Business Funding For Women

Ken asks…

How can a woman get Federal contracts or Federal funding for a business?

admin answers:

Go to http://www.score.org/ and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor.

SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).

SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.

Thomas asks…

Are there any resources out there for women starting a business where NO down payment is required?

I have searched and talked with so many different organizations about getting a business loan including SBA, commercial banks, and state funded organizations set up for funding small business owners. I have the business plan, the statistics for future sales and I have the collateral. What I don’t have is money for a down payment even if it’s only 10%. My other questions is regarding real estate. Do you need a down payment if you are buying a business already set up? Thanks in advance for any advice and/or encouragement.

admin answers:

Unfortunately without any money, buying a business is not possible for you. You would need to have at least 50% of the cost of the business in cash, and the other 50% in free and clear assets which you would have to pledge as security for the loan.

Helen asks…

I am a 63 year old woman seeking funding to purchase an existing small business, $40,000 in total – Help!?

Funding of $40,000 is required to purchase this currently operating variety and sandwich shop. I have gotten in touch with financial lenders and no luck. By the time my rent is paid I only clear $140.00 monthly of which leaves me not much. My ultimate dream is to own and operate this small business and leave it to my grandchildren in the future. Can anybody help? Funding would greatly be appreciated. Thanks for your time in reading this.

admin answers:

No lender will talk to you unless you provide them with a valid business plan. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for sample business plans and instructions on how to write a business plan.

Then, go to http://www.score.org/ and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you.

SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).

SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.

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