Money. We need it for payroll, for products, for technology, for keeping our places of business running well. When we’re doing well, we can invest in marketing, new products and services, and new talent. When money is tight, we figure out how to find more of it.
Whether you’re just starting a business or investing in growth, many options exist for securing dollars. In addition to bank loans, friends, and family, here are some other sources of funding for women-owned businesses:
- Grants. They are not like loans in that you don’t have to pay them back, but many of them have strict requirements, and you’ll be competing with other women-owned businesses for this type of funding.
- Angel investors. Women-owned venture capital firms make up only 4% of the industry, but more of them are cropping up every year.
- Loans specifically for women-owned businesses. The Small Business Administration is an excellent source of information.
Before you seek out funding for your business, be sure you know exactly how much you need and what you’ll use it for. Having a solid business and investment plan is critical whenever you’re asking for money — no matter what the source!
Why the force will be with women entrepreneurs in 2016:
Why women sometimes have trouble asking for money:
Learn from these six women who successfully raised money: