Small business experts agree, now is a great time to start a business. The economy is on the mend and by the time you’re up and running, you’ll be ready to meet demand head on. Couple that with the fact that right now you can still get great deals on a number of things you need to get started and there really isn’t a better time. If you’re a woman, then there are even more options for you to get start up money. The federal government’s initiative to increase opportunities to women and minorities is a wonderful opportunity.
Here’s how to take advantage of this potential opportunity:
#1Â Visit the Small Business Association, www.sba.gov, and check out their section on Office of Women’s Business Ownership.
Two important facts to note:
* The Small Business Association defines a women owned business as “a small business concern—(a) which is at least 51 percent owned by one or more women; or, in the case of any publicly owned business, at least 51 percent of the stock of which is owned by one or more women; and (b) whose management and daily business operations are controlled by one or more women.”
* The financial incentives for women are encompassed by a Federal Grant for non-profit businesses and a small business loan guarantee program.
#2 Check out your local SCORE office. They’re organized by state. Simply type “Score†and your state into your search engine and the information will come up. Not only will they have information about grants which are available to women and minorities, they’ll also have valuable information on how to secure a grant including tips, how to create a cover letter, and mistakes business owners make when applying for grants.
#3 Check out your local publications. While SCORE offices and your SBA office are likely located in a major metropolitan city in your state, local publications often have great resources. Check out your local paper and scan the grants and opportunities section. Additionally, grants are often mentioned in the business news.
#4 Talk to your bank. Bankers are not only in tune with local business, they’re also familiar with opportunities. Ask your local banker what they know about grants for women in business. They may have access to information that isn’t widely known, and thus you’ll have less competition during the application process.
#5 Network. Your local networking groups can also be a valuable resource. True, you may learn about grants whose application date has passed but make a note of them anyway. Grants usually come up for renewal each year and you can put your hat in the ring next time around.
Finding, applying for and gaining grant money can take a bit of determination and patience but it’s well worth the effort. There is an abundance of opportunities available for women and minorities seek them out and get the capital you need to see your business building dreams come true.