There are over 9 million women-owned businesses in the United States – a figure that’s growing by more than a half-million every year. Businesses owned by women employ almost 8 million people and generate almost a trillion-and-a-half dollars in revenue annually.
Even so, many women find that accessing growth capital and getting funding can be difficult. According to a study released by the Small Business Administration, women and minorities have a harder time when it comes to getting the funding they require to help start or grow a small business. Accion recognizes the importance of women-owned businesses to their local communities. Many of our loans are granted to lower-income individuals, minorities, and women.
Take the experience of artist Natasha Wozniak. She says, “In 2010, I needed help raising capital but had trouble obtaining a traditional bank loan. I found Accion, applied through their website and was quickly approved for a $5,000 loan. Accion’s financial advisors also worked with me on business principles and helped me formulate a plan for business growth.”
When extending loans to our applicants, we don’t just look at credit history, but also several other factors that impact a business owner’s ability to repay the loan. Accion can provide funds for expansion and money to buy equipment and inventory. Accion also provides business owners with the education, support and encouragement they need to succeed, such as advice on how to get your Women-Owned Business Certification.
Our loan consultants will work with you to consider your business records, cash flow, and credit issues. Accion can also refer you to small business development centers, law firms, banks, and many other organizations that can help you to grow and thrive.
Some of the most common business types Accion lends money to:
- Healthcare providers
- Restaurants and cafés
- Daycare centers
- Cleaning services
- Retail shops
- Spas and salons