Landing a Loan for Women Owned Businesses

A recent Entreprenuer magazine talks about women owned businesses and landing loans.  Dana Spain-Smith, a Philadelphia businesswoman, made some excellent suggestions.  Spain-Smith recently took an interesting approach when seeking a 3.5 million dollar loan.  She bid 3 banks against each other.  You must remember, banks are in competition for your business.  Everything is negotiable.  She ended up with a line of credit against accounts receivable and a loan against personal property.  She landed a lower than average rate with no prepayment penalty and no required deposit balance.

There is no fundamental difference between what works for women and men but sometimes out demeanor and sociological norms can create differences.  Women be aggressive and fight for the best terms.

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