October is Women’s Small Business Month
It really is amusing that there are so many special labels for different months of the year. Who can possibly keep track of all of them? But in my recent reading online, I noticed that October is earmarked to recognize women in small business and I felt that I needed to add my recognition as well.
Women owned small businesses, especially franchises and home based businesses, are dramatically increasing in numbers every year. The concept of the virtual office has contributed to the establishment of more home based businesses as women seek more flexibility to balance their work and their family life. Private funding for franchises has been readily available for women to jump start their businesses and we are seeing more and more of these types of franchises in the area of fitness, health and beauty, retail and other service related enterprises.
In some cases, women are leaving the corporate arena to stretch their personal and professional goals as entrepreneurs. They are equipped with years of invaluable experience that they can now apply to their own business. In other scenarios, stay at home moms can now venture into the business world with many options for home based businesses and even franchises.
In short, we, as women, now have many options to start our own business!
I met with a local bank President yesterday on Cape Cod and he had good news for all women who want to start their own business. There is PLENTY of FUNDING available for entrepreneurial women. The small community banks are stable and have the resources to provide small business loans even in these troubled financial times. These banks are committed to supporting women in their efforts to start new businesses. The message here is to contact your local community bank and don’t knock on the doors of the large mega banks that are now paralyzed and unable to help you out. There is funding available.
What does he look for when evaluating a new business loan?
Certainly, all of what you would deem necessary. You need a sound business concept and plan etc. but the most important factor for him in evaluating a new loan is PASSION. Does this person have the passion to build the business and the passion to be persistent when met with challenges.
BTW, if you are interested in getting a new business loan and would like the bank information (MA), please contact me.
So, congratulations to all women small business owners and the best of luck to all entrepreneurs. Keep your focus on your business and maintain your passion for what you do. I salute you all. Here’s to our mutual success!