Securing a small business loan is an excellent way to fund your self-care business. Whether you’re looking to start or expand your company, business loans can give you the financing you need to make it happen. This article will explore small business loans for women, including the different types available, a guide to applying, and a curated list of real business loans geared specifically toward women. 

Learn About Business Loans for Women

Unfortunately, sexism still plays a heavy hand in funding opportunities for businesses. According to several studies,, business loans for women are often lower in amount and frequency versus approved business loans for men. Forbes Advisor has also stated in a previous article: “Despite the fact that women owned more than 40% of businesses in the U.S. by 2019, almost 98% of venture capital for new startups went to male founders in 2020.” 

That’s a huge disparity – as if running your own business wasn’t challenging enough! Funding is how you can create, grow, and manage your business. It’s how you can pay employees and cover essential expenses such as building rent, inventory, marketing, and equipment. Business loans for women help even the playing field, getting female entrepreneurs the capital they need to build a thriving business without arbitrary rejection. (You can still get rejected for other reasons, of course, but they won’t be because you’re a woman. Equality!) 

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4 Types of Business Loans for Women

There are a few different types of business loans women can take advantage of. Some of them include: 

1. Small Business Administration (SBA) loans 

The SBA offers small business loans with reduced lender risk, with amounts ranging from $500 to $5.5 million. SBA loans can have more flexible terms than traditional loans, reduced collateral requirements, lower down payments, and competitive rates. Some SBA loans may come with benefits such as financial counseling and business guidance. However, SBA loans have stricter guidelines and are highly competitive, making them harder to qualify for. 

2. Microloans

Microloans are loans on a much smaller scale – typically up to $50,000. Microloans are useful for expanding, repairing, or otherwise improving your small business. They rely on criteria like a 500 minimum credit score, a minimum operating time, as well as a solid business plan and revenue projections. However, you cannot use microloans to buy real estate or pay off current debts. 

3. Traditional bank loans

Traditional bank loans are ones you can apply for through regular banks or credit unions. These types of bank loans are appropriate for startups and business acquisitions, equipment and inventory purchases, as well as payroll and expansion. Unlike microloans, business owners can use conventional bank lending for refinancing debt and purchasing property. 

4. Online lenders

Online lenders conduct their business exclusively online, and will not have physical branches. Some of these online lenders can offer favorable terms depending on the needs of your business, can work with a variety of credit scores, offer competitive rate matching, and have flexible loan terms. For example, GlossGenius offers small business loans between $1,000 and $250,000 with no compounding interest or personal credit check.

7 Best Loans for Women With Beauty and Wellness Businesses

Now that we’ve explored some different types of loans, let’s check out some women-focused lenders that can help your self-care business. 

1. GlossGenius

GlossGenius can directly finance loans through their online platform, and allows borrowers to use a fixed percentage of their revenue to start paying back the loan as they earn (which means your loan repayment can decrease if business is slow). There’s no need for collateral or dazzling credit scores, funds can show up in your bank account in as little as two days, and you never have to worry about compounding interest or late fees.

In order to take advantage of GlossGenius loans, you’ll need to be a GlossGenius customer. However, once you’re approved, you can get financing for amounts as little as $1,000 and up to $250,000 based on your business history through the platform. 

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2. Funding Circle

Funding Circle offers financing options such as small business loans and lines of credit for women-owned businesses. Funding Circle can provide long-term loans – as long as 84 months – up to a maximum amount of $500,000, with a minimum interest rate of 7.49%. (There’s also a 5% late payment fee.) For eligibility, your business must be at least two years old, and you must have a minimum credit score of 660. 

3. Fundbox

Fundbox offers quick application and fast turnaround times on loan approval, with repayment flexibility. You can secure a maximum loan amount of $150,000, with interest rates between 4.66% (for a 12-week repayment term) and 8.99% (for a 24-week repayment term). You must have been in business for at least six months, and have a minimum credit score of 600. 

4. OnDeck

This small business lender can offer your beauty business term loans (up to $250,000 at a 24-month repayment schedule) and lines of credit (up to $100,000 with a 12-month repayment schedule). This particular lender is better for short-term loans, as there is a quick repayment period and high APR (27.3% for term loans and 35.9% for lines of credit). To qualify, your self-care business must be in operation for at least one year with an annual revenue of at least $100,000, and a minimum credit score of 625. It’s also important to note that OnDeck currently does not lend to borrowers in North Dakota, South Dakota, or Nevada. 

