Small Business Grants for Women in Mississippi
Finding grants for women-owned small businesses in Mississippi requires research and effort. The two best sources of information are the U.S. Small Business Administration (SBA) Office of Women's Business Ownership, and the Mississippi Small Business Development Centers (SBDC) network of offices. These two sources can be accessed at their websites.
Grants to women-owned businesses in Mississippi are limited and center on technology research and development.
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SBA Grants to Women-owned Small Businesses
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Lets find grants for women business owners While the SBA and SBDC offer special programs for women-owned small businesses in Mississippi and all U.S. states, the SBA states on its website that there are no general grants available through their small business programs.
The exception to this are the two grant programs offered in partnership with federal labs and agencies that offer solicitations for technology research and development. These programs are the Small Business Innovation Research and the Small Business Technology Transfer programs. Their grants ranged from $100,000 to $300,000 in 2010. The application process and information about these programs are provided on the SBA website.
Before Searching for Grants
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Grants are funds that do not have to be paid back, like loans. Before embarking on a search for grants, there are two things the woman business owner must do.
First, she must demonstrate that she has the ability and management skills to operate a business successfully. This is done through a business and financial plan. The financial plan is crucial because it will show how much money is needed, and a business balance sheet will reveal the extent of funds provided by the woman business owner. Grant sources will want to know how much of her own money the woman business owner has invested in her business.
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The Search for Grants
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The initial source of grant money should be friends and family. Any funds acquired here will improve your balance sheet, as these funds may appear as equity investments. If there are no funds from this source you may have to find angels.
Angel investors are successful entrepreneurs that want to invest in small businesses. There are few networks of these angels, and they are usually local, rather than national. The best way to find one is through your local banker, attorney or accountant.
They are investors, so their grant funds will show up as equity on the small business balance sheet, which will help you in finding other providers of funds.
Another useful resource is the Women's business Grants for women in Mississippi website.
The Mississippi SBDC's Role In Grant Assistance
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The local Mississippi SBDC office will provide important assistance to women-owned small businesses. The SBA and SBDC offer special programs to women and minority-owned businesses. A consultant with the local SBDC will evaluate your small business and offer technical and financial assistance. The SBA provides a Micro loan program for women-owned businesses, and while not a grant it does offer special loan terms that reduce costs and repayments.
The Mississippi SBDC website gives contact information for their local offices.
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