10 Best Small-Business Loans for Women in 2023

Female business owners get rejected for loans at higher rates than their male counterparts.1 These loans could change that.
Best overall
Lendio
Lendio
  • Icon Yes  Light
    Borrower Requirements:
  • pro
    560 min. credit score
  • pro
    $50,000 in annual revenue
  • pro
    6 months in business
Best cash flow loans
BlueVine
Bluevine
  • Icon Yes  Light
    Borrower Requirements:
  • pro
    625 min. credit score
  • pro
    $480,000 a year in annual revenue
  • pro
    2 years in business
See Loan OptionsLoans available via Lendio marketplace
Most flexible requirements
Fundbox
Fundbox
  • Icon Yes  Light
    Borrower Requirements:
  • pro
    600 min. credit score
  • pro
    $100,000 in annual revenue
  • pro
    6 months in business
Best for repeat borrowing
OnDeck
OnDeck
  • Icon Yes  Light
    Borrower Requirements:
  • pro
    625 min. credit score
  • pro
    $100,000 in annual revenue
  • pro
    1 year in business
See Loan OptionsLoans available via Lendio marketplace
Best for established businesses
Backd
  • Icon Yes  Light
    Borrower Requirements:
  • pro
    640 min. credit score
  • pro
    $300,000 in annual revenue
  • pro
    2 years in business
See Loan OptionsLoans available via Lendio marketplace

Data as of 7/7/23. Offers and availability may vary by location and are subject to change.

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Funding your business sounds simple: just apply for a small business loan and get that capital. But if you’re a woman business owner, you might have a harder time getting money than you expect. 

That’s why we’re here. We’ve vetted dozens of lenders to find the best small-business loans for women, and Lendio has come out on top due to the lower borrower requirements and wide array of lenders available on their marketplace. Sure, this guide won’t fix the gender disparity in lending—but it might help you find the right financing and level the playing field for your woman-owned business. 

Let’s fund your biz!


Our top-rated lender: Lendio

Lendio partners with over 75 lenders, which improves your odds and efficiency to get the funding you need.

Qualifications:

Money Approach

$50k in revenue

Calendar Approach

6 mos. in business

Analysis Approach

560 credit score


Compare the best small-business loans for women

Lender
Financing offered
Loan min./max
Lowest listed rate
Min. funding time
Get a loan
Term loans, LOCs, equipment financing, commercial mortgage, & more

$1,000/$5,000,000

-Next day
Invoice financing & lines of credit

$5,000/$250,000

6.2% interest

Same day
Lines of credit

$1,000/$150,000

4.66% draw fee

Next day
Lines of credit & term loans

$5,000/$250,000

-Next day
Lines of credit & working capital

$10,000/$2,000,000

-

Next day

Data as of 7/7/23. Offers and availability may vary by location and are subject to change.

Lendio: Best overall

Lendio
Lendio
  • 560 min. credit score
  • $50,000 min. annual revenue
  • 6 mos. min. time in business

Data as of 7/7/23. Offers and availability may vary by location and are subject to change.

Lendio isn’t just our favorite lender for women-owned businesses—it’s our favorite lender, period. That’s because Lendio is actually a lending marketplace. You have to submit only one brief application to Lendio, and it will match you with loans and lenders that you can qualify for. Then, you just choose your favorite financing option, and Lendio will help you finish your loan application and get approved.

With the sheer number of small-business loans and lenders available through Lendio, you’re sure to find the right financing for your business. In fact, Lendio can match you with several of the other lenders on this list.

So yes, you have to meet some basic qualifications (see the comparison table above), but Lendio can work for all sorts of women business owners. We think it will be your favorite lender too.

Pros
pro Fast application
pro Wide variety of funding and lenders
pro Personalized guidance and expertise
Cons
con High interest rates on some loans
con Reports of hard credit inquiries

Bluevine: Best for cash flow loans

BlueVine
Bluevine

Starting at 6.2% interest

  • 625 min. credit score
  • $480,000 min. annual revenue
  • 2 yrs. min. time in business

Data as of 7/7/23. Offers and availability may vary by location and are subject to change.

While Bluevine doesn’t have quite the loan variety of Lendio, it does offer cash flow loans like lines of credit and invoice factoring—which means it has capital options for many needs and uses. Plus, Bluevine’s invoice factoring goes up to $5 million. Most online lenders don’t even have $1 million loans, so Bluevine’s large cash flow financing makes it stand out from the crowd. If you have a big project, Bluevine has a big loan to finance it.

But why do we recommend Bluevine specifically for women-owned businesses? Well, it has relatively low application requirements for its invoice factoring. Since female entrepreneurs often have lower qualifications than male entrepreneurs, that matters. We also like that Bluevine has a small resource center for women’s business loans. 

