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Receiving funding as an entrepreneur can be difficult even with excellent credit. Those will poor credit can find it almost impossible to get approved for any sort of business loan. Females, in particular, equate for a smaller percentage of business funding.

According to the Small Business Administration (SBA), in 2016 only about 30 percent of their 7(a) small-business loans were awarded to female entrepreneurs. The rest were granted to their male counterparts. It’s safe to say that if you are a woman with entrepreneurial goals, you are part of the group paving the way for future businesses that are run equally between the genders.

 Types of Small Business Loans

Since most individuals with bad credit cannot get approved for a traditional bank business loan, there are alternative lending sources that can fill the gap. Let’s take a closer look at what each one of these is below.

 Lines of Credit

Lines of credit are typically available for those with a personal credit score of less than 500. Companies like Kabbage, use other factors to determine your risk of defaulting on the line of credit. These other factors include banking, sales data, and accounting.

While these lines of credit are convenient for those who want a constant retainer of credit they can borrow and pay back whenever they need, they do come with some negatives. Typically the annual percentage rate on a line of credit is very high as compared to other funding options. This means you’ll be paying more on the money you borrow than if you were to use other alternative sources of funding.

If your credit score is above 500, but still lingering below 600 you may want to try StreetShares. This company offers lines of credit from $5,000 to $100,000 with APRs ranging between 9 and 40 percent.

 Invoice Factoring

This is a fairly new alternative lending source that uses the outstanding accounts receivables a business has to liquidity them into cash quickly. A company like Fundbox will offer you 100 percent of the accounts that are outstanding. They typically don’t require any minimum revenue or personal credit check.

Although these may seem like a great way to get that cash flow you need, there are cons. This type of funding only works up to about $100,000, so no major funding is available. Invoice factoring comes with a high APR and can cost you a ton of money down the road if your customer doesn’t pay the invoice factoring company what they owe.

Fundbox is ideal for those with credit scores below 500. If your credit score ranges from 500 to 600 then you can check in with BlueVine. This invoice factoring company offers credit up to 2 million dollars for APRs in the 17 to 60 percent range. The typical terms they will accept is between 1 and 12 weeks.

 Term Loan

If your credit score ranges in between 500 and 600 you may qualify for an OnDeck term loan. It’s important to realize right off the bat that the closer your score is to 500 the more interest you will pay back as compared to someone with a score closer to 600.

These term loans are typically available for amounts as low as $5,000 or as high as $500,000. The APRs can range from a low of 9 percent up to an extravagant 99 percent. The terms are offered from three to thirty-six months. However, unlike other term loans, you will be responsible for daily or weekly loan repayments.

If your credit score is greater than 600, but still not in the high 700s you can qualify for term loans through StreetShares. The only requirement other than your credit score is a $25,000 annual revenue from your business, which is fairly low for many industries. StreetShares terms loans run from three to thirty-six months and have APRs of 9 to 40 percent.

As you can see there are alternative funding options that you can look into if you are having trouble finding a loan for your business needs. Women with poor credit do have options and it’s your responsibility as a business owner to educate yourself on the available ways to keep your business running successfully.