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
9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business Loan
To get approval for your small business loan application, you must be able to meet the lending criteria set down. Some organisations are more risk averse than others, and will therefore have more st...
Disaster Relief Loans from GovLoans
GovLoans is a website created by the United States Federal Government that is designed to serve as the public's gateway to loan program information. One of the several kinds of loans that are featured in the GovLoans website are Disaster Relief loans.
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Women can get small business loans from the same sources other individuals seek small business financing from. This includes banks, credit unions, online lenders and any alternative lender or lending solution as long as they meet the lender's requirements.
What if they reject you? All valid concerns, but none of these worries should keep you from chasing the debt financing your company needs. Only about 37% of small businesses apply for financing, and of those who do apply, banks reject around 80%.
Although the government guarantee reduces the risk that lenders face when issuing loans to small businesses, you'll still need to meet strict eligibility criteria to get an SBA loan. Typically, you'll need several years in business, strong business finances and a good credit history to qualify.
Women-owned businesses received just 32.6% of the approvals and 28.4% of the dollars offered in SBA 7(a) and 504 loans in the 2023 fiscal year. Women are more likely to apply for a loan with an online lender.
SBA-qualified lenders usually set their own criteria when assessing your eligibility. Most lenders will require a minimum FICO score of 620 or higher for their SBA Loans.
The minimum credit score required for an SBA loan depends on the type of loan. For SBA Microloans, the minimum credit score is typically between 620-640. For SBA 7(a) loans, the minimum credit score is typically 640, but borrowers may find greater success if they can boost their credit score into the 680+ range.
Common reasons for loan rejection are not having a long track record in business, deteriorating business conditions in the industry where you operate and poor cash flow. If the lender is concerned about something you can control, correcting the situation and then reapplying may be the best course of action.
Many businesses can't qualify for an SBA loan, but that doesn't mean there aren't other options available. Once you review why your application was rejected, you can choose to apply again or explore alternatives.
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.
You may get denied an SBA loan if your business could obtain financing elsewhere or has a wealth of assets above the loan amount requested. You also probably won't get approved if you've had a past default on a government loan. Finally, the SBA disqualifies specific industries, including: Financial institutions.
SBA Express loans, part of the SBA's 7(a) loan program, offer the easiest application process and the fastest approval times among all SBA loans. These loans, with payoff periods as long as 25 years, are designed for purposes such as refinancing debt, buying equipment, or improving real estate.
SBA loans for women. The Small Business Administration doesn't make loans directly—rather, it guarantees loans through its nationwide network of lending partners. The SBA offers several small business loan programs that female entrepreneurs can use to grow their businesses.
What exactly was going on before this Act passed? Prior to the passing of this Act in 1988, women were required to have a male relative as their co-signer on business loans. The definition of “male relative” could range from a woman's husband to her own child.
Women have come a long way since President Reagan signed the Women's Business Ownership Act into law in 1988, creating government support for women business owners and eliminating the requirement of male co-signers on loans for female entrepreneurs.
Women-owned small businesses can also take advantage of SBA loan programs. Our partners offer advice and counseling to help choose the right path for your company.
The short answer is yes. Absolutely, women can work in finance and investment banking. The long answer? Well, it's still a yes, but statistically speaking; it's probably going to be more difficult to not only land a job, but also perform well and advance in your career as a woman.
Introduction: My name is Patricia Veum II, I am a vast, combative, smiling, famous, inexpensive, zealous, sparkling person who loves writing and wants to share my knowledge and understanding with you.
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