Women face significant challenges when starting a business. In some cases, they’re limited by their gender, while in others, they don’t have access to the same resources as men. Despite this, women are launching businesses faster than ever before.
The good news is that grants for women-owned businesses (WOBs) are available from many sources. If you are wondering how to apply for small business loans for women, here’s an overview of how women can apply for free grants or loans to start their businesses:
Government Grants are available for women to start their business
You can apply for a government grant to start your own business. Government grants are awards given by the government to help people in need with ideas they want to become a reality.
They are available in many countries around the world and can be awarded to women, men and groups working together on social development projects. Some of these programs require applicants to meet specific requirements before receiving any funding from their governments, so you must know what those criteria are before applying for one.
Small Business Administration Grants
The Small Business Administration (SBA) offers a variety of grants for women to start their businesses. The SBA also has loans available to qualified applicants with good credit and a viable business plan. Loans are available through the SBA and private lenders, such as banks or credit unions.
The SBA offers low-interest loans that you can pay over time with flexible repayment terms. These loans can be used for working capital, supplies and equipment, inventory expenses or real estate purchases.
As per Lantern by SoFi, “Small business grants are lump sums of money you can use to do things like launch a business, buy equipment, hire staff, or grow your business. Unlike business loans, however, you do not have to pay back grants.”
The best way to determine if you qualify for an SBA loan is to contact your lender directly and ask about their requirements for approval.
Department of Agriculture Rural Development Grants
If you’re a woman who lives in rural America, your chances of getting free grant money are much higher than if you live in an urban area. The U.S. Department of Agriculture (USDA) Rural Development offers grants to help people living in rural areas improve their communities and businesses. For example, it’s possible to apply for grants that will fund a variety of projects, including:
● Businesses and farms
● Housing and community facilities
● Infrastructure projects
Minority Business Development Agency (MBDA) Grants
MBDA offers grants to minority-owned businesses, counseling and training services, mentoring and networking opportunities, loans and loan guarantees and microloans.
MBDA’s primary mission is to help minority businesses succeed through financial capital and technical assistance. The agency provides a wide range of services for entrepreneurs to foster growth within the minority business community:
● Counseling & Training Services
● Mentoring & Networking Opportunities
● Loans & Loan Guarantees (including microloans)
The key to success is knowing how to apply for free grants. You must be flexible, responsive and ready for anything. You can find the perfect grant for your business with the correct information.