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Business Budget Template: What to Include

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Setting a budget for your small business can prevent excessive spending and put you on a path toward profitability.

An effective budget would show you how much you need to generate in sales to cover costs, as well as how much you can afford to reinvest in the business. Additionally, you could use a budget to figure out when you’d have the means to hire employees.

It may seem like a daunting task to comb through your business’s finances but sitting down to create a budget for your small business would be time well-spent. Continue reading to understand what budgeting entails and how to find a business budget template to get started.

Why does your business need a budget?

A business budget puts your monthly expenses in writing, including your office lease payments, travel costs, website hosting fees, marketing expenses and the cost of supplies. Documenting these regular costs would help you set aside money each month to cover the bills and spend only what is left over.

A budget would give you a detailed look at where your money is going. You would be able to see how much you need to earn in sales to not only break even but become profitable.

As your business changes over time, your budget can help you be flexible in your spending. If a big, one-time expense comes up, you could look at line items on your budget to see where you could make cuts to cover the unexpected purchase.

Your budget should include all business expenses, even the small ones, so you don’t underestimate your financial needs. In the next section, we’ll discuss how to find a budget template for your business.

Creating your business budget

Before writing your business budget, there are a couple of financial statements you need to understand related to how your business earns and spends money.

Profit and loss statement

A profit and loss statement, or income statement, would illustrate whether your business is making or losing money. You would need to subtract your expenses from your income to determine this. If your revenue exceeds your costs, then your business is profitable. But if costs are higher than revenue, then you’re likely making a loss.

When doing the math, include all recurring income and expected income in your total revenue. Same with expenses – include recurring and fixed costs as well as one-off purchases. Also include payroll, debt repayments and depreciation of business assets in your total expenses.

Once you’ve determined if your business is making a profit or a loss, you could decide how to move forward with your budget. You could set up the budget so you save money to reduce spending, or invest in growing your profits.

Balance sheet

Your balance sheet would show your assets, liabilities and overall worth of your business. To find the difference between what your business owns and owes, you would need to subtract monthly liabilities from monthly assets.

Your total assets should include the value of everything the business owns, such as real estate or equipment, as well as money in your business bank account and outstanding invoices.

Your total liabilities should be comprised of any loans or other business debt, bills that have not yet been paid and taxes due in the near future.

The balance sheet allows you to see all assets and liabilities to figure out the net worth of the business. This information would help shape your budget.

Writing your budget

The information on your financial statements would inform your business budget. Consider creating a spreadsheet separating your costs into two categories to track spending: one-time expenses, like equipment, and recurring costs, like monthly rent and utility bills.

You could create an individual sheet for each month, or combine data from each month on one sheet to track your yearly spending. Your spreadsheet should also include your projected sales, revenue and profit so you can compare your costs to your income.

Once you’ve filled out your spreadsheet, you could adjust the numbers to illustrate various scenarios. For instance, you could evaluate how increasing or adding a certain expense would impact your revenue or profit.

Choosing a business budget template

After becoming familiar with your monthly expenses and income, you would be better prepared to determine what’s essential to your budget. You could create a weekly or monthly budget, or both, to keep your spending on track.

Here’s an example of what your budget may look like:

Various websites offer online templates, often for free. Here are a few available to download:

  • Monthly budget template from QuickBooks– This template works with Microsoft Excel and Google Docs. It tracks monthly expenses and one-time expenses on a single sheet to calculate total monthly costs. This spreadsheet is designed for new businesses looking to estimate initial startup costs.
  • Monthly budget template from Smartsheet – This template works with Microsoft Excel or the Smartsheet platform. It includes sheets for tracking one type of income source and one type of expense as well as cash transactions each month. Smartsheet also provides multiple templates for various needs, such as a 12-month budget, a specific project budget and a first-year budget.
  • Money management template from Vertex – This template works with Microsoft Excel and Google Sheets. It records spending and income to create a yearly budget. Vertex’s template includes worksheets for service-based and product-based businesses.
  • Small business budget from Capterra – This template also works with Microsoft Excel. Capterra’s budget tool allows you to input your yearly spending goals to calculate what your financial activity should look like each month. You can update your spreadsheet with your business’s actual monthly results to see if you’re on track to meet your goals.
  • Small business budget management templates from PDFConverter.com – PDFConverter.com provides links to 15 downloadable Microsoft Excel spreadsheets. The templates are designed with specific budgeting goals in mind, like budgeting for marketing or manufacturing expenses, setting a business travel or event budget or creating a rolling budget to forecast future spending.

