FINANCING & BUDGETING • October 7, 2016
1 minute Read
Between 1997 and 2014, the number of female-owned firms grew at 1.5 times the national average. In fact, the employment and revenue growth of these firms topped all but the largest publicly traded corporations, according to the findings in The 2014 State of Women-Owned Businesses Report. These figures and many more point to the fact that women play a growing and powerful role in today’s economy.
Despite these positive trends, however, women still face hurdles, particularly in getting the funds needed to run their business. Fortunately, many important organizations and financial opportunities exist to help women get access to working capital and succeed as small business owners.
A number of private and government-issued grants appear to offer “free” money for grantees, in that they are not required to pay back the money or any interest on it. Still, the grants do come with restrictions. Along with meeting eligibility requirements, guidelines must be followed and grantees typically must report on how they use the funds.
Grants are competitive. Researching them takes a lot of time, for starters, and filling them out takes a lot of work, too. To get started, take a look at this website and learn about the various options available.
For a variety of reasons, it’s an unfortunate truth that many women-business-owners struggle to obtain business loans. Factors such as collateral, preparation, perceived risk, lack of preparation and others lead to approval rates for women that are 15 to 20 percent lower than those for men, according to Joyce M. Rosenberg of the Associated Press.
Many have found that financing their business through alternative finance resources is far easier and more straightforward than going through their bank. As a leading provider of access to small business loans, CAN Capital offers transparent pricing and access to a variety of products that allow entrepreneurs to choose the option most suitable to their business.
In addition to helping women with financing their business, there are many important organizations dedicated to helping women succeed in business. These groups provide a community to offer support, educational services and more. Some of the top organizations include:
Photo credit: oneinchpunch/shutterstock.com