Show me the money! Many entrepreneurs’ main concern when starting any business venture is funding, funding, funding. Operating a new firm can be stressful in regards to financing when trying to grow your enterprise. You may be asking yourself when you should secure capital,where to secure it from, and how much is enough.
As with many endeavors in life, it is vital to be proactive when it comes to funding. There is significance in borrowing money before you have the need for it, rather than in the very instant you require it.
While women entrepreneurs make up the fastest-growing business segment, they also typically are the quickest to fail. On average, women borrowers receive a smaller sum of money from lenders than their male counterparts. Due to the difficulty to attain funding, women are at a disadvantage to compete equally.
However, many women have been able to overcome such disparages due to the help of several lenders. These corporations make capital funding more accessible for female business owners, especially those who own small businesses.
Tory Burch Foundation
This program is ideal for women business owners who operate a company which has been in business for at least two years. Your business must be sustainable and generating revenue with an adequate credit rating to be considered. If you have a passion for growth, then this program is eager to help connect you with the right lenders.
Are you the owner of a small, local business? You could be eligible for an Amber Grant, a reward of at least $10,000 given away to a monthly winner. At the end of the year, the grant-givers allocate a $25,000 bonus grant to one of the previous grant winners of that year. Sounds great, right?
The Eileen-Fisher Women-Owned Business Grant is available for businesses which are at least three years old with less than one million dollars in annual earnings. You could be one of five women who are awarded up to $120,000 annually if your company is passionate about sustainability. We are all in this together, after all.
Familiar with this money transferring platform? Well, they have even more to offer! PayPal loans money based on the transactions and invoices you process through their services. If you have depended on PayPal in the past, you may qualify for a little extra help from the company.
As an entrepreneur, you probably understand the importance of building and strengthening relationships with those in the business world. This rule of thumb applies to your relationship with your bankers as well. Establishing a connection with a credit union of your choice will yield potential aid for you and your enterprise.
Ms. Foundation for Women
True to theme, this foundation exists to assist women who operate small businesses grounded in socioeconomic initiatives. These grants are accompanied by resources, learning tools, and opportunities to help women broaden their scope for business growth.
Despite the hardships that women business owners face, there are an enlightening number of corporations and foundations offering the relief needed to succeed. If your business qualifies for any of these grants or loans, you can begin building your capital and cultivating your enterprise by applying today.