And at the end of the day, Bluevine’s cash flow loans are good for many businesses—women-owned or not.

Pros
pro Simple, quick process
pro Low credit score requirements
pro Large loans available
Cons
con Limited availability in some states
con Potentially large fees
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Fundbox: Most flexible borrower requirements

Fundbox
Fundbox

Starting at 4.66% draw fee

  • 600 min. credit score
  • $100,000 min. annual revenue
  • 6 mos. min. time in business

Data as of 7/7/23. Offers and availability may vary by location and are subject to change.

Most traditional lenders and many alternative lenders have very strict, inflexible borrower requirements. Not Fundbox! Yes, it has a list of typical requirements, but Fundbox is willing to flex on things like your time in business if you have an otherwise strong application. Fundbox mostly looks at your business’s current finances (via your accounting software or business bank account) to assess your application. And the requirements it does have are pretty low for a line of credit.

Fundbox’s automated process and flexible financing qualifications have made it one of our favorite startup loans, but it also makes it one of the best women-owned business loans. After all, some studies suggest that women entrepreneurs get denied business financing because of their lower credit scores.2 With Fundbox, less-than-perfect credit isn’t a problem. 

So if you need capital, but you don’t want one small factor to get in the way of your otherwise excellent application, go with Fundbox.

Pros
pro Automated application
pro Moderate approval requirements
pro Fast funding
Cons
con Low maximum loan amounts
con High APR

OnDeck: Best for repeat borrowing

OnDeck
OnDeck
  • 625 min. credit score
  • $100,000 min. annual revenue
  • 1 yr. min. time in business

Data as of 7/7/23. Offers and availability may vary by location and are subject to change.

Small-business financing isn’t always a one-time thing. You might need funding for a marketing campaign now and for hiring next year. So if you suspect you’ll need more financing over the years, we recommend OnDeck. While first-time borrowers can expect relatively high rates on OnDeck loans, repeat borrowers get sweet discounts on both interest rates and fees. 

In fact, your continued relationship with OnDeck can earn you an origination fee of 0% (down from OnDeck’s standard 4% fee). And as an added perk, OnDeck may even waive the remaining interest on your old loan when you apply for a new loan with OnDeck. 

The more you borrow, the better your relationship with OnDeck gets.

Pros
pro Discounted fees for repeat borrowers
pro Waived interest for some repeat loans
pro Moderate borrower requirements
Cons
con High starting APR
con High typical qualifications

Backd: Best for established businesses

Backd
  • 640 min. credit score
  • $300,000 annual revenue
  • 2 yrs. min. time in business

Data as of 7/7/23. Offers and availability may vary by location and are subject to change.

Backd is a direct lender that specializes in helping more established businesses get financing. It has the highest borrower requirements of any lender on this list. But what does that mean for you? Put simply, good loan options and great rates. Backd offers lines of credit and working capital.

So if you’re a female business owner who can meet Backd’s stricter borrowing criteria (a minimum of two years in business, for starters), this lender can offer you a great deal. And like several of our other recommended lenders, Backd has resources for women’s business funding.

Between its commitment to female entrepreneurs and its great funding deals, we think you’ll love this lending company.

Pros
pro Flexible repayment plans
pro Next day funding
pro Excellent customer service
Cons
con Not available in all industries
con Unclear terms details on the website
Don't qualify for a business loan? Get a personal loan instead.

Enter your loan needs and qualifications to get matched with a list of lenders best suited to you. Then, sort by the financing factor that you find most important. (Note: not all lenders allow personal loans for business use.)

Honorable mentions

Compare the best small-business loans for women

Lender
Financing offered
Loan min./max.
Lowest listed rate
Min. funding time
Get a loan
Microloans

$0/$15,000

0% interest

35 days

Term loans, lines of credit, invoice financing, & more

$2,500/$5 million

4% interest

1 day

Term loans

$5,000/$100,000

5.99% interest

Unlisted

Lines of credit

$2,000/$250,000

2% mo. fee

Next day

Merchant cash advances & invoice factoring

$5,000/$500,000

0.5% invoice fee

2 days

Data as of 7/7/23. Offers and availability may vary by location and are subject to change.

Kiva: Best for microloans

Kiva
Kiva

Starting at 0.00% interest

  • Similar to crowdfunding
  • Easier qualifications
  • Primarily for microloans

Data as of 7/7/23. Offers and availability may vary by location and are subject to change.

Maybe you don’t need large, long-term loans. If a microloan of $15,000 might fit your financing needs, give Kiva a look. Many women entrepreneurs have successfully funded businesses through Kiva and its interest-free microloans. It’s kind of a crowdfunding platform for loans, so your qualifications matter less than your story.

