These setbacks were disheartening, but they steered me toward the Small Business Administration (SBA) loan program. Even with the SBA’s backing, the approvals were tough to come by until I discovered Greater Newark Enterprises Corporation (GNEC).
GNEC is not your ordinary lender. As a Community Development Financial Institution, its approach is holistic — it looks beyond credit scores to understand the entrepreneur’s full story. Its mission is to assist entrepreneurs in becoming economically stable, focusing on overcoming barriers to funding, especially those faced by minority groups.
What particularly aligned with my needs was GNEC’s Women Entrepreneur Fund. This program supports small businesses that are at least 51% women-owned, offering loans between $1,000 and $30,000 at reduced interest rates of 5.99%. The eligibility stress test at a rate of 10.99% ensures that applicants are resilient enough financially to endure economic fluctuations.
It ultimately granted me a $25,000 loan, which was pivotal.
Business Credit Card Comparison
Consider these business credit cards that offer a convenient and efficient way to separate personal and business expenses, simplifying accounting and tax reporting.
Additionally, business cards can provide valuable perks such as rewards points, cashback, and expense tracking tools, enhancing financial management and the potential to help save money in the long run.
Offer Our Rating Welcome Offer Rewards Program APR
Ink Business Unlimited® Credit Card
Apply Now for Ink Business Unlimited® Credit Card
On Chase’s Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Earn $750 bonus cash back Circle with letter I in it. Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening. Earn unlimited 1.5% cash back on every purchase Circle with letter I in it. Earn unlimited 1.5% cash back on every purchase made for your business Intro: Circle with letter I in it. 0% Intro APR on Purchases
Purchases: 0% Intro APR on Purchases, 12 months
Balance Transfers: N/A
Regular: 18.49% – 24.49% Variable
![Logo for Ink Business Preferred® Credit Card](https://m.foolcdn.com/media/affiliates/original_images/ink-business-preferred_w6NpTZk_ZpRJhFF.png)
Ink Business Preferred® Credit Card
Apply Now for Ink Business Preferred® Credit Card
On Chase’s Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Earn 100,000 bonus points Circle with letter I in it. Earn 100,000 bonus points after you spend $8,000 on purchases in the first 3 months from account opening. Earn 3 points per $1 in select business categories Circle with letter I in it. Earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable and phone services, advertising purchases made with social media sites and search engines each account anniversary year. Earn 1 point per $1 on all other purchases-with no limit to the amount you can earn. Intro: Circle with letter I in it. N/A
Purchases: N/A
Balance Transfers: N/A
Regular: 21.24%-26.24% Variable