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.

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