When filling out your business budget, most templates would require you to determine the number of months the budget will cover. Then, you would enter your costs and income into their respective fields on the spreadsheet. An embedded formula would automatically populate total amounts based on the information you entered.

Setting a budget and sticking to it

A premade template would take much of the legwork out of making your business budget. But you would still need to interpret those numbers to make changes within your operation.

You could refer to your budget to adjust variable expenses to offset any anticipated changes in your cash flow. You should also check your budget before taking on a major expense, like purchasing equipment or expanding the business, to make sure it fits within your current spending plan.

For startups, a business budget can be crucial. New business owners often underestimate startup costs and setting a budget can help you stay on track. You also may have to submit a budget as part of your business plan when applying for loans or investor funding.

Any business can benefit from budgeting, as it would help you make strategic decisions about the future of your company. You could use your budget to explore different scenarios, plugging in expenses to see what your business can afford.

Your business budget is a flexible document and can change as your business evolves. Maintaining a budget as you grow would help you understand your spending habits and revenue patterns, so you can feel comfortable making purchases that benefit the business.

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Small Business

Alternative Lending Options: Finding the Top Non-Bank Business Loans

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As of 2018, there was a $5 trillion gap between the funding needs of small and medium business and the traditional, institution-based financing available to them, according to the SME Finance Forum, which works towards expanding financial access for these businesses. This funding misalignment has helped alternative lending become a major new option.

The rise of alternative lending has been a boon for small business owners and other potential borrowers who are not necessarily a good fit for traditional lending and financing. That’s because alternative lending — financing from a non-traditional source — generally has less stringent requirements for borrowers, and it’s available for a wide variety of purposes.

What is alternative lending?

Alternative lending refers to any kind of financing from an external source that is neither a bank nor a stock or bond market. Most often, alternative lenders operate through online platforms, and they can offer a range of products, from term loans to merchant cash advances.

In general, alternative business lending has less stringent requirements than traditional institutions. A bank will generally require good personal and business credit, as well as a certain amount of time in business to extend a small business loan. In contrast, an alternative lender will likely have lower minimum credit score requirements and less strict requirements for time in business.

With fewer qualification requirements come higher approval rates. According to the Biz2Credit Small Business Lending Index, big banks (meaning banking institutions with more than $10 billion in assets) had a small business loan approval percentage of just 28.3% as of February 2020. Alternative lenders, on the other hand, approved 55.9% of small business loans in that same time.

In addition, the average closing period for traditional small business loans is 45 to 60 days. That’s the amount of time you will have to wait between turning in all parts of your initial application and when your funds are released to you. Traditional small business loans typically go through a multi-phase process before releasing the money, which is why they can take as long as 60 days to close. Loans from the Small Business Administration (SBA) can take even longer.

Many alternative lenders, on the other hand, can approve small business loans within one to three business days, or even sooner.

Types of alternative lending

Since small businesses have a variety of financing needs, it’s natural that alternative lending options include a number of different products to meet those needs. You can find the following types of loans through alternative lenders.

Term loans

A term loan is a lump sum that is borrowed all at once, and paid back over a specified term at a fixed interest rate. It’s what most people commonly think of when they refer to a business loan. The repayment term can last anywhere from just a few months to as long as 10 years, and sometimes even longer. The amount available to borrow depends greatly on the borrower’s creditworthiness and business profitability, as well as length of time in business.

Many small businesses seeking term loans will go through a traditional lender, since banks are generally able to offer longer terms and better rates than alternative lenders. However, alternative lenders do provide term loans that may be easier to qualify for.

Business line of credit

Unlike a term loan, which extends the full amount of the loan all at once, a business line of credit allows a small business owner to withdraw money up to an agreed-upon amount within the revolving credit line. Once the borrowed amount is paid back, the full amount is again available to borrow, similar to how a business credit card works.

This kind of product offers business owners a ready source of immediate funds. This can allow a business owner to hire as needed, purchase necessary supplies or even expand the company when an opportunity arises.

