Topic:
SMALL BUSINESSES; STATE AID; WOMEN;
Location:
SMALL BUSINESS;

OLR Research Report


January 14, 2005

 

2005-R-0042

FUNDS FOR WOMEN-OWNED BUSINESS START-UPS

By: John Rappa, Principal Analyst

You asked where single mothers could obtain technical and financial assistance to start a business.

Many government, university, and private agencies provide technical or financial assistance to people who want to start their own businesses. Only a few focus on assisting women.

TECHNICAL ASSISTANCE AGENCIES

Two organizations specialize on assisting women entrepreneurs—the Women’s Business Development Center (Attachment 1) and the Entrepreneurial Woman’s Network (Attachment 2). Both offer programs and services for a fee.

As a first step, anyone who wants to start a business might first consider their reasons for doing so and examine their personal, managerial, and financial strengths and weaknesses. The University of Hartford’s Entrepreneurial Center provides such counseling. It also trains people on how to manage a business (Attachment 3).

People can also obtain technical assistance from regional small business development centers (Attachment 4).

While none of these organizations provide financial assistance, they refer clients to the ones that do.

FINANCIAL ASSISTANCE AGENCIES

The nonprofit Community Economic Development Fund (CEDF) makes very small loans (i. e. , microloans) to people who want to start a business (Attachment 5). It is also appears to be the only organization that provides technical and financial assistance to its clients (Attachment 6). Attachment 7 lists other micro lenders.

JR: ts