Just know that your friends will have to kick off your Kiva loan before strangers can invest.

Fundera: Another great marketplace

Fundera
Fundera

Starting at 4.00% interest

  • Loan marketplace
  • One simple application
  • Extra loan options than traditional lenders

Data as of 7/7/23. Offers and availability may vary by location and are subject to change.

Fundera is a lending marketplace, just like Lendio. So like those two, it lets you compare loan offers after submitting one simple application. But Fundera works with some lenders that those companies don’t (and vice versa), so it can give you some additional options. It’s worth checking out, especially if you know it partners with a specific lender you’re interested in.

Simply put, Fundera’s marketplace provides a solid alternative to other lending marketplaces like Lendio.

Accion Opportunity Fund: Best for startup loans

Accion Opportunity Fund

Starting at 5.99% interest

  • Merit-based application process
  • No minimum revenue or time in business requirements

Data as of 7/7/23. Offers and availability may vary by location and are subject to change.

Unlike traditional lenders (or most alternative lenders, for that matter), Accion Opportunity Fund wants to hear all about your unique story as a small-business owner. It has a long, involved application process that lets you really sell yourself. With no minimum revenue or time in business, Accion Opportunity Fund is great for startup loans. 

And since Accion Opportunity Fund has a commitment to helping disadvantaged groups get funding, it’s perfect for your women-owned business.

Kabbage: Longest line of credit terms

Kabbage
Kabbage

Starting at 2% monthly fee

  • Offers lines of credit
  • 18-month repayment terms

Data as of 7/7/23. Offers and availability may vary by location and are subject to change.

Like several of the lenders above (including Bluevine and Fundbox), Kabbage has business lines of credit. What sets it apart from other lenders, though, is the long maximum term on those credit lines. Kabbage offers repayment terms of up to 18 months―a full 6 months longer than you’ll see from most other online lenders.

So for business owners that want a little extra time to use and repay their credit lines, Kabbage offers a great option.

Lendr: Best for merchant cash advances

Lendr
Lendr

Starting at 0.5% invoice fee for invoice financing; 12% for MCAs

  • Issues cash advances
  • Depends on future projected sales

Data as of 7/7/23. Offers and availability may vary by location and are subject to change.

Merchant cash advances (MCAs) work by giving you an up-front sum of working capital in exchange for a percentage of your future credit and debit card sales. That means it works best for businesses like retail stores and restaurants—types of businesses that women business owners open more than men.2 

And while we don’t love the high and confusing rates on MCAs, Lendr is the best MCA provider out there.

The takeaway

Getting working capital for women-owned companies can be challenging, but it’s not impossible. Fortunately, there are lenders that offer plenty of options for female entrepreneurs. So go ahead: apply for that loan and get that money.

Women aren’t the only ones who can have a hard time getting funds. Check out our guide to the best loans for minority-owned businesses to find the best lenders for minority business owners.

Related reading

Small-business loans for women FAQ

Good question. Lenders haven’t actually come out and explained why so many women get turned down for business loans, but we can make some educated guesses.

Studies show that women-owned businesses earn less revenue than men-owned businesses, and women business owners tend to have lower credit scores than men business owners. And since business revenue and personal credit scores are a big factor in loan applications, that might naturally lead to women getting denied business loans at higher rates.

But sometimes it might just be good old-fashioned sexism. A majority of women say they’ve experienced gender bias in their careers, and almost one-third of women business owners say it’s affected their financing.

Nope, loans specifically for women would be illegal. The Equal Credit Opportunity makes it illegal to discriminate based on things like race, age, and sex (or gender).3

On the one hand, that means that lenders can’t deny women credit just because they’re women. On the other hand, that means lenders can’t deny men credit just because they’re men. So no, there are no business loans exclusively for women.

Loans are a common way to finance small businesses, but they’re just one of your many funding options. Here are some other ideas for funding your biz:

  • Personal savings
  • Personal loans
  • Investments from family and friends
  • Crowdfunding
  • Angel investors
  • Venture capital
  • Grants

These are some of the best grants we’ve found for women entrepreneurs:

To learn more about them, see our guide to business grants for women.

You can also check with your local Chamber of Commerce or other organizations for small-business owners. Lots of grants exist at a local level, and they may be less competitive than national grants.

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Chloe Goodshore
Written by
Chloe Goodshore
Chloe covers business financing and loans for Business.org. She has worked with many small businesses over the past 10 years, from video game stores to law firms. Those years watching frustrated business owners try to sift through their many options gave her a passion for breaking down complex business topics. She wants to help business owners spend less time agonizing over their businesses so they can spend more time running them.
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