Grants for Women
Do I qualify for a Business Grant for Women?
Women business owners are critically important to the American economy. America's 9.1 million women-owned businesses employ 27.5 million people and contribute $3.6 trillion to the economy. However, women continue to face unique obstacles in the world of business.
Small Business Grants for Women:
Small Business Grants for Women
The thought of getting a grant (free money) from a private foundation or the government to fund our business seems too good to be true. But if you want to start a business, you won't find too many grants to help you. If your business is a not-for-profit community agency that helps people in need, then you might have a chance. Don't confuse grants with other programs to help women business owners. There are a number of programs out there that help women in business obtain loans and training, but they are not called grants.
These special Free Grant Companies are set up to assist those in our society that are unable to secure money through conventional means. Someone has to help those in need, and they are set up to do just that. Those applying for a Free Grant must not have a total net worth that exceeds $250,000 and all applicants must be at least 18 years of age.
Which Grant or Loan Should You Choose?
Loans are better for businesses with cash flow that allows for realistic repayment schedules and businesses that can obtain the loan without jeopardizing personal assets. On the other hand, it’s better to seek equity investments to finance a start-up venture, because you generally only have to repay investors if the business turns a profit.
Deciding whether to borrow money or take on co-owners can be tricky. If you don't already know a tax advisor who specializes in small business issues, you will be wise to find one. Your personal tax situation, the tax situation of the people who may invest, the terms of the loan and the tax status of the type of business you plan to open are all likely to influence your choice.
Small Business Grants for Women:
Secondary Business Loans:
There is an active secondary market in the loans guaranteed by the Small Business Administration. This market was created to increase the attractiveness of small business lending to the lending community. Through the market, lenders are able to sell the guaranteed portion of SBA guaranteed loans to investors and thereby improve their liquidity and increase their yield on the un-guaranteed portion of SBA loans.
In addition, the secondary market provides a hedge against future liquidity problems because the guaranteed portion of an SBA guaranteed portfolio may be readily sold by the lender. The market also allows a lender to meet the credit needs of a local small business community by importing capital from other parts of the country.
Additional Loans and Financing for Women
Family and Friends:
If your idea goes over well with your family and friends, they may be willing to help you get started. Depending on how much money you need, this might be a good option. The down side is that you may have some strained relationships when your "partners" want a say in how you are running the business or when your "investor" wants his/her money back. Make sure that you talk about what strings are attached up front, and get it in writing. How much are they giving, how much interest are you paying on the money, and when do they want it back? Are you selling equity of your business? If you are planning on going the route of a Certified Woman Owned Business, then who you sell stock to is important. All of that data needs to be recorded and kept in your corporate file.
Typically don't try to come in and tell you how to run your business. However, they are very particular about the type of companies that receive their money. If you have developed a cutting edge technology that will be the first of it's kind, or have started a business that has a market niche capture potential , then Angel Investors will certainly want to get a piece of the profits. They are increasingly wanting shorter returns on their money (3 years).
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