Women owned businesses are getting popular these days. In the year 2008, there were around 1 million women owned firms in the United States alone, generating more than $900 billion in sales. According to the National Women’s Business Council, these businesses had an overall economic impact of $2.8 trillion and created 24 million jobs—that is about 16 percent of American employment. Today, the number of women-owned businesses is expected to grow. Here are a few government-funded programs for women who are interested to successfully manage their own businesses.

 

Small Business Administration Guaranteed Loan Program

These SBA loans are set at specific terms and can guarantee up to 85 percent of the loan value which the business owner manages to secure from a particular lender. Getting a loan isn’t dependent on a person’s financial background. The borrower needs to gather financial statements for the past three years or a good business plan.

SBA Surety Bond Program

These bonds can guarantee up to $10 million on contracts, promising to assume a percentage of loss if the firm fails to meet all its contractual obligations. The SBA Surety Program gives businesswomen the opportunity to bid on contracts with a more equal footing with bigger companies.

SBA Women’s Business Centers

SBA offers Women Business Centers in all states in the country, training and counseling all aspects of business management and helping them obtain funding from different federal and private sources. Interested individuals can enroll in training workshops to learn more about setting up their businesses, including topics such as funding and managing their businesses even in tough economic times.

Government Grants for Women

Grants.gov runs around 26 Federal grant agencies that offer grants for different purposes, including grants for women entrepreneurs who want to start a business. There are agencies that also reward women who have special social projects, women in environmental research, and for minorities or rural dwellers. Start your search for government grants today and build a better future.

 

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