One of the cornerstones of a healthy community is a vibrant and diverse small business sector. The federal and state governments offer a variety of programs and support for women owned small businesses.
Use these resources to help to start of expand your business
Learn More about SBA Women's Business Centerssee here
Women's Business Centers (WBCs) stand for a nationwide network of nearly 100 instructional centers throughout the United States and its territories, which are created to help women in beginning and growing small companies. WBCs seek to "level the playing field" for women entrepreneurs, who still face unique obstacles in business world.
SBA's Office of Women's Business Ownership (OWBO) oversees the WBC network, which provides entrepreneurs (specifically women who are economically or socially disadvantaged) comprehensive training and counseling on a range of topics in numerous languages.
Find a WBC Near You
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Many of the SBA programs offering Small Business Grants, Loan Programs and Counseling Programs for women are offered through universities and centers.
The Historically Underutilized Business Zones Empowerment Contracting Program provides federal contracting assistance to eligible small businesses located in underutilized business zones to improve their employment opportunities, investments, and their area's economic development.
SBA Low-Interest Disaster Loans
Disaster loans can be utilized for the repair and rebuilding of non-farm, private sector disaster losses, and are available to all types of business, instead of being restricted to small businesses alone.
HUBZone Certification Program Webinar
This video explains the basics of the HUBZone certification program for small business federal contractors.
HUBZone certification allows certain small businesses to compete for set-aside contracts aimed at spurring investment in low median income or high unemployment areas.
SBA 8(a) Business Development Program Webinar
This video explains how the SBA's 8(a) Program works, its eligibility requirements, technical assistance available to small disadvantaged businesses through the program and common myths about the program.
Local Assistance from the Small Business Administration
The Small Business Administration has many local offices and resource partners that counsel, mentor and train small business owners and entrepreneurs.
These nearby offices and online assistance can help your business start up, succeed and grow. This short video provides a good introduction to services near you.
Small Business Administration Resources for Veterans
The Small Business Administration offers various resources for veterans interested in starting, financing or growing their businesses.
We've read stats showing that Blacks have a buying power of $1.2 Trillion dollars and that Black women are starting businesses at a faster rate than any other group, but is this enough to change the economic inequalities that plague Black neighborhoods?
SCORE Services to Small Business - An Introduction
In an excerpt from a 2010 interview the SCORE CEO discusses its counseling and workshops offerings to small businesses.
The Creative Role That One CDFI Plays in Impact Investing
Antony Bugg-Levine, CEO of the Community Development Financial Institution Nonprofit Finance Fund, manages $80 million of impact investments. He is also the author of Impact Investing: Transforming How We Make Money While Making a Difference.
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Featured Government Grant Resources
Small Business Administration's Small Business Investment Companies
The Small Business Investment Companies Program revolves around the notion of developing privately owned and managed investment companies which will be licenses and regulated by the Small Business Administration, so as to provide equity capital, long term loans, and advisory services to small business requiring such services.
Business Grants for Women
Many women in business find that in order to meet their business' financial needs, they turn to searching out a loan source. Business loans for women are widely available through the Small Business A...
TheSocial Enterprise Law Association (SELA), founded by Bea Hinton and Thea Sebastian, is astudent-led organization at Harvard Law School designed to connecting the rift between the private and public sectors, while offeringa space for students to transform their ideas into initiatives by applying their newfound legal skills to build meaningful careers.
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Although women own 38% of all businesses in the U.S., according to the Women's Business Enterprise National Council, they often face obstacles when obtaining financing. In 2022, 25% of women-owned businesses were rejected for a loan, compared to 19% of male-owned businesses.
Key takeaways. If you applied for a business loan but were denied, you're not alone. According to the 2024 Report on Employer Firms, 22 percent of employer firms were denied business loans in the past 12 months. Another 28 percent were only partially approved.
In general, SBA loans are not as difficult to get as business bank loans. Because they're backed by the U.S. government, they're less risky for banks than issuing their own loans.
The Amber Grant was created in 1998 to empower women business owners. Today, we award over $30,000 each month to different grant winners — including THREE $10,000 Amber Grant recipients.
While there's no official required SBA loan minimum credit score from the Small Business Administration, lenders will often set minimum credit score requirements for both personal and business. An SBSS of 140 to 160+ or a personal score of 620 to 640+ are commonly needed to qualify.
How much of a business loan you can get depends on your business's annual gross sales, creditworthiness, current debts, the type of financing, and the chosen lender. In general, lenders will only provide loans up to 10% to 30% of your annual revenue to ensure you have the means for repayment.
Some lenders have more lenient approval processes, but you typically need to have at least a 640 credit score to be eligible. If you've been in business for many years or your poor credit is due to extenuating circ*mstances, the lender may be more willing to approve you for an SBA 7(a) loan.
You're not alone if you applied for an SBA loan and were denied. Most small businesses struggle to qualify, with over 50% of applicants being rejected. You can take concrete steps to improve your application, whether applying for the first time, trying to appeal a denial, or reapplying for a loan.
Yes.Some lenders welcome business owners with credit scores as low as 500. These loans focus less on your credit score and more on the strength of your business and your ability to repay the loan. Most business loans for bad credit will have high interest rates and fees.
The most common reasons SBA loans are denied are poor credit, too much existing debt, or insufficient collateral. Other reasons include: Prior bankruptcy. Negative taxable income.
Before you apply for an SBA loan, take a close look at your credit scores. Most business loans require some form of collateral or cash to secure a percentage of the loan amount. If your business has no assets to use, your application will be turned down due to a lack of financial security.
Many SBA lenders require you to provide a down payment of at least 10% of the loan amount. Lenders often require you to put money down upfront because it shows you have an investment in paying the loan back, thereby reducing their risk of working with your business.
Galaxy Grants' mission is to help women & minority entrepreneurs succeed throughout their small business journey by providing important resources, tools, funding, and knowledge. FREE to Enter!
By fostering innovation, creativity, and resilience, EmpowerHER Foundation aims to empower women to thrive in the world of business. The grant not only provides crucial financial support but also serves as a catalyst for building a supportive community of women entrepreneurs.
Sponsored by Hidden Star, a nonprofit that offers startup assistance to low-income entrepreneurs, Galaxy Grants provide $2,750 awards to women- and minority-owned businesses. You'll receive a matching award if you refer a friend and they win a grant.
Women entrepreneurs encounter various challenges when starting a business here are some: Access to Funding: Securing initial capital and funding is often more challenging for women due to biases in the investment landscape. Women-owned businesses tend to receive less funding compared to those owned by men.
A down payment for an SBA 7(a) or 504 loan ranges from 10 percent to 20 percent. For loans from banks, credit unions and alternative lenders, you may see down payment requirements that range from 10 percent to 30 percent — and some lenders that don't require any down payment.
Women's Business Ownership Act changed history for women entrepreneurs. The Women's Business Ownership Act (WBOA) of 1988 prohibited state laws that required women to secure a male relative as their co-signer on business loans.
Securing a small business loan isn't easy for every business. Many factors are used to evaluate a business, but those with a high annual revenue and healthy credit score may have an easier time getting approved compared to a new business with a low annual revenue or poor credit score.
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Introduction: My name is Edmund Hettinger DC, I am a adventurous, colorful, gifted, determined, precious, open, colorful person who loves writing and wants to share my knowledge and understanding with you.
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