Comprehensive Guide to Resources for Women Entrepreneurs

“`html

Financial Resources for Women Entrepreneurs

Women make up about 20% of business owners, according to U.S. Census data. However, this number is on the rise, with women starting nearly half of all businesses in the U.S. in 2021. To succeed as a woman entrepreneur, it’s essential to leverage available resources for financing, education, mentorship, and more.

Small Business Grants for Women

Unlike loans, small business grants do not need to be repaid. These grants are often designated for women who meet specific criteria or whose businesses align with the goals of the granting organization. Here are some places to start your search:

• Grants.gov – A comprehensive database of government grants.
• iFundWomen – Apply for multiple grants with one application.
• GrantsForWomen.org – Lists various grants for women.
• WomensNet – Distributes $450,000 in grants annually.
• Cartier Women’s Initiative Awards – Offers grants and additional support.
• Tory Burch Fellows Program – Provides grants and access to 0% interest loans.
• SoGal Foundation – Grants for Black women or nonbinary entrepreneurs.
• Visa’s She’s Next Grant Program – Grants and coaching for Black women entrepreneurs.

Small Business Loans for Women

Small business loans are typically designed for existing businesses rather than startups. However, the Small Business Administration (SBA) Microloan Program offers loans up to $50,000 through nonprofit community organizations. Larger SBA loans are also available, with guarantees up to $5.5 million. Use the SBA Lender Match tool to find an approved lender near you.

Online lenders and lending platforms offer a wide range of loans with more lenient criteria than traditional banks. Here are some options:

• Biz2Credit – Working capital loans, term loans, and commercial real estate loans.
• CAN Capital – Working capital and equipment loans up to $250,000.
• Fundera by Nerdwallet – Apply for various loans from multiple lenders.
• Funding Circle – SBA loans, term loans, and business lines of credit.
• Lendio – Business lines of credit, SBA loans, and other loans up to $5 million.
• OnDeck – Business lines of credit and term loans up to $250,000.
• Bluevine and Fundbox – Business lines of credit.

Educational Resources for Women Entrepreneurs

Continuous learning is crucial for business success. Community colleges often offer classes in entrepreneurship and various aspects of business ownership. Other educational programs include:

• Goldman Sachs 10,000 Women Online – Free online courses covering all aspects of business ownership.
• Ascent – SBA’s free online learning platform for women entrepreneurs.
• Bank of America Institute for Women’s Entrepreneurship at Cornell – Free online courses on business ownership.
• DreamBuilder – Free online courses developed by the Thunderbird School of Global Management.
• U.S. Women’s Chamber of Commerce – Educational programs focused on obtaining government contracts.
• Women’s Business Centers (WBCs) – Training and capital assistance for women entrepreneurs.

Mentorship and Networking Resources for Women Entrepreneurs

Networking and mentorship are invaluable for business growth. Start by searching Facebook and Meetup for local women business owners’ organizations. National resources include:

• Curated Coaching for Entrepreneurs from Chase for Business – Free, small-group coaching for women business owners.
• U.S. Coalition of Black Women in Business – Networking opportunities, events, workshops, and courses.
• Wells Fargo’s Milestone Circles – A 12-week program pairing women business owners with peers and coaches.
• National Association of Women Business Owners (NAWBO) – Networking and education opportunities.
• SCORE Mentors – Personalized mentoring from experienced entrepreneurs.
• Small Business Development Centers (SBDCs) – Free business consulting and educational opportunities.

The Bottom Line

When applying for a small business loan, lenders may consider both your personal and business credit scores. Review your credit report and score before starting your loan search. Ensuring your credit reports are up to date and working to improve your credit score can enhance your chances of securing the best loan terms.

For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We are here to help you achieve your business goals with the best financing options available.

“`