Women can apply for a variety of grants, including those from corporate, civic and private organizations.
According to the American Express OPEN Forum's State of Women-Owned Business Report, there are more than 8.3 million women-owned businesses in the United States. If you are a woman interested in starting a business, there are plenty of funding options available through corporate, civic and private grants. A woman seeking a grant to start a business should develop a business plan, research grant opportunities online, create a list of funders and complete the grant application process.
Develop a Business Plan
As part of the grant application process, potential funders need in-depth information about your business. Prepare a business plan that defines your mission, target audience, marketing strategy and company structure. Your business plan should also include pertinent information about your operating costs and future company goals. After reading your business plan, potential funders should learn more about your current needs and how you plan to use the grant to grow your company.
Seek Help Through SBA.gov
The Small Business Administration website includes a "Loans and Grants Search Tool." The tool allows you to check all the search parameters that apply to you and -- upon execution of the search -- provides a list of helpful resources. For example, as of the date of publication, checking "I'm looking for financing available to women business owners" in Virginia yields information about seven grant programs as well as 16 loan programs and three "Seed & Venture Capital" programs.
Research Grants Online
Search online for grants related to your company's product or service. Many funders provide grants specific to a certain mission or occupation. For example, the Amber Foundation Grants provide funding to women entrepreneurs starting a home-based or online business. They look for passionate women dedicated to their businesses. By researching grants online, you can get tips on filling out a grant application and find out more about former grant winners.
Create a Potential Funders List
Your list of potential funders should include grants specific to the location of your business, subject area related to your field and grants awarded to a company similar to your own business. Halstead Bead Inc., which provides grants to women jewelry designers, might be a helpful source if you are starting a jewelry business. The Chicago Foundation for Women awards grants to new women business owners living in Chicago.
Complete Grant Application
Many potential funders request in-depth financial information from business owners including projected sales. Review the application carefully and answer all questions completely. Consider having someone proofread your application before submitting it to the funder. Attach any additional documentation requested by the grant source.
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