Free Grants for Women Interested in Starting a Business
Starting a business is not for the faint of heart. Grant assistance can help but will still require persistence and thorough knowledge of your business goals and the competitive market to succeed. A solid business plan should be completed before pursuing grant funds. Grant opportunities are abundant for the new entrepreneur to help launch her dreams.
Other People Are Reading
-
Get SCORE Advice
-
The Service Corps of Retired Executives (SCORE) are volunteers across the United States. They usually are in al Small Business Administration office. These management professionals offer advise to would-be entrepreneurs. Consultation with one of them can save you time and money before developing the business plan. Their consulting advice is free and there is no limit to the number of times you can meet with them. Use them to flesh out your ideas and get more clarity on the viability of your business idea.
Get a Winning Business Plan
-
Small Business Development Centers assist entrepreneurs with developing a business plan. They can usually be found at a community colleges or chambers of commerce. These are low- or no-cost opportunities to work with professionals. They may also be aware of grant opportunities for which your business can apply.
-
The Power of Networking
-
National, online and local organizations are available to help women entrepreneurs. Savor the Success.com, Woman owned.com and Start Up Nation.com have sections for women in business. Magazines such as Black Enterprise, Hispanic Business Journal and Asia-Inc. offer insight. Other publications are Entrepreneur, Fast Company, Go, Pink, Minority Women In Business, Minority Business Entrepreneur and Women Business. Ladies Who Launch and Divas Who Dine, are national organizations that have local chapters. Look for them for support to your business.
Go to their events, get on the mailing list and read through their websites for news on grants. Corporations use these business avenues to get their grant opportunities out to the public.
Meet Your Politicians
-
Contact your city, county, state and federal representatives for funding opportunities. Tell them about your business goals and desire for grant funds. You will want a letter of support from an elected official to go with your application. They may also be aware of government funds available for businesses. Ask about enterprise or empowerment zones, which provided tax credits and some grants to startup or expanding businesses.
Government Grants
-
Unlike the private sector, the federal government has created a one-stop location for sourcing grants--www.grants.gov. This site sorts grants by category, agency or subject matter. The grant information FAQs are well-documented and provide a customer service contact for further questions. But don't limit your search to the business category only. Do a search by subject for the industry, people you will serve or hire, the location and the product or service you will deliver. Be careful: there are paid sites and consultants that will use these same sites and charge you for the same information.
Feeling Competitive?
-
If you are have a great concept and 1,500 online friends to vote for you, you have a shot at winning the ideablob.com competition and win $10,000. If you have a business plan already, try the businessownersideacafe.com competition for $1,000 or the Start Up Nation.com Leading Moms in Business Competition. If you are between the ages 12-18 you can apply for the Girls Going Places prize has $5,000 toward college goals and your business.
There are Tech Make Over competitions sponsored by smallbiz.att.com and then for real tech companies check out the QPrize by Qualcomm.com and the Lemelson-MIT prize, which starts at $100,000 for your invention.
Finally, a search on any search engine for business plan competitions will yield pages of competitions. However, before entering a competition, find out all you can about the sponsor and the requirements after the award. Contact previous winners and ask them about their experience. You want to make sure the competition is worth the effort.
Manage Your Expectations
-
No grant will fund 100 percent of your business but will help launch it. There will be some requirements for cash or investment from either bank loan or personal funds. Grant funds are not quick and can take many months before funds are released even after they are awarded. Make sure the business plan does not have deadlines that are in danger, because of slow grant funds.
There will also be the management of the grant once you receive. With government money there is a lot of paperwork before, during and after the grant. Reports of your progress and successes are required. Even with private funds some reporting may be required.
-