Equipment financing

Necessary equipment for running a business can be financially out of reach if you have to rely on making purchases in cash — that’s where equipment financing comes in. This kind of loan will help you purchase the equipment, even if you have a new business or short credit history.

Such loans will often use the equipment itself as collateral, which makes the loan easier to qualify for, though you do risk losing your equipment if you fail to repay the loan. The loan term will often be tied to the expected lifespan of the equipment.

Invoice factoring

Prolonged waits on invoiced payments can seriously affect a business’s cash flow. With invoice factoring, a business sells its unpaid invoices in exchange for a cash advance, typically 70% to 90% of the value of the unpaid invoice. The factoring company will then collect payment from your clients and send the remaining balance to you, minus a fee that it collects.

Merchant cash advances

Merchant cash advances are typically extended to businesses that rely on credit and/or debit card payments. This kind of advance provides you with a lump sum loan in exchange for a set percentage of daily or weekly credit card sales. You will continue to pay the daily or weekly percentage until the advance is repaid.

The amount you pay for a merchant cash advances is typically not based on an APR, however, but rather on what’s known as a factor rate. This rate, which can range from 1.2 to 1.5 (meaning 1.2 to 1.5 times the amount you borrow) can quickly get out of hand, however. If you calculate these factor rates as APRs, the APR you pay can range as high as 70% to 200%.

5 top alternative and non-bank lenders

To select the top five alternative and non-bank lenders we looked at a number of lenders. In addition to all being non-bank lenders, the lenders we chose had to meet the following criteria:

  • No more than two years in business required
  • Funding available in one to three business days
  • No prepayment penalties

1. BlueVine

Types of Loans OfferedLoan Amounts OfferedRateTime to Funding
Term loanUp to $250,000Starts at 4.80%Within hours of approval
Business line of creditUp to $250,000Starts at 4.80%Within hours of approval
Invoice factoringUp to $5,000,000Starts at 0.25% per weekAs fast as 24 hours

One of the big benefits of BlueVine is that it has no origination, prepayment, termination or maintenance fees. BlueVine’s term loans are available in 6– or 12-month terms, and you will pay a fixed weekly amount until the loan is paid in full. With the business line of credit, you will have 6 or 12 months to pay back your draw, with fixed weekly or monthly payments. You will pay a 1.6% to 2.5% draw fee every time you draw on your line of credit.

With invoice factoring, BlueVine provides 85% to 90% of the invoice amount upfront. Your customers will continue to make payments in your name, but the outstanding payments will go to the BlueVine account or P.O. Box and you’ll receive the remainder, minus BlueVine’s fees.

Both BlueVine’s term loan and business line of credit are available to any business that meets the following requirements:

  • Been in business for at least six months
  • Annual revenue of $100,000 or more
  • Personal credit score of 600 or higher

Businesses that cannot qualify for these loans may be eligible for invoice factoring, which requires only three months in business, monthly revenue of $10,000 or more and a FICO score of 530 or higher.

The business line of credit is not available in Vermont, and neither the line of credit nor the term loan are available in North Dakota or South Dakota. Invoice factoring is available across all states.

2. OnDeck

Types of Loans OfferedLoan Amounts OfferedRateTime to Funding
Term loan$5,000 to $500,000Starts at 11.89%Same day you are approved
Business line of credit$6,000 to $100,000Starts at 10.99%Same day you are approved

OnDeck has loaned out over $13 billion since 2007, making it one of the largest non-bank lenders. You can qualify for either a term loan or a business line of credit if you have:

  • Been in business for at least three years
  • A personal FICO credit score of 600 or above
  • Annual revenue of $250,000 or more
  • A business bank account

OnDeck promises instant funding as soon as you are approved. There are also no draw fees on the line of credit, unlike with BlueVine. However, you can expect to pay an origination fee for any kind of loan with OnDeck, as well as a $20 monthly maintenance fee for business lines of credit. You can potentially reduce your origination fee to 0% with subsequent loans though, and the monthly maintenance fee will be waived for six months if you make a $5,000 initial draw within five days of opening your line of credit.

