Guest post by Megan Totka
There are countless signs that the workforce is really ready for women leaders. However, female entrepreneurs still have trouble securing business loans. A study done by the California Reinvestment Coalition found that in California, small business loans given to women dropped by 70 percent between 2007 and 2009 – this included women who were financially secure. For female-owned small businesses hoping to receive a loan, take a look at these five tips to help you streamline the process.
Have Your Finances in Line
The fastest way to get denied is to meet with lenders with your financial information in disorder. As an applicant, keep in mind that lenders have to verify all information you documented and the better organized the statements are, the easier the process is on the lender.
This also means you must make sure you pay your bills in a timely manner, report your income and have an explanation of how your small business will use its loan. Don’t forget to have some money stashed away as collateral to put down on the loan – it’s usually a requirement.