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Grants for Women-Owned Businesses

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cannabis classesWomen entrepreneurs are having a tremendous impact on the small business landscape nationwide.

Yet to continue to be competitive and grow, these entrepreneurs have to find funding for their ventures. And, alarmingly, women entrepreneurs are increasingly being turned away by banks for small business loans. Thankfully, they still have other options, given the rise of technology-driven financial lending sources — such as online loans, peer-to-peer loans and crowdfunding. 

Then there are government grants. While not widely known or used, these grants are another great option for women seeking extra funding for their business ventures. They just take a little more work.

Business owners often turn to grants because they are not required to pay them back; essentially, you can look at grants as “free money,” but they come with stipulations. Also, understanding and navigating the grant process can be complex.

First, you have to research and find a grant for which you’re eligible. Then, you have to understand the strict application and compliance guidelines you must meet, to be eligible. Third, you have to compete with other businesses for the same pool of money. Fourth, if you’re awarded a grant, you must report on how you used it. Finally, you must devote time and energy to the lengthy application process, then wait for approval. In a nutshell, you need to have all of your ducks in a row, up-front and afterward.

Another great resource to use in your research is the Minority Business Development Agency (MBDA). The MBDA is an agency of the U.S. Department of Commerce that assists minorities and women in establishing and growing their businesses. On its site, you can research grants and access links to state agencies that work with women-owned businesses for funding opportunities. Click here to view all of the state agencies across the country.

To help in your search, we gathered information on these private grants for women entrepreneurs started: Click to Read the Entire Article by Victoria Treyger Entrepreneur.com

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