Many women in the business field face more difficulty than their male counterparts. The rate of turning away female entrepreneurs applying for small business loans by the banks has also increased alarmingly. Fortunately, the government has special policies and grants to give loans and help flourish women-owned businesses nationwide.
Guide to Start a Woman-Owned Business
- Select the Business Entity
First of all, give thought about what kind of business you would like to start. You cannot jump into a new business, head first, without thought, and run it successfully.
- Plan How You Will Proceed in Starting Your Business
You must know what kind of business you are going to run. Research it before you file for its registration by the local or federal government. Get a brand or logo for your business identity.
Make an expense and costs data sheet that you will require to start a business. How will you manage the funding? Do you need a grant from the government or some other type of loan?
- Obtain Tax Identification Numbers by Filing Form SS-4 with the IRS
- Register with the Central Contractor Registration Database, Using your Business Information, Tax Identification Number, and DUNS Number.
Financial Assistance in a Woman-Owned Business
Small business owners want to turn to grants because they think grants are free money, and they will not have to pay them back. But, these small business grants come with conditions. First of all, you will have to find a grant you are eligible for as a small business owner. You will then have to comply with the guidelines for applying and wait for its approval until you entitlement the grant. After approval, you still are required to report on the use of money afterward, genuinely.
Here are few options for private grants that are available for a woman-owned business.
- The Eileen Fisher Women-Owned Business Grant Program
- FedEx Opportunity Knocks Small Business Grant Contest
- Idea Café Small Business Grant
- Innovate HER: Innovating for Women Business Challenge
- Small Business Innovation Research
- Small Business Technology Transfer Program
- Zions Bank – Smart Women Grants
Loan options for a woman-owned business
Pilot loan programs assist prospective debtors in developing loan applications and obtaining loans. A Women’s Business Development Center or a Small Business Development Company are examples of such programs.
When more than 51% of ownership in a business is by a woman or woman, special facilities and assistance programs are present for such businesses. Not all women business owners try to go for these options, but many do. Local government, states, and the federal government have special programs for women-owned businesses.
If you are a female entrepreneur, register your business as a woman’s business enterprise (WBE), and it will lead to several opportunities for you.
WBE Certification Process Requirements
- More than 51% of ownership is held by a woman or women
- The business has been in the market for at least six months
- The owner must be a US citizen. If ownership is with a woman who has not received US citizenship yet, she must be a legal resident in the US
- The proof is compulsory to show that the role of capital from the female business owner is genuine and in ratio to her ownership interest in the business
- The female business owner must direct the management and business decisions
Female entrepreneurs are making a marvelous impression on the small business landscape countrywide. The government has special policies and grants to give loans and assist in flourishing women-owned businesses nationwide. Women need to develop a brilliant plan and commitment to start and run a successful woman-owned business.
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