Advice on Financing Your Business Idea - The Money Chase

Where to Look for Startup Financing

From Taking an Idea to Market, by Molly Tschida Brennan, in NAWBO's Entrepreneurship Trilogy

This is not your mother's woman-owned business. The number and size of women-owned firms have increased significantly in recent years, and today's women-owned firms generate $2.3 trillion in revenues and are just as financially strong and creditworthy as the average U.S. firm, according to the Center for Women's Business Research.

Yet, many women still have trouble financing their businesses. According to a 2002 survey conducted by the National Women's Business Council, more than half of women business owners found it difficult to secure capital to start their businesses. This hasn't stopped an increasing number of female entrepreneurs from striking out on their own. Between 1997 and 2002, the number of women-owned firms in this country grew by 11 percent, and an average of 424 new women-owned businesses were started every day, reports the Center for Women's Business Research. In all, there are about 10.1 million firms that are at least 50 percent owned by a woman or women.

Clearly, there are ways around the financing hurdles. Whether you're starting a small, home-based, service business, or a high-growth manufacturing business, there are plenty of financing options out there. The trick, our experts say, is doing your homework and knowing where to look.

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