Building your own business can be a rewarding if difficult endeavor. It doesn't just take sweat to build a profitable business; it also takes funding. Coming up with the amount of money necessary to run a business can be difficult, but women-owned businesses can take advantage of several opportunities that provide funding for women who either have or are beginning their own business.
Location Specific Funding for Women
Entrepreneurs who live in certain states may have access to special business loans for women. California offers the Women's Economic Ventures Small Business Loan Fund, which aids women entrepreneurs who do not meet the criteria for a traditional loan. Other states that have similar programs include Iowa, Delaware, Illinois, New Jersey, New Mexico, Mississippi and Massachusetts. Check with your state to see if you have access to a similar program that offers funding for women.
National Organizations that Provide Funding for Women
Some national organizations provide business loans for women entrepreneurs. One group, Accion USA, specializes in lending up to $50,000 to women entrepreneurs and others who can't find traditional funding. Another group to check out is the Women's Funding Network.
With a little digging, it's possible to find many more organizations that provide funding for women entrepreneurs. Use sites like Business.gov which provides tools to help small business owners locate groups that offer business loans to women. Be careful to avoid scams and do some checking on organizations before applying for assistance from them.
The SBA and Funding for Women
The U.S. Small Business Administration is a fantastic resource for women entrepreneurs. The SBA works in conjunction with local banks to guarantee business loans for entrepreneurs. The U.S. Small Business Administration also sponsors small business investment companies. These groups offer many funding options for women entrepreneurs.
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