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Free advice abounds for women entrepreneurs,
but there's no pile of free startup money for female business owners.
Dear Small Biz Adviser
We are interested in starting a small business in Colorado.
We are interested in finding information to help us with startup
money. We have heard there is money available for women. Is that
through the SBA? Please give us any advice you can offer. Thank
you.
Lady Entrepreneur
Dear Lady Entrepreneur:
You represent the fastest-growing segment of small-business
entrepreneurs in the United States. And several programs exist to
address the specific issues related to woman entrepreneurs. These
and other institutions are very sensitive to you. They include:
However, at the federal level I have not been
able to identify any loan program directed specifically to women
or minority business owners. Don't be embarrassed by your assumption.
But the loan or grant program directed to women simply does not
exist. And what better place is there to get that answer than from
the SBA-sponsored
Women's Business Centers FAQ page?
I researched the availability of loans for women
in the state of Colorado. It appears there is a strong awareness
of and support for women business owners in your state. The Colorado
Office of Economic Development and other agencies provide the following
resources:
But, as is the case at the national level, there
appear to be no special grants or loans for women business owners.
So while free advice abounds for women, there
isn't a stack of free money. You'll need to go to the same sources
of capital as men. In that arena, you'll be on equal footing with
men.
Commercial loan officers are in the business
of making money by lending money. Their priority is to reduce and
eliminate risk in making the loan.
Discrimination exists in the business world.
But money and money-making, by and large, are oblivious to gender.
Based on my experience, being a woman is less and less important
to deciding the risk of a loan.
What I am telling you is to very simply approach
your business venture based on principles of sound entrepreneurship.
Approach the bank or other lending source as a businessperson, not
a businesswoman.
Bankrate.com writers base their answers on our editorial
content and advice of financial professionals. We make no claims
or representations about the accuracy, timeliness or completeness
of such content, advice or the answers provided to you. Our content,
advice and answers are intended only to assist you with your financial
decisions. However, by its nature such information is broad in scope.
Your financial situation is unique, and our content, advice and
answers may not be appropriate for your situation. Accordingly,
we recommend that you get different opinions and seek the advice
of your accountant and other financial advisers before making any
final decisions or implementing any financial or investment strategy.
-- Posted: May 9, 2000
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