How Can a Woman Get Money to Start a Business?
Getting money to start a business is one of the biggest gaps between a woman with a great idea and the female founder she was born to be. Typical funding options like loans, a line of credit, and of course the revenue you are earning can keep a woman-owned business afloat, especially with a determined founder.
We believe something as straightforward as a line of credit should be an option for anyone who owns a business including women. That’s why we created this blog to share some tips about woman-owned business funding, including grant opportunities and a breakdown of other financing options.
How Can a Woman Start Her Own Business?
Starting and funding a business requires completing a few basic steps from both a legal and community perspective.
Research and Register Your Concept: Look into the idea for your business to make sure there is room for you to claim an edge in the market. Make sure the name, social media channels, and web URL are available for the name you have in mind. Then, look into starting an LLC in your state to protect your personal assets from risk.
Connect with the Small Business Administration(SBA) as a Woman Owned Business: The Office of Women’s Business Ownership serves female entrepreneurs through training, counsel, advocacy, and more. There are Women’s Business Centers in almost every state!
Apply for Grants for Women Starting a Business: A great place to start looking for small business grants for women is grants.gov. There may also be grants in your state, region, or specific to your industry. Forbes also provides a great list of some grants and foundations specific to women and minority-led businesses.
Connect With a Women’s Small Business Association: The National Association for Women Business Owners (NAWBO) has chapters across the US dedicated to helping entrepreneurs succeed. The American Women’s Business Association is another great option for networking and professional development. Use these and other organizations like your local Chamber of Commerce to connect with the community and start selling!
These are some early steps you can take to get your business established in the legal sense and in the community. But what do you do while the grant applications are pending and you’re waiting for the deals to close? No one wants their entire business plan to be centered on free money to start a business as a woman, either. You want to grow and achieve wins through the vision of your business. Other funding sources like traditional financing may be necessary–and that is where it can get complicated.
How Hard Is It For a Woman to Get a Business Loan?
Women are only slightly less likely to get approved for a business loan than men, according to a study by Fundera. 32% of female applicants and 35% of male applicants were approved for credit on average in their research. With every woman-owned business we support, Backd is proud to grow the economy through diverse, innovative perspectives.
Small Business Funding Alternatives
Backd provides a hassle-free, fast, secure funding resource for small businesses. Our terms and services are tailored to the needs of your business, because we know we are investing in your success. Our business lines of credit give female entrepreneurs who have been in business at least one year the resources they need to adapt, grow, and feel secure in their future.
Business ownership is not always an easy road to walk–but Backd will have your back. Learn more about the revolving line of credit that can grow with your business!
