There are small business loans and grants that are available for women that want to open, or expand, their business. The rate of women as business owners is growing significantly. When you are opening, or expanding a business, you must focus on financing your entrepreneurial venture. In order to reduce your upfront cost, you will have to do some planning and research to acquire funding to reduce your overall initial setup costs. Depending on the type of business that you have, for-profit or non-profit, there are different types of funding sources available to help ensure that your business will have the necessary funding to get started.
One of the best places for women to look for small business funding is the Small Business Association. The Small Business Association has a special division that is called the Office of Women’s Business Ownership Entrepreneurial Development (OWBOED). This division helps to provide training and resources to women business owners who are socially or economically challenged.
The training offered helps women business owners ensure that they have all the necessary tools and documentation together in order to qualify for a small business loan. It also teaches women with qualifying business how to bid on federal contracts. In addition, for women who want to expand their current business, there is a list of financial resources that may be able to assist with financing the expansion. Another resource for loans is state governments. Often times, states will offer loans targeting women entrepreneurs. These loans help to boost the local economy by providing business opportunities to women.
Finding grants for business can be a bit of a challenge depending on the type of business you own. Non-profit and faith based initiatives tend to have more grants available than any other category. For-profit businesses may have to do a little more research in order to find applicable grants.
The Small Business Association has resources dedicated to grants for women business owners. In addition, networking with business groups for women may assist in locating funding. One of the best ways to locate funding is to connect with other women business owners in your local community. Connecting with someone who has already been through the process can provide you with a wealth of information.
If you are finding that you are not meeting the qualifications for the loans and grants you have found, take your search to the internet. The internet provides a door to many funding opportunities. They range from grants given from women business associations, to alternative funding options, such as angel investors. Do not let give up quickly because it appears that there are not any opportunities. Specialized business owners may have to roll up their sleeves, have patience push forward. It is up to you to make your dream a reality, so focus on locating different funding sources and do not just rely on one.