1st time small business loans (gov't) for women....?

Question

Does anyone know the gov't grant name, or specificially where to find out how to qualify for a gov't grant for a woman to start a small buisness?

Answer 1

You can get government LOANS for women, but not grants. SBA has a Minority and Women's Prequalification Pilot Loan Program http://www.sba.gov/business_finances/prequal/ that provides qualified beneficiaries with loan amounts up to $250,000

The eligibility requirements for this loan program are as follows:

- Businesses at least 51 percent owned, operated and managed by people of ethnic or racial minorities or by women;
- businesses with average annual sales for the preceding three years that do not exceed $5 million;
- businesses that employ fewer than 100, including affiliates.

Pilot sites for the Women's Prequalification Pilot Loan Program are: Buffalo, NY; Cedar Rapids, IA; Charlotte, NC; Chicago, IL; Columbus, OH; Louisville, KY; New Orleans, LA; Philadelphia, PA; Portland, OR; St. Louis, MO; and San Francisco, CA. The program is offered statewide in the following states: Colorado, Maine, Massachusetts, Montana, New Mexico, and Utah.

Other loan programs of SBA can be found at http://www.sba.gov/financing/sbaloan/snapshot.html

It is hard to find grants to start a business -- even for women and minorities. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for a for-profit business. And yes, grants mean PAPERWORK - lots and lots of it, that is why a cottage industry of grant writers was born.

Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.

Even if you buy books on "how to get grants" or list that supposedly has information on grants -- all of them are mere rehash of what CFDA has, albeit packaged differently. But still the info is the same - hardly any grants for starting a for profit business.

Even SBA does NOT give out grants. From the SBA website http://www.sba.gov/expanding/grants.html...

"The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See http://www.sba.gov/financing for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments."

Here is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business -- THERE'S NONE.
http://12.46.245.173/pls/portal30/CATALOG.BROWSE_BENEF_RPT.show

Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program

Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women's Business Ownership Assistance that are given to those who will create women's business center that will train women entrepreneurs

For private grants, you may want to check the Foundation Center's Foundation Grants for Individuals Online. It's a subscription based website ($9.95 per month) but their opening blurb only says that the database is ideal for "students, artists, academic researchers, libraries and financial aid offices." Entrepreneurs are apparently not one of them, so I take it they also don't have listings of private foundations who give grants to would-be entrepreneurs.

http://www.cfda.gov
http://www.grants.gov
http://gtionline.fdncenter.org
http://www.powerhomebiz.com/vol66/grants.htm
http://www.sba.gov/expanding/grants.html

Answer 2

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Answer 3

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Answer 4

The business of lending is a dense one and should be researched properly. To get started, I suggest contacting the Small Business Administration (SBA). Entrepreneur also offers a great site dedicated to money & finance – see below for both.

Associations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.

Research, research, research – this cannot be stressed enough. Read as much as you can about the process. Here are some book titles that are relevant:

* How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling
* The SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green
* The Insider's Guide to Small Business Loans by Dan M. Koehler

* Small Business Savvy: A Woman's Guide to Building a Business by Norma J. Rist, Katina Z. Jones
* The Woman's Advantage: 20 Women Entrepreneurs Show You What It Takes to Grow Your Business by Mary Cantando
* The Women's Business Resource Guide by Barbara Littman
* Powertools for Women in Business: 10 Ways to Succeed in Life and Work by Aliza Sherman

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 5

First For Women Loans

Answer 6

For Finance and credit solutions I always visit this site where you can find all the solutions. http://personalfinancesolution.info/index.html?src=LTT0BMh7yxH

RE :1st time small business loans (gov't) for women....?
Does anyone know the gov't grant name, or specificially where to find out how to qualify for a gov't grant for a woman to start a small buisness?
Follow 5 answers

Answer 7

Find three reputable banks in your area. If possible, one Mega Mart bank (I.e. Bank of America, Wells Fargo), one midsize bank(regional bank w/footprint in 2-5 states.) and one local bank. Set up an appointment with their business bankers and spill your guts to them. Tell them what you are looking to do, what you need. You may need a business plan (Must anyways for yourself, but not always the bank). After your conversations, you will have a gut feeling when you leave the meeting about how it went, and that gut feeling is probably right on. A good banker who you can turn to is one of the biggest assets you can have. Don't just rely on SBA for assistance. It's a good research tool, but nothing matches service from a well qualified banker you trust.

Answer 8

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Answer 9

Ken, Call the American Institutes for Research in Silver Springs MD.
Directory Assistance wil have the phone number.

Or, you know better, just google it. Right, you have the answers. Hope this site isn't just fodder for your pea brain.

Answer 10

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