A Woman's Guide to Small Business Management Grants

A Woman's Guide to Small Business Management Grants

Growing a small business can be challenging so it's important to keep an eye out of all possible funding opportunities. For woman-owned small businesses, one valuable funding source is targeted grants. Many government agencies and private groups offer grants geared toward the development of woman and minority owned business. The application process for grants can be daunting due to the very specific requirements of grant writing. Once you learn the proper method for drafting a successful grant application, you'll be able to access funds that have been earmarked for the development of companies like yours.

The first step in the grant application process is research. Determine what grant opportunities are out there and which ones are right for you. If you're not certain where to begin your search, grants. gov (federal grants) and srainternational.com (private grants) are great starting points. As you evaluate the different grants, carefully consider the qualification criteria and determine if your business and personal profile are good fit for the grant's requirements. Create a contact list for all possible grant opportunities, taking down the organization's contact details. Cast your net wide to give yourself the best possible chance. If you are a minority woman, you'll qualify for grants for women-owned business as well as those for minority business owners.

When you've narrowed down the possibilities to grants that apply to your situation, you need to research each granting organization. This information will be vital to creating a successful grant proposal as you'll need to tailor your application to the organization's goals for the grant. Some grants may seek to promote female or minority business ownership and economic growth while others look to further companies that provide social benefit to women or minorities. While these are typical goals for such grants, do thorough research to determine if there are any other factors that could weight in your favor. Consider available information such as: their website, press releases, publications, past grant recipients, and affiliated organizations or individuals. When possible, personally reach out to the organization as direct representative will have the best information on the organization's specific vision and current opportunities. When speaking with them, you should also inquire about specific preferences regarding grant proposal submissions as you'll want to ensure that your application complies with their formatting and information requirements. Be sure to note the contact information of anyone from the organization who provides you with assistance or information.

Once you've completed your research, it's time to write your grant application. A grant proposal begins with a company profile that includes your mission, objectives, and goals. Provide a detailed assessment of the needs your company serves. This is where you'll have to show how your furthering your company ultimately helps the organizational goal of the grant. Next, outline your company's business model including your products, services, and budgetary information. Explain how the grant's resources will impact your company's development. Include detailed information on how exactly you'll utilize the funds as well as financial projections. Additionally, add professional biographies of you and your management team, highlighting any relevant information such as participation in women or minority- focused business or civic associations. Once you've completed your proposal, create an executive summary and introductory cover letter. The letter should introduce you and your company while thanking the grant review panel for their consideration. These materials will go at the very start of the proposal package. Finally, review your completed application and confirm that you've adhered to all formatting instructions.

Always comply with all deadlines and submission rules when to filing the grant application to the designated organization representative. There are always new grants, so keep an eye out for new resources for women-owned businesses. Once you've gone through this process and learned how to efficiently handle the process, you efficiently draft successful grant applications in the future.

Here are a few resources that can help you get started finding small business grants for women:

SBA Office of Women's Business Ownership

Federal Grant Database

National Women's Business Council

DOJ Small and Disadvantaged Business Utilization

NY State Division of Minority & Woman-Owned Business Development

HUD Small and Disadvantaged Business Utilization

MBDA State Offices for Minority and Women Business Enterprise

City of Chicago Minority & Women Owned Business Procurement Program

Dallas Economic Development Minority and Women-Owned Business Enterprises

National Association of Women Business Owners