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 banks has also increased alarmingly. Fortunately, the government has unique 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, consider 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 local or federal government registration. Get a brand or logo for your business identity.
Make an expense and costs data sheet for starting 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.
- Join Women’s Business Organizations such as the National Association of Women Business
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, you must find a grant you are eligible for as a small business owner. You must comply with the application guidelines and wait for its approval until you are entitled to the grant. After approval, you are still required to report on the use of money afterward.
Here are a few options for private grants 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 in such firms. Not all women business owners try 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 women’s business enterprise (WBE), leading 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 the request is with a woman who has not received US citizenship yet, she must be a legal resident of 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 unique policies and grants to give loans and assist in flourishing women-owned businesses nationwide. Women must develop a brilliant plan and commitment to start and run a successful woman-owned business.
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