Women well informed about modern technology always seek out ways to reach their tech-savvy customers. As female entrepreneurs, they march in the same ranks beside their male peers, which can be a formidable challenge.
The reason? Women entrepreneurs sometimes struggle to finance their businesses. Unequal access to finances is a problem.
According to a September 2019 report by Fundera, women ask for $35,000 less than men do because they’re routinely offered smaller loans. At the same time, women pay higher rates than men and are less likely to receive business credit. Although, there are many lenders, like Camino Financial, that offer and grant loans without taking into consideration the gender of the applicant.
But those statistics are steadily changing because there are financial institutions that support female business owners through grants and small business loans for women.
How a female entrepreneur beat the odds
Let’s take a look at an example of a female entrepreneur who was able to succeed against all odds.
Ever since Sarah, a 20 something entrepreneur, got her first tablet at an early age she didn’t know she would become a social media consultant. Likewise, she had no idea at that time that businesses would seek her services to drive potential customers to their websites.
But they have.
As a consultant, Sarah stays on top of what’s trending in the social media marketplace. Lately, demographics show that she must cater to mobile users as well as cross-network, and cross-device platforms. To help brand her business, Sarah decides to take courses and acquire a certification diploma as a certified social media marketing specialist. She can add the accomplishment to her portfolio to market her services to more clients.
However, she doesn’t have extra money on hand to pay for the course. A friend suggests that she apply for an Amber Grant, which helps female entrepreneurs fulfill their business dreams. If she is awarded the grant, she can receive money to use for her continuing education goals.
As a requirement, Sarah must explain to the Women’s Advisory Board why they should choose her as a recipient. The Board looks for qualities like passion, business savvy, and vision, to name a few.
After submitting the application and telling them her story, the Board awards her a grant of $2,000. She will also be eligible for the annual $25,000 grant awarded to 1 of 12 qualifiers.
With the needed funds in hand, she enrolls in the 30-hour course. Sarah will apply what she learns about social research, content creation, content outreach, and strategic planning to increase her knowledge and expertise. Plus, the certification will improve her chances of landing work with big-name clients.
Getting a grant has paid off for Sarah.
Within 6 months of getting the certification, she landed a contract with a large company that wants her to improve relationships with target audiences and influencers. She will recommend areas in which to improve and implement strategies to achieve the business’s objectives. Due to the volume of social media consultation required, Sarah expects to have a long-term relationship with the client.
As her business continues to grow, Sarah knows that grants and small business loans for women are a viable option she can depend on for financial help.
You can succeed too
Just like Sarah, your business dreams may be on hold because you need funding. Knowing that your male peers have an easier time getting funding doesn’t need to be a stumbling block to success.
As mentioned earlier, there are financial lenders who identify with the struggles you face. In fact, they focus on helping women overcome financial difficulties. A small business loan or grant could be the next stepping stone to keep your business moving forward.
Why not check out how a loan or grant? It could help you reach your goals today!