3. Funding Circle

Types of Loans OfferedLoan Amounts OfferedRateTime to Funding
Term loans$25,000 to $500,0004.99% to 24.99%Within one business day after approval

Funding Circle has some of the more stringent guidelines for lending. To qualify for one of their term loans, you will need to have:

  • Been in business for at least two years
  • A personal FICO score of 620 or higher
  • No bankruptcies in the previous seven years
  • Located in an eligible state (Funding Circle does not operate in Nevada)

In addition, Funding Circle requires a lien on business assets and a personal guaranty from the business owner. However, there is no revenue requirement to qualify.

Loan terms can range from six months to five years, and your payment will be a fixed monthly amount. There are no prepayment penalties or maintenance fees, but you can expect to pay an origination fee of between 3.49% and 6.99% of the total amount borrowed. Additionally, there is a late payment fee of 5% of the missed payment.

4. National Funding

Types of Loans OfferedLoan Amounts OfferedRateTime to Funding
Term loan$5,000 to $500,000Not provided by lenderWithin 24 hours of approval
Equipment financingUp to $150,000Not provided by lenderWithin 24 hours of approval
Merchant cash advanceUp to $250,000Not provided by lenderWithin 24 hours of approval

National Funding has been in business since 1999, making it one of the oldest alternative lenders for small business. The lender does not specify its requirements for a term loan, but instead invites potential borrowers to fill out its application to connect with a loan specialist so that the lender can find the right loan for you. You won’t need collateral or a business plan to qualify, but you will have to sign a personal guarantee.

For the equipment financing loan, however, you will need to have been in business for at least six months, have a FICO score of over 575 and get a quote from a vendor for the needed equipment. Finally, any business that has been in business for at least a year and takes in at least $3,000 per month in credit card sales is prequalified for the merchant cash advance.

Though it is unclear how much you will pay in interest, National Funding focuses on offering a high approval rate, even to businesses with less-than-stellar credit. You can also receive early payoff discounts, as well as a variety of payment terms and options.

5. Kabbage

Types of Loans OfferedLoan Amounts OfferedRateTime to Funding
Line of creditUp to $250,0001.25% to 10.00% fee per monthWithin one to three business days

To qualify for a Kabbage line of credit, you only need to have been in business for at least one year, and take in $50,000 per year or $4,200 per month in revenue. There is no collateral requirement.

You may borrow from your line of credit in amounts as low as $500, all the way up to your limit. When you make a withdrawal, the money will show up in your bank account within one to three business days, or instantly in your Paypal business account. Each withdrawal is considered a separate loan, with a repayment term of 6, 12 or 18 months.

Kabbage’s interest rate is calculated monthly, which can mask how high an APR you are actually paying — according to ValuePenguin, the APR can range between 20% and 80%. The monthly fee ranges from 1.25% to 10.00%; however, there is no origination fee.

Pros and cons of alternative lending

Pros

There are a number of reasons why small business owners might choose to borrow with an alternative or non-bank lender. Benefits of alternative lending include:

  • Easier to qualify: With fewer and less stringent qualification requirements, alternative lending opens up funding opportunities for small business owners who may not otherwise be able to get the financing they need, especially if their credit is not excellent.
  • Rapid approval and funding: Alternative lenders approach the underwriting process differently from traditional lenders, which means they can both approve loans and release funds more quickly. This means small business owners can get the money they need when they need it.
  • Available to new businesses: Though traditional funding sources generally require a long history of profitability before extending a small business loan, alternative lending options will consider newer businesses for loans.

Cons

However, even though there are a number of excellent reasons to consider an alternative lender for small business financing needs, there are still some alternative lending hazards to beware of. This includes:

  • Confusing interest rates and fees: It can be difficult to compare apples-to-apples when it comes to alternative lending rates, since each lender uses its own methodology for calculating rates rather than clearly stating APRs. In addition, it can be difficult to determine exactly what and how much you will be paying due to additional fees, such as origination fees and draw fees, depending on the alternative lender you choose.
  • Shorter repayment terms: Alternative lenders often offer shorter repayment terms than traditional lenders. This helps to mitigate the risk to the lender, but it also means higher monthly payments for the borrower.
  • Less flexible payment options: Many alternative lenders require daily or weekly repayment, fixed repayment amounts or automatic ACH payments toward your loan. If your business has any cash-flow difficulties, this could cause some further financial problems.

