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
Community Development Financial Institutions
Community Development Financial Institutions are basically financial institutions who possess the ability to provide credit and financial services to underserved industries and communities.
Business Loans From GovLoans
The government has launched innumerable programs that are all geared towards the achievement of this goal. Some of these programs involve the provision of technical assistance, training sessions, and strategies that would potentially help business owners in marketing their products and in expanding their businesses.
The Central Bank of Nigeria (CBN) released the Nigerian Sustainable Banking Principles, an agreement signed by 34 banks, including the original eight of the nation’s leading banks, that covered nine key areas: environmental and social risk management, environmental and social footprint, human rights, women’s economic empowerment, financial inclusion, environmental and social governance, capacity building, collaborative partnerships and reporting.
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One option for women's business financing is a traditional small business loan. You can find both short- and long-term business loans from private lenders, such as banks, credit unions and online lenders.
However, a credit score of 680 or higher is generally considered good and will make you eligible for most small business loans. A credit score of 720 or higher is considered excellent and will give you access to the best interest rates and terms.
The U.S. Small Business Administration (SBA) has several programs to help finance small business loans. Many SBA loan programs combine business coaching and technical assistance, as well as access to financing, on more flexible terms. One example is the 7 (a) Loan Program, SBA's most widely-used loan guarantee program.
Can you get a startup business loan with no revenue and bad credit? Yes, some lenders offer business loans for bad credit to startups with limited revenue. You'll likely need at least six months in business and a credit score of 600 to qualify.
Normally, businesses must meet SBA size standards, be able to repay, and have a sound business purpose. Even those with bad credit may qualify for startup funding. The lender will provide you with a full list of eligibility requirements for your loan.
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.
While LLCs can be started at any credit level, there will be some notable disadvantages for business owners who have bad credit. Here are a few examples: Money will be hard to come by.
It is possible to get a small business loan even if you have bad credit. This is because your credit score doesn't matter as much as the overall financial health of your business. Many lenders require a minimum credit score of 500, at least six months in business, and more than $30,000 in annual revenue.
SBA Express loans can be approved in as little as two to three days. Financing terms are incredibly solid, too, thanks to the SBA's 50% guarantee of the loan amount. Our team connects borrowers with SBA Express lenders every day.
It is possible to get a business loan without putting money down. If a down payment requirement is keeping you from getting approved for a loan, there are other things that can strengthen your loan application, as well as alternative methods of financing your business.
Some lenders will not lend to companies that operate in certain industries. Some industries are high-risk, so some banks won't lend to companies in real estate, sales, or investing. Other common disqualifying industries include gambling, adult entertainment, dispensaries and cryptocurrency.
For new business owners without a credit history, you can use your EIN to apply for a business loan. However, you may also be required to provide your Social Security Number (SSN) and personal financial information, as lenders may ask for a personal guarantee.
To borrow a lot of money, you'll need a very good credit score, generally defined as a FICO® score of 740 or higher. You'll also need a stable employment history and income that's high enough to make the payments. Lenders also look at how much you make and other debts you owe.
But other funding options do exist, including loans and grants earmarked for women-owned businesses. And some venture capital firms specialize in funding women entrepreneurs.
Popular schemes for women entrepreneurs. A number of banks offer exclusive schemes for female entrepreneurs, with some of the popular ones mentioned below.
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.
To be eligible for SBA programs, your company must meet the SBA definition of a small business. While non-SBA standards for a small business may differ — some lenders, for instance, may only require that you be for-profit and have under 500 employees — the SBA has very specific rules.
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