalism, to do what American banks won’t do. He is lending money to poor women. According to their website, Grameen lends nearly $100 million in microloans every month.

WISCONCIN’S WOMEN’S BUSINESS INITIATIVE CORPORATION

WBIC offers microloans up to $100,000 with special programs for women small business owners. In addition to lending programs for women they also offer education programs, seminars, and business assistance and referral services.

The City of West Allis has teamed up with WWBIC to provide support to West Allis entrepreneurs. Through the use of Community Development Block Grant (CDBG) funds, WWBIC can lend up to $25,000 for small businesses in the city of West Allis.

WBIC does not lend to nonprofit organizations.

CIT

CIT Small Business Lending Corporation is one of the nation’s leading providers of Small Business Administration (SBA) loans. They have been designated a Preferred Lender by the SBA which gives them the authority to make credit decisions on behalf of the US government. This enables them to process loans more quickly and efficiently than many other SBA lenders so you can get the financing you need quicker.

*Remember! before seeking out a loan, try bootstrapping, entering contests, or borrowing from friends and family.

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One Response to “Banks & Organizations that Loan Money to Women Entrepreneurs!”

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  1. Tweets that mention Banks & Organizations that Loan Money to Women Entrepreneurs! « City Girl Business Club -- Topsy.com - September 14, 2010

    […] This post was mentioned on Twitter by Rich Bohican, Biz Women. Biz Women said: 7 Financial Institutions that Lend Money to Women in Business … http://bit.ly/bHaU3M […]

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