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Small Business Loans for Women

by OnDeck Australia,   May 18, 2023

In the dynamic world of business, women have emerged as a powerful force, defying stereotypes and reshaping industries. From the pioneering efforts of trailblazers like Madam C.J. Walker and Estée Lauder to the present-day success stories of entrepreneurs like Katie Page and Melanie Perkins, women have made their mark in the business arena, shattering glass ceilings and inspiring generations to come. 

Yet, despite the undeniable achievements of women in business, significant challenges persist, particularly in accessing the financial resources necessary to fuel entrepreneurial dreams. It is in this context that small business loans designed specifically for women have become a vital tool for empowering female entrepreneurs, providing the much-needed capital to start, sustain, and scale their businesses. 

The challenges faced by women entrepreneurs

Throughout history, women entrepreneurs have faced numerous hurdles and biases that hindered their participation in the business world. Cultural expectations, legal restrictions, and discriminatory practices often stifled the ambitions of Australian women business operators and relegated them to the side-lines of commerce. 

Despite these adversities, courageous women defied the odds and blazed trails in business, leaving an indelible mark on history. Throughout the 20th century, milestones were reached as women made significant strides in various sectors. From the leadership of Mary Kay Ash in direct sales to the entrepreneurial prowess of Martha Stewart in home and lifestyle, women continued to prove their mettle as innovative and resilient business leaders. 

The latter part of the 20th century and the early 21st century witnessed a profound shift in societal attitudes towards women’s economic participation. Legislative reforms and affirmative action measures aimed at promoting gender equality further contributed to the changing landscape. 

As the barriers gradually crumble, a groundswell of support for women entrepreneurs needs to gain momentum. The tide is turning, and the stage is set for a new era of women’s entrepreneurship. What sets us apart from other online lenders is how excited OnDeck is to be a powerful force backing this change by offering small business loans for female business owners. 

Meeting the business financing needs of women owned businesses

Small business loans serve as a vital lifeline for women entrepreneurs, providing the necessary financial resources to start, sustain, and expand their businesses. These loans are specifically designed to meet the unique needs and challenges faced by women-owned enterprises. Whether it’s purchasing equipment or covering working capital requirements, OnDeck loans offer a flexible and accessible financing option. 

One of the key advantages of a small business loan is that it provides women business owners with a lump sum of money that can be used for various business purposes. This capital infusion empowers women-owned businesses to follow their business plan, seize growth opportunities, invest in marketing efforts, hire skilled employees, and scale their operations. It serves as a catalyst for innovation and expansion, fuelling economic growth and job creation with a timely cash flow boost. 

Advice when applying for a small business loan 

Many women business owners lead busy lives and don’t have time to spend hours applying for loans, so OnDeck has made the process as streamlined as possible and open to businesses with an OnDeck credit score starting from 500. If you apply now and are approved, funding could be received in as fast as 2 hours.
But there are still some steps you can take to ensure you get the best business loans available and to make applying for a loan as easy as possible. 

  1. Thoroughly Research Available Loan Options: Begin by exploring the various small business loan options specifically designed for women entrepreneurs. Find out the eligibility requirements (such as minimum credit score or minimum gross annual turnover) of different lenders, government programs, and organisations that offer financing tailored to women-owned businesses. Research the loan options and repayment terms available then decide whether you want to apply for secured or unsecured loans. 
  1. Develop a Comprehensive Business Plan: While not required for an application to proceed with all lenders, having a business plan is recommended to maximise your chances of success. Craft a well-structured and compelling business plan that clearly outlines your target market, competitive advantage, and growth projections. 
  1. Strengthen Your Credit Profile: Prioritise building and maintaining a strong credit history. Pay bills on time, manage debts responsibly, and regularly monitor your credit scores. A solid credit profile will increase your chances of loan approval. Check your credit score for free with our Know Your Score tool. 
  1. Gather Necessary Documentation: Prepare all the required documents for an application, OnDeck asks for things like your business ABN, personal bank statements and business financial statements. Having these documents readily available will streamline the loan application process and instil confidence in lenders regarding your business’s financial stability. 

Follow these steps to make the application as smooth as possible while increasing your chances of approval.
The application for a fast business loan with OnDeck is very quick, with women business owners able to get an approval in as fast as 30 minutes and the possibility of funds being transferred within the same business day. 

Wrapping up 

Small business loans are critical for the growth and sustainability of any business, but for women entrepreneurs, securing financing from traditional lenders can be particularly challenging. 

However, the future looks bright for women entrepreneurs. With more lenders like OnDeck recognising the importance of supporting women-owned businesses, new financing options and resources are becoming available. 

By understanding the unique challenges women entrepreneurs face in securing small business loans, and by leveraging the tips and strategies outlined in this article, women can position themselves for success. With determination, perseverance, and the right support, women-owned businesses can continue to thrive and contribute to the growth and vitality of the economy. 


Prepared by OnDeck Capital Australia Pty Ltd ABN 28 603 753 215 (“OnDeck”) for general information purposes only. Content may belong to or have originated from third parties and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. Information current as at May 2023. You should not rely upon the material or information as a basis for making any business, financial or any other decisions. Loans issued in Australia are subject to the terms of a loan agreement issued by OnDeck. Loans are subject to lender approval. OnDeck® is a Registered Trademark. All rights reserved.

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