Financing a small business can be very difficult for single mothers because of the lack of financial support from the banks. the good news is that there is another option, Small Business Government Grants for Single Mothers. Among other options available to small future businesses owned by single mothers. Business owners have availability to borrow money, obtain small business grants and receive investments from individuals or other business owners.
This article will concentrate on small business grants for single mothers. Grants are an award of money that you can get from a source because you or your particular business meets the guidelines of the grant. Some of these grants may not need to be repaid but some may and others may require you to have matching funds. Due to the nature of grants they are usually more difficult to get and you must be very thorough in your application process.
Grants sources can be federal government agencies, state and local agencies and private sources. There are several federal agencies that provide grants. Each agency will have their own requirements for their respective grants. You will need to check with each agency for their grant requirements.
State and local agencies also provide grants. They can stimulate jobs and increase tax revenue by supporting businesses and grants are an excellent tool to use in supporting small businesses. Keep in mind that these grant opportunities may not be publicized. By conducting research about these opportunities in your area, now, you will know who to contact to find out when grants will be available.
After determining what grants you want to apply for you should familiarize yourself with the grantor’s application process prior to applying. You will be required to submit either a grant proposal or a letter of appeal to accompany your application. The letter of appeal is a summary of the more in-depth grant proposal. The grant proposal is your explanation of how your business meets the requirements of the grant and how you intend to use the grant monies. The proposal or letter of appeal must be well-written with clearly identified links from your business to the grant requirements. Grants are very competitive and only well-written ones will be awarded a grant. You should check with your potential grantor to see which or if both are required. Lastly, make sure you mention that this is a small Business grants for single mothers.
Small Business Grants for Single Mothers:
Women are actually owners of thirty percent of the non-farm businesses throughout the United States, a figure which is quickly growing. Women are also responsible for nearly $940 billion in revenue from a mere 6.5 million women who own businesses. Because of this there are many government resources available to help female entrepreneurs grow their businesses and continue to expand. The SBA can help your new business with a loan checklist, free business planning services, and small business loan programs.
As a single mother, there is a lot of pressure to continue multitasking in the form of maintaining a clean house, meals, raising children, and sustaining a comfortable life through a positive income source. It is important for mothers who have business ideas to start working now so that their small business can turn a profit. Grants are of particular importance because grants do not need to be repaid. Unlike small business loans, small business grants are essentially free money given to those who are trying to start a small business. This form of financial support can come from private foundations, organizations, corporations, or the federal government. Generally, these grants come with particular stipulations since the money is given freely. These stipulations include things such as providing the person granting the funds with annual reports as well as financial statements once the company begins. Many organizations have small business grants specifically for women.
The first place to look for small business grants for single mothers is the federal government. Grants.gov is a valuable place in which to begin your search for small business grants. You can search for grant types based on category such as transportation or arts. You can also search for grant types based on agency such as the Small Business Administration or the Department of Agriculture. Other parameters include searching for how far out an agency will provide grants, what types of funding you are able to request, etc… Once this is determined you can apply for the grants.
There are a handful of large corporations which have entire grant departments. These departments offer grants for a variety of reasons. For example, the Levi Strauss Company offers grants for low-income personnel in order to enhance their education, build assets, and stabilize their future. There are grants given to local communities through the Home Depot and the Bank of America. If you want to search for corporate grants you can look through the Non-Profit Times. This offers a searchable database which lists the thousands of corporations and their small business grants.
There are many private foundations which provide small business grants. These private foundations provide financial assistance to those people who wish to set up a business. As a potential entrepreneur you can search through the Foundation Center to locate all of the information on private foundation grants. You must pay for the subscription, but the cost is well worth the investment since they offer different levels of subscriptions based upon your financial situation. Once you have your subscription you are able to search through the national database for grants for small businesses.