As a woman in the business world, you already know the challenges that come with starting and maintaining a successful enterprise. One of the most significant hurdles is often securing the necessary funding to grow your business.
Despite the progress made in gender equality, women business owners can still face unique obstacles in accessing financial resources. However, there are several overlooked financial tools specifically designed to support women business owners.
From small business loans to grants and mentorship programs, these resources may provide the crucial support needed to thrive.
Small Business Loans for Women to Consider
One of the most accessible and effective financial resources is a small business loan for women and there are various organizations, both governmental and private, that offer loans tailored to the needs of women-owned businesses.
SBA Loans
The SBA 7(a) loan program, for instance, provides funding for working capital, equipment purchases, and even debt refinancing. The SBA also has a microloan program that offers smaller loan amounts of up to $50,000, which can be ideal for start-ups needing less capital to get off the ground.
The SBA Office of Women’s Business Ownership (OWBO) offers additional support and resources tailored specifically to women business owners.
CDFI Loans
Community Development Financial Institutions (CDFIs) focus on providing financial services to underserved markets, including women and minorities. CDFIs can be a great resource if you’re looking for more personalized lending terms and support.
They often provide loans with lower interest rates and more flexible repayment terms than traditional banks.
Banks and Credit Unions
Many traditional financial institutions now have programs designed specifically for women-owned businesses. Credit unions also often provide more personalized services and may offer lower interest rates and fees.
Grants and Competitions
Unlike loans, grants do not need to be repaid, which can be a significant advantage. While competition for grants can be fierce, the potential benefits make them worth pursuing.
Amber Grant
The Amber Grant awards $10,000 every month to a woman-owned business. At the end of the year, one of the monthly winners receives an additional $25,000. This grant is open to all types of businesses, from startups to established companies.
The Girlboss Foundation Grant
Targeted towards female business owners in creative fields, this grant provides $15,000 in assistance. It’s a great option if you’re in the arts, design, fashion, or music industries.
Mentorship and Networking Resources
In addition to financial support, mentorship and networking resources can be invaluable in helping you grow your business. Many organizations offer programs specifically for women business owners.
SCORE
SCORE is a nonprofit organization that provides free, confidential business mentoring and training workshops. With a nationwide network of volunteers, many of whom are successful businesswomen, SCORE can connect you with a mentor who understands the unique challenges you face.
Women’s Business Centers (WBCs)
Funded by the SBA, WBCs offer comprehensive training and counseling on various business topics. They also provide networking opportunities to connect you with other women business owners.
The National Association of Women Business Owners (NAWBO)
NAWBO is a membership organization that offers networking events, educational resources, and advocacy for women business owners. Joining NAWBO can open doors to new business opportunities and partnerships.
Overlooked Resources for Women: Final Thoughts
Navigating the financial landscape as a woman business owner can be challenging, but numerous resources are available to support your business ownership journey.
By leveraging small business loans, grants, crowdfunding, and mentorship programs, you can secure the funding and guidance needed to succeed and grow your business. Remember, persistence and resourcefulness are your best allies in building a thriving enterprise.