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Small Business

Guide to Small Business Funding for Women

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As the number of women-owned businesses grows across the U.S., women entrepreneurs are increasingly in need of funding for their businesses. While there aren’t specific small business loans for women, there are many lenders and organizations that offer small business help for women entrepreneurs, including SBA loans, term loans and business lines of credit, among other resources.

Small business loans for women: 3 options to consider

SBA loans

Best for: Businesses looking for long-term financing and businesses struggling to get loan approval.

The Small Business Administration (SBA) offers small business help for women that includes business training, counseling and assistance in accessing financing. The SBA can also help you if other lenders have deemed your business too risky. Since SBA loans are guaranteed by the Small Business Administration, lenders may be more likely to approve your application and even offer lower interest rates and longer repayment terms.

The SBA offers multiple loan types, with amounts ranging from $500 to $5.5 million. Requirements to qualify for each loan type are unique, and eligibility varies depending on the lender and the loan program. However, SBA loans are available for most business purposes.

Term loans

Best for: Businesses that can clearly project how much cash they’ll need or for startup capital when a business doesn’t want to forfeit any ownership to an investor.

A term loan is a typical loan arrangement that allows you to borrow a lump sum of money and pay it back in installments, with interest. Interest rates and other fees can vary greatly from one lender to the next, but you’ll likely need to present your business plan, expense sheet and financial projections in order to apply for a term loan at any bank or credit union.

Some lenders are committed to offering small business term loans to women. Learn more about these lenders and their loan product options below.

Business lines of credit

Best for: Businesses that need ongoing access to capital or that have an open-ended project.

A business line of credit is an account that allows you to draw money up to a set limit. Similar to a credit card, each time you pay down your balance you can draw up to the limit again, and fees and interest payments are based on your account balance. Unlike business credit cards, which generally have higher interest rates, business lines of credit tend to have lower interest rates and allow you to make cash withdrawals without any limitations and write checks from your account.

You can take out a business line of credit through a bank, credit union or online lender. Qualification is based on your personal credit.

5 best small business loans for women

To select the top five small business loans for women, we looked at a number of lenders and chose a mix of online and traditional bank lenders. While traditional lenders may be more difficult to qualify for, the two we have listed are among the most active SBA lenders, making them a potentially compelling option for women business owners.

Additionally, the lenders we selected had to meet the following criteria:

  • Transparent websites. These lenders clearly list necessary information on their websites so small business owners can easily find what they need.
  • Wide range of amounts and term lengths. Many of these lenders offer a range of loan products as well as amounts and term lengths, which means they can cater to a range of small business owners’ needs.
  • Lender credibility. These lenders have all been in business for at least a decade and have established themselves in the space through things like positive customer reviews and high approval counts.

1. Kabbage

Type of financing

Rate

Amount

Min. credit score

Best for...

Business line of credit

Monthly fee is 1.25% to 10.00% of principal

Up to $250,000

None

Ongoing access to capital

Although Kabbage often refers to its financing product as a loan, it is technically a line of credit, one the company says is commonly used by women business owners for inventory purchases, office expansion, marketing campaigns, equipment purchase and hiring employees. Kabbage’s monthly fees for business lines of credit start at 1.25% and are only charged based on the amount you draw.

Kabbage offers a simple online application process, and you can manage your line of credit account from a mobile device.

2. Smartbiz

Type of financing

Rate

Amount

Min. credit score

Best for...

SBA loans

5.04% to 10.29% APR

$30,000 to $5,000,000

650 for a $30,00 to $350,000 loan

675 for a $500,000 to $5 million loan

Faster processing on SBA loans

According to Smartbiz, 30% of its 7(a) SBA loans are granted to women-owned businesses. The national average is only 14% for SBA lenders.

Smartbiz helps expedite the application process by submitting your application to an online marketplace of multiple SBA lenders at once. Prequalification is available within five minutes, and funding is available in as few as seven days upon approval.

3. Wells Fargo Bank

Type of financing

Rate

Amount

Min. credit score

Best for...

