The Small Business Administration (SBA) was created to help small business owners and entrepreneurs who may have difficulties obtaining business assistance and funding from other traditional channels. This, of course, includes women, veterans and minorities.
These groups have often encountered problems and barriers to their business creation and expansion efforts purely due to some types of discrimination, a lack of credit history, poor credit backgrounds or a simple lack of experience.
Many new businesses in recent years are women-owned businesses. Women have gained leverage in recent decades in the workplace, and now are taking their experience with them into the wide world of business to open their own companies. They can find training, business advice, mentoring, planning aid, marketing tips and funding resource assistance from the Small Business Administration.
One program that is designed to help women business owners is the SBA’s 504 loan program. These loans are included under SBA plans for meeting public policy goals. The funding can be used for renovations, expansion and business development, increasing productivity, and other changes that small businesses are required to meet according to federal budget cutbacks. Expansion funds are ear-marked specifically to include money for small businesses that are owned by women and controlled by them.
There are some restrictions placed on use of 504 loan funds. The best option for determining if the SBA can help your company is to contact a local office of the Small Business Administration or visit the website for details about these loans for women owned businesses. The SBA has many other funding resources that can be accessed if the business owner inquires about other monetary assistance.
Women owned businesses are innovative, energetic and run by capable women who can succeed with proper financial backing and advice. Training in local areas is also available at district offices. If your small business is in need of a boost, consider the broad range of assistance offered by the SBA just for women business owners.