BUSINESS LOANS and GRANTS FOR WOMEN – AUSTRALIA
Have you found that being a woman running her own business a little more difficult when it comes time to secure a business loan?
According to Leigh O’Neill, executive general manager of Business Direct and Small Business at NAB, it is clear there are still “gender-based challenges for women running businesses” in Australia. Female entrepreneurs across Australia are still regularly faced by the expectation that there’s a man running their businesses, according to the head of small business at the National Australia Bank.
Is this good enough? I think not!! This is the 21st Century, not the dark ages!!
Angela Priestly writes that the growth in female owner-operators is happening at a faster rate than men, with the number of female owner managers up 7.6% over the last decade (now at 504,838), compared to a rise of just 0.3% for men.
Plenty of female business owners are dealing with ‘the juggle’, with 33% in couple families with children under 15 years of age, and another 3.9% juggling both work and family roles in sole parent households. And on average, Australian women in paid employment have to work an extra 56 days a year to earn the same pay as men for doing the same work.
So why then are women not treated equally when applying for a loan? Your guess is as good as mine.
I have done a bit of research and found places that offer loans to women in business. Whilst not comprehensive, it is a starting point.
Prospa offers loans from $5,000 to $250,000, with no security required to access up to $100,000. The term of the loan is between three and 24 months and the cash flow friendly repayments are either daily or weekly.
Small business loans come in many forms today. From a “merchant cash advance” to “unsecured small business loans”, there are more small business finance options to consider that the standard business loans the banks offer. Over 50% of Australian small businesses have a loan facility of some description. Today, you do not have to offer any collateral or security to get a business loan. Explore which business loan is best for you…
Grants, assistance & other support
Looking for grants or assistance to start or run your business? While the government generally doesn’t offer funding just to start a business, there may be other forms of assistance available to help you.
Try searching for activities you’re looking to achieve with your business, such as research and development, trade, innovation or employment. You may also find assistance in the form of grants, low-interest loans, tax and tariff concessions and much more.
Business Loan – Indigenous Business Australia
Now it’s easier than ever to start, grow or restructure an Indigenous small business in Australia. With our Business Loan Package, we’ll assist you with working capital requirements, purchase of existing businesses, plant and equipment, and other commercial assets. So you can start planning your business future now.
Top five government grants for startups
The government support offered to startups across Australia is the envy of many entrepreneurs around the world, but these grants can be a tough nut to crack.
The lengthy applications, process times and the chance of rejection are enough to put most off, but for those who win it can be a game changer for their venture.
Here are five grants for the startup sector that may be well worth your time.
The federal and state governments and, sometimes, local councils provide business grants and funding programs from time to time. Few government grants apply to start a business and they are competitive or only available for specific circumstances.
Get the lowdown on borrowing from Fintech lenders with this guide
Borrowing from Fintech lenders will provide SME borrowers with the information they need to deal with Fintech and make a well-informed decision.