Funding for Female Entrepreneurs
Financing, Grants, and Agencies Geared to Assist Women in Business
Mar 10, 2008
Modern women, especially those who are also mothers, have myriad responsibilities hefted upon their shoulders daily. A growing number of women are searching for ways to advance in the workforce, and complete college courses, while balancing the needs of their families. Little time is allowed for the actual researching of opportunities in the small window of downtime available during a typical day.
A multitude of loans, grants, and low-interest financing options do exist for female entrepreneurs. Searching for the potential funding sources required in order to get a new business off the ground can often seem overwhelming. In nearly every county, in all 50 states, a Department of Development can be found. Through the small business initiatives, revolving loan funds, and grants for non-typical students and business owners, assistance can be found.
Funding Sources
Areas which are located in the designated Appalachian Region, low income urban areas, and any business which relates to Green and environmentally friendly services or products typically rank high on the funding list. County Department of Development staff routinely assist clients with the establishment of a business plan, and networking with area officials and Chamber of Commerce leaders to further the success of new business, and job creation. The Department of Commerce and the Minority Business Development Agency are also sources of financing which could aid women searching to fund a new venture.
An understanding of basic credit guidelines and the creation of a business plan should be the first steps taken before actually applying to any financial agency for potential funding. The expense of working with an accounting agency prior to meeting with lenders or filling out a grant application would be money well spent. A detailed business plan and knowledge of the economic environment would relay to lenders the commitment and professionalism the female entrepreneur possesses.
Keys to Successful Planning
When preparing to seek funding for a business, it is important to keep in mind the high volume of applications reviewed by any given agency on a routine basis. If the process of seeking funding assistance is approached as a competition, a more realistic view of how to prepare will be visible. Many worthy applications may be turned down due to sheer volume of applicants and funds available. Taking the preliminary steps to make a business plan stand out and the project shine are crucial aspects of gaining approval.
Approach every funding meeting with the assumption that the lender knows little to nothing about the type of business being presented. Develop a marketing package to highlight the need for the particular service or product and history of success for similar businesses in other locations, and use visual aids if possible. By developing items such as a Power Point presentation, charts, photos, and letters of support, a lender or granting agency will leave a meeting with the fullest understanding of the concept being presented.
Networking and Support
Women need not feel daunted or discouraged when taking the initial steps of business ownership. The tools are far more readily available than one may think, and a helping hand is often there for the extending. The sole largest resource for a woman considering venturing out into the world of business ownership is often times other women. The comfort and encouragement women receive when sitting with a group of girlfriends and hashing out the woes and thrills of life is also available in the world of female business ownership. After the decision process is completed and a women is resolved to begin her business, the safety net and guidance is there for the taking.
 |
 |
 |
 |
