10 Best Small-Business Loans for Women in 2023

Funding your business sounds simple: just apply for a business loan and get that capital. But if you’re a woman owned business, 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 top 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!

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.

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.

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 an online lender 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.

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.

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.

If you’re interested only in U.S. Small Business Administration loans, then give SmartBiz a try. It claims to simplify the SBA application process with its loan marketplace. Much like Lendio, SmartBiz delivers your one application to multiple lenders, matching you with your best options. 

Unlike other lending marketplaces, SmartBiz deals exclusively in government-backed SBA loans. That makes its application requirements stiffer, but it also means you can get super low rates.

If your business meets the qualifications for SBA loans, use SmartBiz to streamline your application process.

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.)

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 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.

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.

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.

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.

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.

1. Singh, Sumanjeet and Dash, Bishnu Mohan (2021). Gender Discrimination in Accessing Finance by Women-Owned Businesses: A Review. Journal of International Women's Studies, 22(9), 381-399. Accessed November 11, 2023. 

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.