Being a woman in business has its rewards and challenges. Accessing capital has historically been a challenge for female entrepreneurs. To help women in business finance their companies, here are some helpful resources from Peoples Bank, as well as funding options available to female entrepreneurs in North Carolina.
The Small Business Administration offers several programs for women in business through its Office of Women’s Business Ownership to teach women entrepreneurs how to get federal contracts and access to capital or credit. It also offers general business counseling and training through local SBA district offices. Find your local SBA District Office in North Carolina to take advantage of this free training and consulting.
The SBA’s Office of Women’s Business Ownership oversees the Women’s Business Centers to help female entrepreneurs start and grow their business. This is a free service that provides a range of training opportunities designed to help level the playing field for women in business. Find your local Women’s Business Center or similar resource in North Carolina:
Because there are still barriers for access to capital for women, the Small Business Administration has prioritized helping women business owners get funding. Interestingly, women-owned businesses account for 40% of businesses in the U.S. but only take in 16% of conventional small business loans each year. However, of all SBA loans granted, loans for women made up 21.3%. An SBA loan is a guaranteed loan that helps make financing more accessible and affordable for business owners.
Some of the best business loan options for women are available through the SBA’s 7(a) and 504 loan programs. The SBA 7a program is typically used to increase working capital, finance inventory or equipment or to purchase real estate. The SBA 504 loan program is used for fixed assets and real estate. While these loan programs aren’t only for women-owned businesses, they typically are helpful to women.
Learn more about our business loans in North Carolina or contact us to get started.