Less than two decades ago, a woman entrepreneur had to have her husband or a male relative co-sign for a bank loan. Congress outlawed that practice in 1988, and since then, women have been making great strides in business. Today, nearly half (48 percent) of all privately held U.S. firms are women-owned. The estimated growth rate in the number of these firms is nearly twice that of all others, according to the Center for Women’s Business Research.

“There has never been a better time for a woman to start a business, but our research shows that many women are still hesitant about going after capital,” says Sharon Hadary, Executive Director of the Center for Women’s Business Research. “That’s a big mistake because plenty of resources are available to help a women get started and to move ahead.”

RESOURCES

In true Savvy Miss form, you have completed your business plan, and you know how much money or capital you need to raise to make your business successful. Here are five sources of financing to help you get started:

The Banks.
Banks have changed over the past two decades and are now aggressively pursuing women entrepreneurs as clients. “Banks realize that women-owned businesses can be a lucrative investment for them,” Hadary says.

Several banks, such as Wells Fargo and the Key Bank, have special lending programs for women. In the past decade, Wells Fargo has provided more than $20 billion in low interest loans to female entrepreneurs nationwide through a partnership with the National Association of Women Business Owners.

Banks have capital available, but you still have to be prepared when applying for a loan. “Approaching the bank with a well-developed business plan is the key,” explains Erin Fuller, NAWBO’s executive director. “The plan needs to answer these key questions: What will your net worth be in three to five years? What are your plans for growth? How are you going to achieve it?”