What Small Business Help Is Available to Women-Owned Businesses?

The U.S. Office of Women's Business Ownership

The best place to start is the U.S. Small Business Administration's Office of Women's Business Ownership. This office provides a network of Women's Business Centers in most states, with links to all on its website, which offers business assistance in management and technical skills. The program places special emphasis on women from economically or socially disadvantaged backgrounds. One important resource offered is government procurement assistance, since federal, state and local governments are large purchasers from private companies.

Many private groups provide business assistance to women. A brief review of some of the best indicates the help they can provide. Women Owned, Business Networks for Women, offers financial assistance, business tools, information and networking to help a woman-owned business succeed.

Make Mine A Million, is an online site that provides business resources for women and assists with social networking. It is devoted to helping a woman-owned business achieve success.

Other private resources important to check include the National Business Women's Council and the National Association of Women Business Owners.

The U.S. Small Business Administration also sponsors a national network of Small Business Development Centers in all 50 states and many cities. Center counselors meet with a small business entrepreneur to provide assistance. Working with a woman starting or expanding her business, the counselor has an awareness of and access to all resources available for business assistance. He will assist in writing her business plan, expanding awareness of her market, accessing federal procurement programs, finding appropriate loans and providing networking assistance. The various forms of assistance and location information are listed on its website.

Small business micro loans are a very important source of financing for a woman-owned small business. These small loans, that averaged $13,000 in 2010, can be used for working capital, supplies, inventory and equipment. The loan period is six years, with interest rates between 8 to 13 percent. Micro loans are accessible through many of the groups providing assistance to a businesswoman. The counselor with your Small Business Development Center is a good starting point. He can provide the information required and help access a micro loan. Micro loans are available from special, local nonprofit intermediaries that receive their funding from the U.S. Small Business Administration.