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Floyd Arthur PPT How to Apply for a Business Grant for a Women-Owned Business
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Transcript of Floyd Arthur PPT How to Apply for a Business Grant for a Women-Owned Business
How to Apply for a Business Grant for a Women-Owned
Business By Floyd Arthur
If you are a female entrepreneur who's trying to take your business to the next level, you are probably
all
too aware of the financial challenges involved. Despite the
improving economic outlook, small-business
lenders are still exercising great restraint, especially when the
borrower has limited revenue or little
collateral. According to Joyce M. Rosenberg of the Associated Press,
when the potential borrower is a
woman, loans are even more difficult to obtain.
To get around the lender-bias that often limits the borrowing options
of women-owned businesses, many
female entrepreneurs turn to non-traditional funding sources, such
as online "crowd-funding" campaigns or
peer-to-peer lending. Another relatively new funding option is
Astia, an organization that connects
investment-worthy women-owned businesses with sources of venture
capital. (It calls them "Astia Angels.")
Still another source is targeted grants for women or women-and-
minority-owned businesses.
How to Find a Business Grant for a Women-Owned
Business
The first step in finding a grant is doing some research. To look
for federal grants, search the
website Grants.gov. As of 2015, 26 different federal agencies award
grants, so the list will likely be quite
long. There are no federal grants specifically for women and
minority owned businesses, so look for grant
opportunities that fit your business model, industry
and area of expertise.
To find private grants for women-owned businesses, try
WomenOwned.com, a website that lists
organizations that are currently offering business grants. (You will
need to sign up for a paid subscription to
get the full list.) Alternatively, look on state government websites for
location-specific grants. New York,
Maryland and Minnesota, in particular, have a numerous resources for women-owned
businesses and
MWBEs.
Once you have identified potential sources of funding, carefully
research each organization, and learn as
much as you can about the type of applicants each one wants. Some
organizations provide funding
specifically for women-owned companies, while others fund
businesses that contribute to the betterment of
women in the community. Knowing the grant maker's mission will help you write a proposal that
hits the
mark. Make sure to contact the organization directly to get their
specific requirements as well.
Note: If you are applying for a grant that is specifically for
women-owned businesses you may need to get
certified by providing proof that your business is at least 51
percent women-owned. A number of
organizations including the National Women Business Owners
Corporation and the Women's Business
National Enterprise Council can help you complete this process in the shortest amount of time.
Applying for a Business Grant for a Women-Owned
Business
Most grant makers have specific requirements for potential
grantees. Make certain that you know exactly
what each organization wants to avoid wasting valuable time. The
grant process is lengthy under the best of
circumstances, and errors and omissions on your application
can drag it out indefinitely.
Regardless of the exact format, most grant proposals begin with an overview of the company, including
its
missions and goals. These should align closely with the grant
maker's values and the purpose of the grant.
Next, detail your company's business model and business plan,
including an overview of the products and
services you provide, as well as your target market, financial
projections and budgetary needs. Outline
where you want the company to be two years in the future and what it will take to get there, and explain
exactly how the grant will help you achieve those goals. Include a
detailed plan for how the grant money will
be used. Finally, add professional biographies for you and your
management team.
Once you have assembled all of the pieces of your proposal, write an executive summary -a brief one-
page
synopsis of the reasons why your company should receive the grant
and what it will do with the funds if it
does. Attach a cover letter at the beginning of the proposal; review
the proposal package for completeness,
and send it off.
Pushing your company to the next level is extraordinarily challenging, especially when you are struggling
to
obtain the funding you need to grow. But don't allow your focus on the future to blind you to the risks
you
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