Small Business Funding
for Women -- Latch Onto Great Financing Opportunities
"We forget all too soon the things we
thought we could never forget."
Joan Didion
Author
Fortunately, small business funding for women
isn't limited to funds that are ONLY for women. For there aren't very many
of those.
No, all of the funding sources are available
for women. Check out
venture
lending,
small business IPOs and
angel
investors. Truthfully, funding isn't always as available for women as
it is for men, but it is there.
The SBA is an on-again, off-again supporter of women owned businesses.
Basically they try very hard with the funding they've got. But they don't
always have the funding to accomplish what they want to. It is, however,
still well worth your time to investigate how they might help you.
This premier directory provides access to literally tens of thousands of grants
from all kinds of government and private agencies. There is a fee for the
service, but it is a modest fee. The information provided is invaluable.
One of the best sources of small business funding for women is still to
actually get the government contract, no small accomplishment in most cases.
While the task may seem daunting, and it sometimes is, here is a basic outline
of what to do:
First, do get your business certified as a minority business. Jumping
through those hoops proves your sincerity.
Tackle the Online World
The U.S. government is the largest buyer of goods and services in the entire
country - so this is a sizable chunk of work for vendors. Even though 40%
off all US business are owned by women, only 1.5% of all the government dollars
spent go to these businesses.
You already have a large advantage - you have some on-line savvy. The U.S.
government is moving toward a paperless process for learning about and obtaining
bids. Just in case you are new at this, the government has to request public
"bids" so that everyone has the chance to get the work. This process is called
a Request For Proposal (RFP). Many of these items are for office equipment,
supplies, and services.
Get Your Ducks in a Row
Getting the small business funding for women isn't easy. Knowing if
your business provides the kind of goods that the government wants requires some
leg work. Make sure that you have the following items for your business:
e-mail address,
TIN (Taxpayer Identification Number - IRS 800-829-1040),
DUNS number (Dun & Bradstreet 800-333-0505),
SIC codes (Small Business Administration 800-827-5722), and
CAGE code (Defense Logistics Systems Center 616-4367).
Then you need to find out if anyone buys your products or services. One
place to start is by looking into the database at
GOVCON . GOVCON lists large
contract bids. For smaller bids you will need to contact the office directly,
especially if it is geographically limiting.
Getting the Background for Your Bid
The best thing is to write a letter to the "Offices of Small and
Disadvantaged Business Utilization" (OSDBU) in each of the major government
agencies (45 of them). You need to ask some very clear questions:
Who is your women's business advocate?
Please send the publication "Forecasts of Contracting Opportunities"
Under the Freedom of Information Act, ask for the name and amount of past
vendors for your product.
Armed with this information, you know who to talk to, what major contracting
opportunities are coming up, who your competition is, and what they are charging
for the products.
Now you can do some serious bidding to latch onto small business funding for
women.
