The Definitive Truth About Business Loans For Women
Often you’ll find finance companies talking specifically about business finance specifically for women. This raises a stark question: what’s the difference between business finance for men and business finance for women?
The short answer is this: there is no difference, and there can’t be. You might notice when reading about business loans for women from reputable finance companies that they are careful not to imply that there is a tangible difference – and this is for good reason.
You might remember the insurance company Sheilas’ Wheels, who until 2011 provided gender-specific discounts to women until a European Court of Justice ruling stated that price discrimination based on gender breaches EU rules on equality.
A similar principle can be applied to business finance. Favouring or discriminating against women by setting different rates on finance is actively legislated against, so you should be wary of those who imply any sort of difference.
Women-Specific Business Grants Exist, But Aren’t Always The Right Option
Grants can seem like a very favourable option by their nature – who isn’t interested in effectively free money? However, they do come with a cautionary caveat: time. Unlike business loans, which can be in your account in under 24 hours ready for you to begin growing your business, grants usually take months or even years, and even then there’s no guarantee.
Whilst there’s few situations that require writing a grant off, it’s important to consider how to invest your time. Do you want to be fighting for a grant, or building a strong and independant business with alternative finance arrangements?
Business Finance Solutions You Could Be Eligible For
- Business loans – For any reason from cash flow, an emergency bill or to buy more stock
- Merchant cash advances – A great finance solution to anyone with a PDQ machine
- Commercial mortgages – For those looking to purchase their own business premises
- Asset finance – Purchase any equipment you require to run or expand your business
- Invoice finance – Get paid within 48 hours for every invoice you issue
- Re-financing – Already have assets? We can re-finance these releasing the cash tied up in them
- Development finance – Finance to start or complete a building project
To summarise, always be wary of the disingenuous techniques that some companies can use to win you over. Women in business are a powerful force, and reputable companies will treat you the same and offer identical rates.