There are government grants for women-owned businesses.
Politicians often tout how small businesses drive the economy. In recent years, women-owned businesses have been the fastest growing segment of the small business population in the United States. Like most businesspeople, those budding entrepreneurs are looking for the best financing options. There are some government grants specifically offered to women who own small businesses.
Government Funding for Women
Economic development programs assist women-owned businesses.
Women-owned businesses may qualify for grants through federal and state agencies. Different states' economic development programs may offer grant funding for women with small businesses. In New York State, for example, Empire State Development distributes millions of dollars to the Minority and Women's Business Enterprise which, in turn, channels funds to women. Women business owners can develop contacts and learn about government bids through their states' economic development programs.
Small Business Administration
The U.S. Women's Business Center provides grant funding.
Another source of grant funding for women is the U.S. Small Business Administration's Women Business Center program. The Women's Business Center has a number of different programs. For example, the Woman's Business Center Program Renewal Grant channels funds to entrepreneurs that help the economically and socially deprived. The center also assists businesses with management, accounting and advertising.
Small Business Administration Office of Technology
Small Business Administration Office of Technology is another source of grants.
The U.S. Small Business Administration Office of Technology is yet another source of grant funding. The Small Business Innovation Research and the Small Business Technology Transfer programs, which are affiliated with the Office of Technology, have funneled $2 billion to small businesses, according to the agency. Some government grants require that businesses are certified non-profits or that business women register as members, and business owners have been known to change their businesses' status to comply.
Private Resources
Some private sources provide grant funding.
The Women's Financial Fund is worth researching. An adult woman who is a resident of the United States submits a $15 dollar application fee to become eligible. A sound business plan and clear application increase her chances of securing grant funding. Most important, grants are awarded to start-up businesses, and credit history is not a deciding factor because the grants do not have to be repaid.
Compliance Requirements
Learn about the compliance requirements before applying for grants.
The government has strict compliance requirements for its various grant programs. Also, there are matching fund and certification mandates. Therefore, women who own small businesses want to become familiar with the requirements so they can navigate through the grant funding process. Grants.gov is a good place to begin research.
Tags: grant funding, Small Business, Business Administration, Small Business Administration, small businesses