This year may possibly see a rise among female small business owners. According to NerdWallet's recent forecast, the number of these businesses owned by women will increase by 7 percent over the next four years, eventually accounting for half of all small businesses, if current progress continues. Women who want to use this time to launch a new venture or expand a current one could start researching funding options to do so.
All business owners may face difficulty obtaining funds in the current climate, but women can take advantage of unique loans designed to support female owners. The Small Business Administration (SBA) website states that businesses owned by women account for more than $1 trillion of revenue generated.
Women can take advantage of unique loans designed to support female business owners.
Teddy Nykiel advises women to look locally for financial support and to use the SBA's resources to the fullest to secure grant money.
"Finding a small-business grant is perhaps the most challenging aspect of securing one," Nykiel writes. "The federal government doesn't offer small-business grants, but state and local governments do. You can search for them using the U.S. Small Business Administration's Loans and Grants Search Tool. Get to know business advisors in your area who can point you in the right direction."
NerdWallet also predicted a general increase in online loans for small businesses, which will begin in 2016 and similarly continue to grow until 2020. In addition, it states that SBA loan sizes will rise as well, something already noted between 2007 and 2015. This past year allegedly saw the most popular SBA loan reach an all-time high.
Growth Capital Corp. can help women manage government grants for small businesses in the new year and make plans for future growth.