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
How The Government Can Help Your Small Business
The United States Small Business Administration, otherwise known as SBA, is a United States government agency that was established on the 30th day of July, 1953.
Minority Business Enterprise Centers for Minority-Owned Businesses
The The Minority Business Development Agency has recently constituted the Minority Business Enterprise Centers (MBEC) Program wherein it aims to support minority-owned businesses by providing them with electronic and one-on-one business development services for a reasonably nominal fee.
Recently, theWorld Economic Forum (WEF) has introduced the Global Learning Exchange on Social Impact Investing (GLE), along with the Impact Investing Policy Collaborative (IIPC) and the support of the UK Cabinet Office.
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Although women own 38% of all businesses in the U.S., according to the Women's Business Enterprise National Council, they often face obstacles when obtaining financing. In 2022, 25% of women-owned businesses were rejected for a loan, compared to 19% of male-owned businesses.
Key takeaways. If you applied for a business loan but were denied, you're not alone. According to the 2024 Report on Employer Firms, 22 percent of employer firms were denied business loans in the past 12 months. Another 28 percent were only partially approved.
In general, SBA loans are not as difficult to get as business bank loans. Because they're backed by the U.S. government, they're less risky for banks than issuing their own loans.
The Amber Grant was created in 1998 to empower women business owners. Today, we award over $30,000 each month to different grant winners — including THREE $10,000 Amber Grant recipients.
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.
You're not alone if you applied for an SBA loan and were denied. Most small businesses struggle to qualify, with over 50% of applicants being rejected. You can take concrete steps to improve your application, whether applying for the first time, trying to appeal a denial, or reapplying for a loan.
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.
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.
Thanks to the wide range of permitted loan uses, an SBA Express loan is financing that's easy to approve and is likely perfect for your startup's needs.
Normally, businesses must meet SBA size standards, be able to repay, and have a sound business purpose. Even those with bad credit may qualify for startup funding. The lender will provide you with a full list of eligibility requirements for your loan.
Galaxy Grants' mission is to help women & minority entrepreneurs succeed throughout their small business journey by providing important resources, tools, funding, and knowledge. FREE to Enter!
Every woman entrepreneur who fills out her application is eligible for the $10,000 Amber Grant (for the month in which the application is submitted). But we have an additional $10,000 Business Category grant winner every month, too.
By fostering innovation, creativity, and resilience, EmpowerHER Foundation aims to empower women to thrive in the world of business. The grant not only provides crucial financial support but also serves as a catalyst for building a supportive community of women entrepreneurs.
Women's Business Ownership Act changed history for women entrepreneurs. The Women's Business Ownership Act (WBOA) of 1988 prohibited state laws that required women to secure a male relative as their co-signer on business loans.
Securing a small business loan isn't easy for every business. Many factors are used to evaluate a business, but those with a high annual revenue and healthy credit score may have an easier time getting approved compared to a new business with a low annual revenue or poor credit score.
SBA-approved lenders refer to financial institutions that are approved to offer loans through the Small Business Administration (SBA) program. SBA lenders typically provide small business loan amounts ranging from $50,000 to $5 million, with the average loan size being around $375,000.
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