Government Small Business Loans for Women
Today, huge numbers of women are embarking their footsteps into the business world with great success rate. Recent reports have unleashed the fact that women entrepreneurs are able to make the most of small business opportunities and hence the need for government small business loan for women. It’s believed that most women have a unique and refreshing approach towards business opportunities in comparison to their male counterparts. That being said, majority of the women entrepreneurs out there are forced to shut down their business plans due to insufficient financial backing. Fortunately, the government has realized this issue and has started providing business loans to skilful women entrepreneurs. Government small business loans for women have been hugely instrumental in helping truckloads of women out there realize their business dreams. Let’s have an in-depth look at the various government loans that are packaged for small scale businesswomen and the available business grants for single mothers.
U.S Small Business Administration
The U.S Small Business Administration (SBA) provides business loans to hundreds and thousands of women entrepreneurs who are unable to avail loan from any other financial source. Eligible applicants can walk home with amount worth up to $150,000. Although the SBA awards loan to veteran, minority group and women entrepreneurs, it gives preference to women belonging to low earning families.
Minority Business Development Agency
Another popular source of government small business loans for women comes through Minority Business Development Agency (MBDA). Over here, the government funds the entire loan amount. The idea behind the grant is to help women entrepreneurs with essential resources required for a small business setup. Although MBDA does not offer direct cash assistance, it makes use of its resources to seek funds from other reliable sources.
Women’s Business Grants
Women’s Business Grants provides business loans to women entrepreneurs to support their existing and new businesses. As such, Women’s Business Grants runs two separate programs-New Business Grant and Existing Business Grant. Loan worth $100 to $5000 is sanctioned under the New Business Grant plan, and loan worth $1000 to $5000 is sanctioned under the Existing Business Grant plan. To qualify for Women’s Business Grant, an individual is expected to provide complete details of assets and corpus of business to the government body. The government authorities will then verify the required documents and other essentials before approving the loan.
Government small business loans for women are sanctioned on certain grounds. In most cases, women entrepreneurs setting up a small business unit are offered business loans only if the business firm used as a guarantee is run by a group of women or has at least 50% women ownership. Also, the business unit has to be managed and regulated by women only. Most of these stringent requirements are in place to avoid misuse of the government funds. After all, the idea behind these programs is to help women entrepreneurs realize their business goals. The government takes pride in the fact that their assistance can go a long way in helping women entrepreneurs make their mark in the male dominated business arena. At the end of the day, the government needs an economy that offers favorable growth opportunities for men as well as women. For the overall development of the country, women can’t be left alone and hence the need for business grants for single mothers and Government small business loans for women.
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