One of the cornerstones of a healthy community is a vibrant and diverse small business sector. The federal and state governments offer a variety of programs and support for women owned small businesses.
Use these resources to help to start of expand your business
Learn More about SBA Women's Business Centerssee here
Women's Business Centers (WBCs) stand for a nationwide network of nearly 100 instructional centers throughout the United States and its territories, which are created to help women in beginning and growing small companies. WBCs seek to "level the playing field" for women entrepreneurs, who still face unique obstacles in business world.
SBA's Office of Women's Business Ownership (OWBO) oversees the WBC network, which provides entrepreneurs (specifically women who are economically or socially disadvantaged) comprehensive training and counseling on a range of topics in numerous languages.
Find a WBC Near You
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Many of the SBA programs offering Small Business Grants, Loan Programs and Counseling Programs for women are offered through universities and centers.
The Historically Underutilized Business Zones Empowerment Contracting Program provides federal contracting assistance to eligible small businesses located in underutilized business zones to improve their employment opportunities, investments, and their area's economic development.
SBA Low-Interest Disaster Loans
Disaster loans can be utilized for the repair and rebuilding of non-farm, private sector disaster losses, and are available to all types of business, instead of being restricted to small businesses alone.
HUBZone Certification Program Webinar
This video explains the basics of the HUBZone certification program for small business federal contractors.
HUBZone certification allows certain small businesses to compete for set-aside contracts aimed at spurring investment in low median income or high unemployment areas.
SBA 8(a) Business Development Program Webinar
This video explains how the SBA's 8(a) Program works, its eligibility requirements, technical assistance available to small disadvantaged businesses through the program and common myths about the program.
Local Assistance from the Small Business Administration
The Small Business Administration has many local offices and resource partners that counsel, mentor and train small business owners and entrepreneurs.
These nearby offices and online assistance can help your business start up, succeed and grow. This short video provides a good introduction to services near you.
Small Business Administration Resources for Veterans
The Small Business Administration offers various resources for veterans interested in starting, financing or growing their businesses.
We've read stats showing that Blacks have a buying power of $1.2 Trillion dollars and that Black women are starting businesses at a faster rate than any other group, but is this enough to change the economic inequalities that plague Black neighborhoods?
SCORE Services to Small Business - An Introduction
In an excerpt from a 2010 interview the SCORE CEO discusses its counseling and workshops offerings to small businesses.
The Creative Role That One CDFI Plays in Impact Investing
Antony Bugg-Levine, CEO of the Community Development Financial Institution Nonprofit Finance Fund, manages $80 million of impact investments. He is also the author of Impact Investing: Transforming How We Make Money While Making a Difference.
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Featured Government Grant Resources
Secondary Market Lending Authority Program
The Small Business Administration has constituted the Secondary Market Lending Authority program, one which aims to provide liquidity for the secondary market, thereby ultimately encouraging new lending opportunities from banks of Small Business Administration guaranteed loans.
Federal and State Technology Partnership Program
The Federal and State Technology Partnership Program works around the objective of being able to boost and strengthen the technological competitiveness of small business establishments in the United States of America.
The Central Bank of Nigeria (CBN) released the Nigerian Sustainable Banking Principles, an agreement signed by 34 banks, including the original eight of the nation’s leading banks, that covered nine key areas: environmental and social risk management, environmental and social footprint, human rights, women’s economic empowerment, financial inclusion, environmental and social governance, capacity building, collaborative partnerships and reporting.
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Women can get small business loans from the same sources other individuals seek small business financing from. This includes banks, credit unions, online lenders and any alternative lender or lending solution as long as they meet the lender's requirements.
The level of difficulty a small business faces when applying for a loan depends on several factors, including its cash flow, time in business, credit score, business plan and desired loan amount. The better a small business is able to prove its ability to repay the loan, the easier it will be to get the loan.
To help level the playing field, some organizations offer business grants specifically designed to empower women business owners. Applying for grants can take considerable time and effort, and they're often highly competitive.
SBA-qualified lenders usually set their own criteria when assessing your eligibility. Most lenders will require a minimum FICO score of 620 or higher for their SBA Loans.
SBA-approved lenders refer to financial institutions that are approved to offer loans through the Small Business Administration (SBA) program. SBA lenders typically provide small business loan amounts ranging from $50,000 to $5 million, with the average loan size being around $375,000.
What is the easiest SBA loan to get approved for? Loans under the 7(a) program have a higher acceptance rate. And since most 7(a) loans are for $50,000 or less, it may be easier to get approved for a small amount with an Express loan.
The minimum credit score required for an SBA loan depends on the type of loan. For SBA Microloans, the minimum credit score is typically between 620-640. For SBA 7(a) loans, the minimum credit score is typically 640, but borrowers may find greater success if they can boost their credit score into the 680+ range.
This program provides loans of up to $100,000 or 100 percent of a business' average monthly revenues for three months prior to the COVID-19 pandemic, whichever amount is lower.
Yes!Our monthly $10,000 Start-Up Grant was designed for women just like you. We give this grant to pre-revenue businesses as well as businesses that have earned less than $10,000 in revenue.
Do SBA loans require a down payment? Yes, the minimum SBA loan down payment requirement is 10% for 7(a) and 504 loans, although this amount can vary based on a business's cash flow and collateral. For example, weak cash flow or low-value collateral can increase the down payment requirement to 30% of the loan amount.
Business lenders typically impose minimum revenue requirements on borrowers to ensure they have enough funds to cover payments. The revenue needed varies by lender but usually ranges between $100,000 and $250,000. Some lenders work with companies with annual revenue less than $100,000.
A down payment for an SBA 7(a) or 504 loan ranges from 10 percent to 20 percent. For loans from banks, credit unions and alternative lenders, you may see down payment requirements that range from 10 percent to 30 percent — and some lenders that don't require any down payment.
The Women's Business Ownership Act (WBOA) of 1988 prohibited state laws that required women to secure a male relative as their co-signer on business loans. The definition of “male relative” could range from a woman's husband to her own child.
On average, most SBA loans take 30 to 90 days from applying to funding. 7(a) loan subtypes are backed directly by the SBA. The SBA's turnaround time is 2 to 10 business days, but approval from your chosen lender can take 30 to 60 days. Microloans are loans for smaller amounts of $50,000 or less.
During the business loan application process, most traditional lenders will pull a copy of your personal credit report — known as a hard credit inquiry. Hard inquiries appear on your credit report, and may drop your score by a few points; however, one or two inquiries won't have a significant overall impact.
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