Equipment Express Loan

5.50% to 9.50% APR for vehicle loans

6.00% to 12.25% for equipment loans

$10,000 to $100,000

Not disclosed

Purchasing vehicles or equipment

In 2013, Wells Fargo Bank committed to lending $55 billion to women-owned businesses by the year 2020. The bank offers several small business loan products, including its Equipment Express Loan. The interest rate on the bank’s secured vehicle loans starts as low as 5.50%.

However, you’ll need to be an existing customer of the bank to apply. Wells Fargo small business loans are only available to customers who have had a checking or savings account with the bank for a minimum of one year.

4. Celtic Bank

Type of financing

Rate

Amount

Min. credit score

Best for...

Express Loan

Variable

$20,000-$150,000

Not disclosed

Wide variety of loans

Celtic Bank is perhaps best known as an SBA lender, but the Utah-based lender offers a variety of loans well-suited to all types of businesses, small to large. The Celtic Express loan offers loans between $20,000 and $150,000 for up to 120 months.

To be eligible, the business must be a for-profit, owner-operated enterprise. Loan proceeds may not be used for construction or tenant improvements. Newer businesses are considered, but you must have a location identified and be able to start operations at funding.

5. OnDeck

Type of loan

Rate

Amount

Min. credit score

Best for...

Short-term loan

11.89% APR and up

$5,000 to $500,000

600

Business owners with lower personal credit scores

OnDeck is an online lender that has funded over $6 billion in small business loans for women. The lender offers business loans for women with bad credit, with a minimum credit score requirement of just 600. However, its APRs start relatively high, at 11.89% and up.

In order to qualify for a loan with OnDeck, your business must be at least a year old and earn at least $100,000 a year in revenue. Those who qualify may receive funding within as little time as 24 hours.

Alternative financing options for women-owned businesses

Grants for female business owners

Small business grants can provide you with funds to start or expand your business — and, unlike loans, they don’t have to be repaid. Grantors who fund women-owned businesses include the federal government, local governments and private funds. The amount of money available and the requirements to qualify will vary depending on the source of the funds.

Here are a variety of women-owned business grants to consider:

  • Amber Foundation Grant.Grants of $4,000 are awarded on a monthly basis to women-owned businesses of all kinds. Monthly grant winners are eligible for an additional $25,000 grant at the end of the year.
  • Cartier Women’s Initiative. This grant is for women-owned, women-run businesses focused on sustainable social and/or environmental impact. Applicants in a select group receive one-on-one business training and cash awards of $30,000 or $100,000.
  • Girlboss Foundation Grant.Grants are available up to $15,000 for women entrepreneurs working in the areas of design, fashion, music or the arts.
  • NASE Growth Grants. The National Association for the Self-Employed (NASE) offers $4,000 grants for female business owners. You must become a NASE member to apply.
  • SBA. Though there technically are not Small Business Administration grants for women (or anyone else), the SBA does facilitate federal grants for all types of business owners through the Small Business Innovation Research and the Small Business Technology Transfer programs.

Equity financing opportunities

Venture capital firms and individual investors, sometimes known as “angel investors,” differ from lenders. Instead of offering debt, these venture capitalists offer to make a long-term investment in your company in exchange for equity. They may also require some form of ownership and/or a seat on your company’s board of directors.

Here are some investing groups and firms that cater to women-owned businesses:

Additional resources for women-owned businesses

  • SBA Women’s Business Centers: The SBA offers over 100 office locations throughout the U.S. where women can receive free training, workshops, mentorship and more. Use the SBA directory to find your nearest location.
  • Women-Owned Small Businesses (WOSB) Federal Contracting Program: This federal program sets aside contracting opportunities for women applicants in industries where women’s businesses are underrepresented or disadvantaged. Those industries include construction, manufacturing, publishing and more.
  • National Women’s Business Council (NWBC): This federal advisory committee advises the president, the U.S. Congress and the SBA on matters affecting women entrepreneurs and women-owned businesses. The NWBC hosts round-table events around the country to gather input and promote women’s STEM-focused and rural-owned businesses.
  • DreamBuilder: This free online program offers interactive courses for women on how to start, build and finance your business. Courses are available in Spanish and English.
  • National Association of Women Business Owners (NAWBO):NAWBO is an advocacy organization that promotes networking events for women entrepreneurs, provides online resources and has local chapters throughout the U.S.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.