For women in small business, a grant can be just the boost needed.
Small business grants for women are not readily available; be prepared for some fierce competition. The number of applicants is always quite high and the number of grants is low. Though it's far from a sure thing that you'll get a grant, it's worth looking into the possibility. If you fit the criteria for a specific grant, go ahead and apply. You'll benefit from the application process, which will help you define your business and your goals and get your documentation in order. And if you do receive the grant, you're that much further on your way toward business success.
PRIME Grant
Local organizations and networking can be a way to get grant money.
The Small Business Association offers several grants through the Program for Investment in Microentrepreneurs Act (PRIME). Some of these grants go toward organizations which have "a demonstrated record of delivering microenterprise services to disadvantaged entrepreneurs with specific emphasis on women." The organizations can then pass funding on to members.
Amber Grants
Every little bit helps.
Amber Grants have been around since 1998 and are provided by WomensNet.net, an entrepreneurial community for women. The purpose of Amber Grants is "assisting women who are trying to start small businesses, home-based or online." Grant amounts are small, ranging from $500 to $1000, and are awarded quarterly.
Federal Domestic Assistance
A little time spent searching can pay off.
The Small Business Association does not provide grant money for business start-ups. But there are many government grants available for specific projects and situations, some of which can be applied to women in small business. Many of these grants are provided by the Department of Agriculture; a woman whose business involves working with the farming community may be eligible. Find the grants that fit your business by searching the Catalog of Federal Domestic Assistance (see References below).
State Grants
Check into state grants for your small business.
Some state governments offer small business grants through various foundations. Iowa, for example, offers grants up to $50,000 in order "to help women, minorities and persons with disabilities start and expand their businesses." Not all states offer grants; you can look through a list of those that do at http://www.business.gov.
