Like any small-business owner, the business financing options available to women entrepreneurs include Small Business Administration 7(a) loans and online lenders. If your personal credit score is bad (300 to 629 FICO), you may have fewer options — and you'll likely pay higher rates — but securing a small-business loan is still possible.
Online lenders are a good place to begin your search for financing. You can also consider microloans and small-business grants for women.
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Here are 4 options for you
Lender | Best for | Max loan amount | Min. credit score | Next steps |
|---|---|---|---|---|
Fundbox - Line of credit with Fundera by NerdWallet | Best for Business owners with a credit score of less than 500 | $150,000 | 600 | with Fundera by NerdWallet |
OnDeck - Online term loan with Fundera by NerdWallet | Best for Business owners with a credit score of 600 to 650 | $250,000 | 600 | with Fundera by NerdWallet |
OnDeck - Line of credit with Fundera by NerdWallet | Best for Business owners with a credit score of 600 to 650 | $100,000 | 600 | with Fundera by NerdWallet |
Bluevine - Line of credit with Fundera by NerdWallet | Best for Business owners with a credit score of 600 to 650 | $250,000 | 600 | with Fundera by NerdWallet |
Our pick for
Business owners with a credit score of less than 500
Fundbox - Line of credit
Max Loan Amount
$150,000
Min. Credit Score
600
Est. APR
10.10-79.80%
Fundbox offers a business line of credit to fill a cash-flow gap, and qualifying is easier than with other lenders.
May fund quickly
Our picks for
Business owners with a credit score of 600 to 650
OnDeck - Online term loan
Max Loan Amount
$250,000
Min. Credit Score
600
Est. APR
9.00-99.00%
OnDeck offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.
May fund quickly
OnDeck - Line of credit
Max Loan Amount
$100,000
Min. Credit Score
600
Est. APR
11.00-61.90%
OnDeck offers a fast line of credit for small-business owners with less-than-stellar credit who need to manage cash flow or buy inventory.
May fund quickly
Bluevine - Line of credit
Max Loan Amount
$250,000
Min. Credit Score
600
Est. APR
15.00-78.00%
Bluevine's line of credit provides fast working capital for short-term borrowing needs.
May fund quickly
How Much Do You Need?
Startups face unique challenges, since many lenders won't extend credit to new companies that don’t have a track record. However, there are other sources of startup funding, such as microloans, nonprofit lenders and personal business loans, that can help you get going.
Loans for borrowers with bad credit can be expensive and should only be considered if you need cash right away and don’t have time to build your credit before applying for loans.
It's also worth checking to see if you’re eligible for federal, state or local small-business grants for women.
- Line of credit: Fundbox doesn’t require a minimum credit score; however, you'll need annual revenue of at least $100,000 and six months in business to meet its minimum qualifications.
Invoice factoring: For outstanding invoices, Bluevine offers invoice factoring loans from $20,000 to $5 million. It requires a minimum credit score of 530 to qualify.
Term loan and line of credit: OnDeck requires a minimum credit score of 600 to qualify, although its typical borrower has a score between 680 to 720.
Line of credit: Bluevine requires a minimum credit score of 650 for its business line of credit.
To help you compare small-business loan options, NerdWallet has compiled a list of loans to help meet business owners’ needs. We’ve gauged them on trustworthiness, market scope and user experience, and sorted them into categories based on revenue and the length of time you’ve been in business.
Last updated on March 31, 2021
To recap our selections...
Best Small-Business Loans for Women with Bad Credit
- Fundbox - Line of credit: Best for Business owners with a credit score of less than 500
- OnDeck - Online term loan: Best for Business owners with a credit score of 600 to 650
- OnDeck - Line of credit: Best for Business owners with a credit score of 600 to 650
- Bluevine - Line of credit: Best for Business owners with a credit score of 600 to 650