In general, a lender will expect you to inject a minimum of 20% -30% cash equity towards your business. In addition, you will need to show sufficient liquidity (cash in savings, checking, CD’s ,cash value of life insurance policy) to demonstrate your repayment ability in the event that there are shortfalls from the primary source of repayment, which is the business.

The Women’s Business Development Center does not currently lend money to business. We can however assist you with finding access to the capital that your business needs.   You may contact one of our finance counselors for assistance.

There are many criteria that a bank considers when deciding to extend financing. Projections alone do not guaranty approval. You will need to demonstrate the ability to repay the loan through outside income, especially since the business has not yet proven its financial potential. The owners of the business will need to show strong credit discipline and you will be expected to have collateral available to pledge against the loan. There are many other factors that are considered for bank financing. Please refer to the Can I Qualify for a Loan  and contact our finance counselor for more information.

In general, if you have a start-up business (less than 3 years old), you will be expected to furnish a business plan so that that bank can have a clear understanding of your business and its plan of operations.   The Women’s Business Development Center can assist you with writing your business plan through our various entrepreneurial workshops and one-on-one counseling. You may contact one of our general business counselors for more information.

Yes. There are micro-lenders available to assist you with financing up to $50,000. Please note that you must meet their qualifying criteria to be eligible. You may contact a finance counselor for more information.

Yes. The Women’s Business Development Center can counsel you on what your business will need in order to qualify for a loan. We are available to review your financial information and provide feedback so that you are prepared to approach a lender.   Please refer to our brochure on Can I Qualify for a Loan and contact one of our business counselors for more information.

Although obtaining financing has become more of a challenge through more cautious reviews of loan packages, there are banks that are still lending to small businesses. You are encouraged to establish a relationship with that bank through opening personal and business deposit accounts or utilizing its cash management and wealth management products. Bank will value that relationship and will be more open to considering your request for financing. Contact a finance counselor for more information.

Since inception, the Women’s Business Development Center has partnered with a number of professionals such as accountants, attorneys, insurance providers, lenders, marketing companies, contractors, etc. We are delighted to share those resources with your business. You may contact any of our staff for professional referrals.

Yes. Our finance counselors are available to assist you with preparing financial projections specific to your business. You will need to have completed, at minimum, a draft of your business plan so that your time spent with a finance counselor may be used wisely.   

Absolutely. We can help you identify the appropriate financing for your business needs. In addition to bank financing this may include receivable financing, microloans, purchase order financing, angel investors, venture capitalists. We also sponsor a workshop from time-to-time on “Finding Ways to Raise Money from Family and Friends”. Our finance counselors are available to assist you in this venture.

Please refer to our Loan Package Checklist for more information. Our finance counselors can assist you with packaging your loan and sending that request to a bank for approval. To get started, call to schedule an appointment today!