There are many ways to finance a business including investing personal funds, a business loan, angel investors or a combination of these financing options. Venture capital is sometimes available but is a rare option for women entrepreneurs (the reasons of which is a post in itself). Another financing option that people don’t always consider is grants. Grants take time to find and sometimes have a lengthy application process but can be well worth your while as my sister and cousin discovered this summer. They both received $3000.00 government grants to start a business and the grant included a mentor and free business seminars.

Today I’m talking to Leah Oviedo who is an expert on grants for women entrepreneurs. She runs the website Investing In Women (IIW) which features many grants. Her mandate is to help women succeed in business and set an example for young girls to grow up and be financially independent, strong business owners.

Leah, I read that IIW recently started a micro grant program for women entrepreneurs. Can you please tell us about the grants that are currently available?

This is our first grant to be offered and is currently the only one. This micro-grant is for $500.00 US and will be awarded on November 1st. The deadline to apply for the grant is September 30th. Any woman business owner who lives in the USA and is over 18 can apply for the grant. You can get an application here. I would like to add that there is NO fee to apply for the grant.

How can women business owners find grants that are available to them?

On Investing In Women, there are over a dozen grants and scholarships listed for entrepreneurs in the USA. Primarily those are for women. Women can also find grants through their local Chamber of Commerce and other local organizations and clubs. Women should be careful of paying for information online that will lead to grants. Government grant scams in particular are everywhere. I suggest using caution when purchasing any grant list. You can check with the Better Business Bureau to see if a company has complaints against it.

How can women increase their chances of getting a business grant?

All grants are different so there is no one answer, however, if a woman has a solid business plan she will have a better chance. The Investing In Women micro grant will be awarded to a business that will improve the economy and/or the lives of others.

Do you know of grants available to women outside of the United States?

Not at this time, but all it takes research and patience to find a grant and you can check with your local Chamber of Commerce and use the other sources I suggested before.

What are a few of your favorite resources and tools for women entrepreneurs?

For social media sites, I regularly use LinkedIn and Beauties On The Go as well as several others. Twitter is great for spreading awareness of your brand. Digg.com and About.com are great sites for adding your business articles. All of these tools have the benefit of linking back to your site. I also find collaborating with other business owners to be a great resource, because you each bring something different to the table. Also, Investing In Women has hundreds of resources for both male and female entrepreneurs.

Thank you Leah! If you are a woman business owner in the United States be sure to apply for the IIW Grant here. If you’re a woman entrepreneur outside of the United States I found a few useful resources that may benefit you if you are interested:

Small Business Loans for Women in Canada

Women Into the Network UK -Grants, Loans & Finance

WomensNet -Home of the Amber Grant for Women-Owned Businesses

Have you received a grant? How did you fund your business? What recommendations do you have for other entrepreneurs?