What Women Want

Entrepreneur, March, 2001 by Paul Edwards, Garah Edwards

Where's the money tar women-owned businesses?

QUESTION: I met you at the California Governor's Conference for Women, where you mentioned grants and loans available to women starting businesses. My business will probably be a nonprofit owned by women. Do I qualify for some of this capital?

Cindi Bradley

Sierra Madre, California

ANSWER: We both think women do a much better job of organizing, networking and serving one another than any good old boy network, certainly in the past 30 years. So we're not surprised to see a number of foundations and Web sites cropping up to serve women. Here are a few:

* Count Me In for Women's Economic Independence offers small-business loans and training scholarships to women. It was co-founded by Nell Merlino, who helped create Take Our Daughters to Work Day. It bestows loans ranging from $500 to $10,000, and its scholarships help pay for business training and technical assistance. Count Me In gets its funds from contributions. Go to www.count-me-in.org for more information.

* In cooperation with Hewlett-Packard, The Forum for Women Entrepreneurs offers a scholarship program valued at more than $150,000 in hardware, software and services for high-tech businesses. Visit www.fwe.org for details.

* The Amber Foundation, which is funded and operated by WomensNet.Net, sponsors grant competitions. The grants are available to any business or nonprofit that's primarily woman-owned (for businesses) or woman-oriented (for nonprofits). The current competition has a top award of $3,000 (second place is $1,500; third place is $500). The Web site is www.womensnet.net/amber_fs.html.

* Women and other specific groups are targeted by agencies receiving microloan money from the SBA. To find an agency in your area, go to www.sbaonline.sba.gov/financing/microparticipants.html or call (800) 827-5722.

Finally, because you plan to make your business nonprofit, check to see whether you qualify for other sources of federal money available for your cause. The Catalog of Federal Domestic Assistance is now available on the Web at www.cfda.gov.

Small-business experts Paul and Sarah Edwards' latest book is The Practical Dreamer's Handbook (Putnam Publishing Group).