Women owned businesses are in the minority. Despite how far the country has come with equal rights for women, record shows men still own far more businesses than women. While everyone points to Oprah Winfrey as one of the richest women in the world and a top entrepreneur, she is well in the minority on that list. When pressed for the name of another top female executive or female CEO, you might find that you are hard pressed for an answer. The government started giving out small business grants for women as a way to increase the number of female owned businesses in the country.
A small business grant is far different from a business loan. When you borrow money from a financial lender in the form of a business loan, you must pay back that money within a specific time frame. The financial institution charges a percentage on the money borrowed, which means you pay back even more over the course of a few years or longer. A business grant is essentially free money. The grants work like educational grants because once you have the money, it is yours to keep and you do not pay it back. The only stipulation is that the money must go towards paying for your business expenses.
Taking part in a business coaching class is one way to gain access to the business grants. The Small Business Administration has its own website, which lists the different types of grants available from the government. Search through the grants based on the type of business, or by looking for minority grants. The government also offers grants for businesses run by minorities, including African Americans and Native Americans. The government is not the only entity offering business grants. Many private companies and non-profit organization offer different grants for companies owned by women, including startup businesses and existing businesses.
The hardest part of applying for a small business grant is filling out the application. The application asks a number of questions about your business life, such as the size of your company, the number of employees, your annual sales, and what your business does. Some applications also ask questions about your personal life, including your marital status and age. Many applications require multiple pages of paperwork before you can finish and send the application. Make sure that you turn in the application before the deadline. Once the organization makes it final decision, it notifies you as to whether you won the grant.
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