If you are interested in opening a laundromat and you’re a woman, you’re in luck! There are special grants available to women interested in starting their own business. Small business grants are funds that are given to someone who meets certain requirements, applies for the grant and is approved. They do not have to be paid back as opposed to loans. The grants are generally small amounts that are used to help offset the costs of starting a business, including reducing the amount that someone will have to borrow. A grant is not considered “free money” because they do have stipulations and your business must meet the requirements of the grant in order to be approved.
The first place to look for grants is through the government. There are federal and state grants available to small business owners. They are not specifically for women only, but they do have projects that aim to encourage women to start their own businesses. You can visit grants.gov, which is a database of federal sponsored grants, including small business grants. It has filters that allow you to narrow down the search.
The Small Business Administration through the U.S. government also has a search at its site at www.sba.gov. They also have programs that provide grants for people in certain industries, or businesses that provide a service to the community. The SBA also sponsors business centers across the nation that can help give women better access to business development and capital. Some are even lenders that provide loans specifically to minorities.
Private grants are available to women wanting to open a small business. Here are a couple to check out to see if you qualify:
The Amber Grant awards $500 to a woman-owned business each month. Then, at the end of the year, one of the 12 winners is given an additional $2,000. In order to apply, you must explain your business and what you would do with the grant money. The organization was created in 1998 to honor the memory of a woman named Amber who died before she was able to fulfill her dream of becoming a business owner. Learn more at www.ambergrantsforwomen.com.
The Eileen Fisher grant supports women-owned businesses by awarding $120,000 in grants to up to 10 recipients every year. There are requirements that include having been in operation for at least three years and having revenue of less than $1 million. The business must have a vision of creating environmental or social change. While a laundromat may not fall into that category traditionally, if the business is trying to create a better community through outreach to the homeless, or by employing people in the neighborhood, it could qualify. Visit the website for more information.
Once you find a grant that you qualify for, be sure to follow the instructions and provide the necessary information so that you have a chance at securing the grant. Good luck!
If you're interested in learning more about how you can own your first laundromat, then you should read the other topics in the series. Clink the links below for your step-by-step guide to being a laundromat business owner.
- The First Steps to Owning a Laundromat
- Other Factors to Consider When Buying a Laundromat
- Hiring Laundromat Employees | Contractors vs W2
- Differences Between Contractors and W2 Employees
- Start New, Buy Existing, or Franchise?
- Start New, Buy Existing, or Franchise - continued
- Buying a Laundromat Franchise
- How to Calculate Start-Up Costs for New Laundromats
- Want to Own a Laundromat? Apply for Grants
- Here's What Laundromat Customers Expect
- Here's What It Takes to Own a New Laundromat
- We Can Help You Finance a New Laundromat
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