Cash for Your Company
Expanding, or starting up, a business can be overwhelming. But, with the economy slowly on an upswing, things are looking better for women who run small businesses. Being prepared always helps.
“Establish a financial checklist and keep it to help prepare for what you need,” suggests Joy Ott, regional president for Wells Fargo in Montana and national spokesperson for Wells Fargo Women’s Business Services. Ask yourself: What kind of capital do I need? What forms? Where can it be acquired? “With all the stimulus money out there, banks are doing a lot of research to see how businesses are acquiring these funds and how yours can, too.” Wells Fargo has loaned more than $40 billion to women – and diverse-owned businesses since 1995.
To access capital, Ott suggests considering partners, silent investors and family members. You can also take advantage of deposit sweep products and investment vehicles to help idle cash earn money.
Need more facts?
Career Tech tells how the SBA proposes to expand federal contracting opportunities for women-owned businesses as part of the Obama Administration’s commitment to improve opportunities for owners.
The Center for Women’s Business Research shares “data-driven knowledge,” like how women of color start companies at three-to-five times the rate of all businesses.
WomensBusinessGrants.com shows what grants are available for women by state.
Bonus PINK Link: Get tips on how to finance your small business, from using home equity to loans with personal assets as collateral.
By Caroline Cox
“No one was ever ruined by taking a profit.” Stock Exchange Maxim
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