There are thousands of women who have become entrepreneurs and started successful businesses. It does not matter their education, wealth, or whether they are a mom, wife, or child. These women find a way and end up being incredibly successful businesswomen.
But as any good businesswoman knows, it takes money to make money.
Money can be hard to get when you are just starting up your business, and it can seem almost impossible to find investors who will take a chance on you and your ideas. Thankfully, there are many loans and grants specifically for women. You can find the one that best fits your needs in the article Top 20 Small business Loans for Women by Camino Financial.
To show just how much difference a business loan can make, take a look at the story of Katherine Murillo, who used a business loan to take her Costa Rican business to new heights:
Strong Women Entrepreneurs Never Give Up
Katherine Murillo started her company, Fundacion Aloa Fuerte, in 2005 in order to start selling promotional goods like t-shirts to different companies based in or visiting Costa Rica.
Murillo was determined but ran into plenty of obstacles when starting her business.
Starting a business can be hard as a woman, so many people think that women aren’t the type to own their businesses. But Murillo was not going to let this stop her, and she eventually managed to land a contract with one of FIFCO’s (Costa Rican based food, beverage, hotel, and real estate conglomerate) largest subsidiaries.
This was a huge step for Murillo, but she was quickly met with another huge setback.
Murillo had been diagnosed with cancer, which completely changed her business and her personal life. Having cancer meant a lot of medical costs, and she struggled to keep her business afloat while she was sick.
She was unable to get assistance from her insurance company or governmental support, and her business credit quickly deteriorated when she was unable to pay all of her loan payments on time due to her illness.
But she didn’t give up, she was a fighter. Murillo knew she needed capital in order to keep her business running while she was ill, but she was unable to get approved for any traditional business loans.
Finally, she found a lending company that would open a line of credit for her with a partner’s factory. A line of credit is an easy way for businesses to build up their credit, and Murillo’s business would greatly benefit from the increased credit score.
This was enough to keep Murillo’s business up and running, and she eventually built up enough business credit that she was able to get other lines of credit to build her business.
She eventually expanded her clientele to include all of FIFCO’s subsidiaries. As her profits increased, she was able to hire more workers and generate more revenue.
If Murillo had only tried to rely on traditional forms of financing, she may not have been able to save her business. Murillo’s Story is a reminder that many alternative options for financing your business exist, especially for women entrepreneurs.
Finding Business Loans For Women
Women who own businesses may often find themselves losing hope of acquiring funding due to prejudice, stereotyping, bad business credit, poor quarterly results or a host of other factors that can hurt a business loan application.
This is why it is so important for women in the business world to look out for business loans and grants focused on uplifting women entrepreneurs through business loans and other forms of business credit.
If you are a woman who is currently running or starting up a business, be sure to find the loan or grant that best suits you and your business.
Don’t allow failure to come anywhere near you, get out there and show the world what you’re made of!