What is a grant?

A grant is financial assistance for a specific purpose or for a pre decided target group. For example some institutions give grant money for starting day care centers, college grants for single moms or, for minority women. People have this misconception that grants are excess funds just lying in the government’s coffers waiting to be taken advantage of.

Business Grants for Women
There are two avenues for start up business grants for women, federal government grants and the other private funding organizations. Like any financial assistance program, you are required to fill out an application form, state your purpose and give details about your background, when applying for grants for start up business for women. Most people get discouraged by the application process and don't even try for grant money. It is advisable to go through the application process because the outcome can be rewarding.

When looking for grants for women who are starting a business, you should have a look at the Catalog of Federal Domestic Assistance (CFDA). They provide grants for women under different categories. They have over 2 thousand assistance programs. The CFDA grants help women from different walks of life and ethnic backgrounds to start their own business.

Another resource for start up business loans for women is the US Small Business Administration (SBA). They also offer grant programs, to organizations that render small business management, or technical assistance. The SBA mostly gives grants to nonprofit organizations, state and local governments.

If you are looking for government grants, you need to apply on the government grant’s website. Once you do this you will get a funding opportunity number (FON). You can then track your grant application online on their website. When you apply, you will be required to furnish information about the project details and your background.

State governments are a good resource to look for start up business grants closer to home. The federal government allocates development funds for each state and the state in turn gives a part of these funds to individuals to start or expand their business. State governments give grants to businesses that will benefit the community in the long term. Projects dealing with saving energy, child care and tourism are supported by the state governments.

There are many nonprofit organizations that provide financial aid to women, to help them support themselves and their families. Nonprofit organizations have cause driven grants and they help women from a target group. Some organizations specialize in giving small business grants to minority women.

Start up business grants for women, at times, are difficult to find, but if you put in the effort in researching for the right organization and category that you could apply for, it will bear fruit. Whenever you want to apply for a grant, keep information about your financial background, business plan, marketing plan and market predictions ready, to stand a better chance of getting the grant.