How Women Can Acquire Grants For Business
Women own more small businesses, but find it harder and harder to obtain financing from traditional sources such as banks and venture capital firms. Therefore, small business grants for women are extremely popular and very competitive. Federal, state and municipalities all provide grants for women in business because they recognize the value that small businesses contribute to our economy. Each funder has requirements that must be met so when you apply for any type of government business grant, you should make sure you read all the guidelines carefully, as they may have credit or debt restrictions that require the grantee to have good credit. Having poor or bad credit does not necessarily mean you will be turned down for a government business grants for women though. But it could exclude you from some grants. So before you waste time, make sure you are applying for a grant that you qualify for under the funder’s criteria.
Types of Grants
New business grants and existing business grants for women are mostly available through state or municipal agencies. State grants range in size from 500 to $5,000 or more. Federal grants can be found by checking on the grants.gov federal grants website to see what is available by searching under grants for women or small business grants for women. One federal small business grants program that women business owners may be interested in applying for is The United States Small Business Administration, Small Business Innovation Research (SBIR) program. The SBIR provides start up money for these small businesses to encourage them to explore research and development of innovative high tech business technology, products and services to help them compete in the business world and stimulate jobs and the economy.
The following federal agencies also reserve research and development funds for small businesses and accept proposals from small businesses so if you are looking for grants for women business owners, you may want to check these federal agencies:
- Department of Agriculture
- Department of Commerce
- Department of Defense
- Department of Education
- Department of Energy
- Department of Health and Human Services
- Department of Homeland Security
- Department of Transportation
- Environmental Protection Agency
- National Aeronautics and Space Administration
- National Science Foundation
When you complete a grant application, do not leave any blanks. If you do, your application may be rejected. Be sure to attach all supporting documents requested by the funder. Have a business plan ready to submit with your application as well. If you don’t have one, you can find samples online or at the local library. Submit your grant appliocation in the format the grantor requests and on time. Be honest and truthful in answering the questions. Certain business grants are approved based upon your background and/or experience. If you have had a bankruptcy, or have bad credit or you have a criminal felony record, you probably won’t be approved for the business grant. Submit multiple grant applications. There is no limit on the number you can apply for your business. You should also pursue other ways to obtain start up and business capital such as borrowing from family members or angel investors.
The great thing about grants for a small business is you do not have to pay the money back. Grants help women in business compete and achieve their dreams and goals as well as provide jobs that are necessary to stimulate the economy.