While it is clear that businesses owned and run by women perform exceptionally well, it is also true that women in business face immense challenges. Inadequate information concerning business finance, and lack of role models are two of the most common challenges for women entrepreneurs. Regardless of these crippling challenges, the number of businesses owned by women continues to increase. This demonstration of zeal is the reason for the many grants for women starting a business.
Different types of business grants for women
The categories of grants available for women who intend to start businesses are many and it is therefore important for applicants to first establish their suitability for consideration. Some of these grants are specific to the last detail and it would be a waste of time to prepare an application without proper qualifications. The following are some of the grants that women starting a business can apply;
Grants to buy business property
This grant is known by different names in various places but it is basically given to support in the purchase of business assets. Apart from buying the venue from where the business will operate, assets that can be financed using grants for women starting a business are tools, machinery and equipment vital for business efficiency.
Grants for research and development
Such grants are important for businesses that are based on innovations. In most cases, the budget required for research work is difficult to estimate so a grant will go a long way in providing funding for both planned and unplanned business activities. If you are planning to start a business associated with provision of products that are of benefit to society, your chances of getting a grant for research and production are high.
Grants for business solutions
With a suitable proposal, women who are involved in various stages of running a business can receive grants to boost their operations. Business startup especially in niches that have little to no competition stand a high chance of being awarded grants. Women who are looking to tap into the international business arena are highly likely to receive such grants.
Why should startups by women be supported?
Starting and operating a business is quite risky and many banks and financial institutions shy away from being involved at such an early stage. It has however been established that companies run by women create new jobs 4 times as fast as that national average and this is quite promising owing to the high rate of unemployment.
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