How to Get a Women's Small Business Grant

A woman who wants to start a business can seek assistance in gaining capital resources. Women’s small business grants are available, but the competition is fierce. Don't be dismayed by the application process, but adequate preparation is a key factor.

Difficulty: Challenging

Instructions

Things You'll Need:

• Business plan
• Small business grant application

1. Determine the state of your personal finances. What is your credit history? Do you have enough collateral to secure a loan? If the answer to these questions is not a solid yes, then consider applying for a business grant.

2. Create a solid business plan. You have a dream of starting your business, but it’s only conceptual until you write down your business plan.

3. Research small business grants available for women. Womens-Finance.com was created as a nonprofit entity to give grants to women (see Resources below). It is a good place to start your search for grants, but don’t stop there, because there is a wealth of information about grants if you are willing to take the time to research.

4. Start applying for small business grants, and include all relevant information as outlined in the application package. Do not leave any information requested out of your application package because you can be disqualified. Be sure to check the deadline for submitting the application.

5. Be patient. Securing the money and resources to open a small business will not happen overnight.

6. Be prepared to start laying the groundwork for the successful integration and opening of your particular business once your grant is accepted.

7. Have a contingency plan. Some successful applicants for women’s small business grants receive only a portion of what was requested.

Tips & Warnings

• Each business grant is awarded on the quality of the business plan and application materials. You must be able to project your FUTURE financials, including income and expenses.
• Nonprofits are eligible for grants if it they are created by women, and the current company president MUST be a woman and meet all of the additional criteria to be eligible.
• Always be truthful. If you embellish any information on your application and it is discovered, you could face legal consequences.

Resources

• Women's-Finance website
• Women's business funding opportunities

[PORAMA]

on 2/18/2009 Good information and advice. 5*