5. Kiva Program

While Kiva does not have loan programs designed specifically for women, they do recognize the challenges women face when obtaining loans. As such, over 80% of their borrowers are women starting their own businesses. Kiva has 0% interest, crowdfunded loans for a maximum loan amount of $15,000, and repayment terms between six months and three years. In order to qualify for a Kiva loan, you don’t need a minimum credit score, but you must demonstrate credit worthiness by privately securing loans from friends and family first. Once you’ve proved your social capital, your loan gets posted on the public Kiva dashboard, where anyone can donate to your loan amount and help you crowdfund your dreams. 

6. Lendio Beauty Salon Loans

Lendio isn’t a direct lender, but partners with other lenders in order to find the best rate for loan applicants. To qualify through Lendio, your business must be in operation for at least six months, have a monthly revenue of at least $8,000, and a credit score over 600. The maximum loan amount and interest rate depends on the type of loan Lendio can secure for you. For revenue-based financing, you can borrow up to $1 million with repayment terms between one and 15 months. A small business loan can get you up to $5 million in funding, with repayment terms between six months and 25 years. 

7. National Funding loans

National Funding provides customized financing solutions for beauty and wellness businesses through small business loans and equipment leasing. Their lending options can aid self-care businesses by covering operating expenses, making payroll, upgrading equipment, and managing inventory. National Funding can provide between $5,000 and $500,000 for small business loans, and up to $150,000 to lease or purchase equipment for terms up to 60 months. To qualify for a National Funding loan, you’ll need a fair to excellent credit score, have a business in operation for at least six months, and earn at least $250,000 in revenue. 

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How to Get a Business Loan in 5 Steps

Applying for a loan can be a daunting task, but we’re here to help make it less overwhelming. Keep reading for our guide on applying for a business loan. 

1. Determine your loan amount

Determine the loan amount you need for your beauty and wellness business. Calculate all of your expenses, including employee salaries, equipment, inventory, supplies, renovations, and any other relevant costs. As a general tip, when assessing your financial needs, always assume your expenses will be more than you expect, and that your revenue will be less. 

2. Develop a business plan

Put together a strong business plan that clearly articulates your beauty and wellness business vision. Some loan servicers require a business plan with a few years worth of financial projections in order to properly assess their lending risk, but a solid plan with a clear mission statement and thoughtful goal setting can help tip the scales in your favor. 

3. Build a credit history

This is a step that should start well before your loan application, but many loan servicers rely on decent credit scores to approve funding. A business credit card can also help you build good credit more quickly, though it likely won’t work fast enough if you need funding in just a few days or weeks. 

4. Do your research

Thoroughly research all of your financing options before applying for a business loan. Look for terms that fit your budget and revenue projections, and avoid applying for too much more than you need. Ensure you understand interest rates, payback terms, and other details regarding your potential loan agreement. Investigate loans specifically geared toward women entrepreneurs, as there might be specific criteria more well-suited for your business.

You should also take the time to see if you qualify for women-owned business grants. Grants are financial awards that serve the same purpose as loans, except you don’t have to pay them back. Women-owned business grants help you pursue professional success without the oppressive interest rates or looming deadline of a loan term. 

5. Gather your information

Applying for loans may require information such as your address, EIN/social security number, as well as financial statements and projections. Loan servicers may also require information regarding your collateral, tax returns, or other business details. Missing or incomplete documents may result in a delay or denial of your loan application. 

Finance Your Beauty and Wellness Business With GlossGenius

Small business loans for women can be a boon for female entrepreneurship, giving them more access to funding and an ability to build their own thriving beauty and wellness business without discrimination. Whether you’re looking to start, grow, repair, or simply enhance your business, the right loan can give you the freedom to dream big. 

GlossGenius is the ideal partner for women-owned businesses in the self-care industry. Aside from their loan programs, they can help you pack your schedule with Online Booking, give you important business and client insights with Reports & Analytics, and help you manage your numbers with the Finances feature. 

Try GlossGenius today and get 14 days on us!

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