Loans

Are you an entrepreneur and need money for your small business? WomenVenture offers small business loans up to $100,000 to qualified new and existing business owners.

We prioritize applications from businesses registered in Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, McLeod, Ramsey, Scott, Sherburne, Washington, and Wright counties in Minnesota; Pierce, Polk and St. Croix counties in Wisconsin.

We are a U.S. Small Business Administration (SBA), Community Development Financial Institution (CDFI), and Minnesota Department of Employment & Economic Development (DEED) lender.

Loan Features:

  • No application fees
  • Fixed interest rates
  • Monthly repayment – for up to 6 years
  • No pre-payment penalty
  • One-time origination fee, plus closing fees
  • Access to business advisors for the duration of your loan

Still have questions about our loan program? We'd love to talk with you.

Next Steps

Factors to consider when applying for a loan with WomenVenture:

  • Your personal credit will be pulled. 
    • When credit is pulled, data is analyzed as a whole, credit score and report as one.
    • The minimum credit score accepted is 500, subject to underwriting approval. We can refer you to reputable agencies for guidance on how to improve your credit.
    • The applicant understands and agrees that we may report the loan payment information to the credit bureaus. 
  • When underwriting a loan, we account for personal and business income. What we look for is the ability to afford business expenses, afford personal expenses, repay the debt, and operate profitably.  
  • You must have a business plan.

If you need help with this part, here are a few resources you can access:

  • WomenVenture: Check out the WomenVenture Overview. This is a FREE, 90-minute Zoom class where you and other entrepreneurial people come together to learn what WomenVenture can provide for you and your business.  We’ll go over the training programs we have available (along with discounts and scholarships we can offer), our small business loan products and how they work, how to access 1:1 expert advice from our pool of volunteer experts. There will be time for you to talk about your business (or business idea) and ask questions.

https://www.womenventure.org/training/WomenVenture-Overview.html
https://www.womenventure.org/training.html

  • Elevate Business: Is a free business development assistance program offered by Hennepin County service I mentioned. – please request to meet with WomenVenture staff for your business accounting and development needs through Elevate Business. – another service will be listed to help with web site development.

Elevate Business HC (hennepin.us)

  • SCORE: Offers free business mentoring and learning opportunities in the Twin Cities. SCORE Twin Cities is part of the national nonprofit SCORE Association providing entrepreneurial education allowing start-up, growth, and success of the nation's small businesses.

https://twincities.score.org/about-score-twin-cities 

When I reached out originally for the loan from WomenVenture, it was almost like they were waiting for my call. When I knew that the loan was going to be recommended and backed by them, it just was a huge relief to know, ‘ok, it’s not going to be quite so hard.’ The loan gave me the ability to hire additional staff that I really needed, to open a store, to be able to purchase delivery vehicles.

Maelei Catt, CREATIONS Cabinetry

Eligibility

Our guidelines will help you determine if a loan from WomenVenture might be a good fit for your business needs.

FAQs

Have questions about our loan program? You’ll find the answers to some of the most commonly asked loan questions here.