Starting up a business is difficult at the best of times, but in today’s economy where no bank will lend you money, it is virtually impossible. That being said, the average start-up never sees its third anniversary, and that is usually because of lack of funding. So, if you are a woman and starting up a company, the cards are really stacked against you. But by doing your research and finding a business grant for women, you will have a much better chance of succeeding.
When you get a grant to help start up a business or fund a growing business, you are not getting a loan, but rather a gift. Grants do not have to be paid back, even when they are provided to you from the government, though they do require that the money is used in a particular fashion. In other words, you cannot accept a grant to provide jobs for young people and then go spend the money by computers instead.
There are many different organizations that will provide a business grant for women businesses and there are few requirements. Usually, the company must be at least half-owned by a woman, and the company must also be operating under all local and federal laws. The company should be fully legitimate, with a business license, a registered name, and not be operating as a sole proprietorship, even it is a one-person company.
When you go looking for a business grant for women-owned business, you should start with the federal government’s Small Business Administration, which can lead you in the direction of other organizations and foundations that specialize in helping small businesses, particularly those owned by women and disadvantaged minorities. Whether you are starting a new business or want to start growing a present one, there is money to be had right now.
Photo Credit: Vivian Chen