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Women starting businesses have probably never been in a better time to get access to small business loans for credit challenged women. There are a number of avenues that one can take in the pursuit of this, and the best ones are some of the oldest and most time-tested methods for getting a loan if you are in a minority demographic.
How should one go about this? By going to the SBA. The Small Business Administration has been around since the Eisenhower days, and provides many people with a wealth of opportunities for small business development. If you are a woman, minority, veteran, disabled, or have one of various green elements in your business that meet the necessary requirements for a loan, you will probably find that the loan options available through the SBA are better than anything that you can find in the private lending market. However, be advised: the SBA is nevertheless very prudent in its methods of distributing loans, so even though they provide small business loans for credit challenged women, you will still need to give them a very good business proposal.
How solid is the SBA? The SBA has undergone some rough times recently, largely due to politics. The administration was nearly dismantled in the 1990’s under the Republican congress, and almost put down again in 2004. Luckily the SBA has received a large amount of money from the recent TARP bill, which has helped it immensely. It is now up and running, and the Microloans program is once again fully operational.
There has probably never been a better time to get small business loans for credit challenged women; interest rates are low again and the opportunities are there!