Women-owned businesses have access to various benefits to help them grow and succeed. At She’s A Given, we understand the unique challenges that entrepreneurs face. We are dedicated to providing resources and support for achieving your business goals, so we compiled a list of the benefits available to women-owned businesses. Bookmark this list and return to it, so you’re maximizing everything available to you:
Tax Breaks
Being female-owned, you may be eligible for certain deductions and credits. Women-owned business tax benefits include:
Small Business Health Care Tax Credit: For employers that pay their employees’ health insurance. Eligibility: <25 FTEs (full-time equivalent) and pay less than $54,000 per FTE.
The amount of the credit can be up to 50% of the employer’s contribution towards employee’s premium costs, depending on the number of full-time equivalent employees and average annual wages (more details here).
Child and Dependent Care Tax Credit: Maximum credit of $3,000 for one child or dependent.
Home Office Deduction: This is available to individuals who use part of their home for business. The space must be exclusively used for professional purposes. ($5 per square foot, max 300 square feet).
Self-Employment Tax deduction & state-level tax incentives: We recommend consulting a tax professional or checking with your state’s tax authority for a full list of tax deductions available to the self-employed in your state. Here is a list of incentives available in Washington.
These laws and regulations may change. If you are interested in learning what your business is eligible for, She’s A Given will happily pair you with a tax expert.
Grants
The federal government loves it when businesses promote job creation, business development, and exports, so investing in those things can potentially pay dividends (figuratively) for you as a female business owner.
Moreover, state and local governments may offer grants for women-owned businesses, so research opportunities are available to you.
And finally, private organizations can also serve as grantmakers. Here’s a handful we found:
SBA (Small Business Administration) grants: This agency offers a variety of grants for small businesses. Women-owned businesses could utilize the Growth Accelerator Fund competition or the Women’s Business Center Program.
Women-owned businesses in STEM (science, tech, engineering, and math) can apply for NSF (National Science Foundation) grants. Companies focused on tech development also have a chance to work with the National Institute of Standards and Technology (NIST).
Businesses located in disenfranchised areas may be eligible for EDA (Economic Development Administration) grants.
Navigating the grant application process may be overwhelming. You’ll need to stay updated with all the requirements and frequent changes. Don’t worry, though—She’s A Given can assist in grant writing and other tasks.
Mentoring and Training
Many organizations offer mentoring and training programs specifically designed for women-owned businesses. These are valuable resources in areas including business planning, financial management training, marketing, and networking.
For business development, mentoring and training arm women business owners with the knowledge and skills to start and grow their companies. The importance of networking should never be underestimated, and participating in these programs could connect business owners with other leaders and experts in their field.
Investing time in mentoring and training is valuable for building lasting relationships, gaining industry insight, and accessing new resources and opportunities. Women in business face unique challenges and discrimination. Hence, mentoring and training programs can provide a supportive environment and a more tailored approach to achieving goals. Many programs are worth checking out, and a selected few are highlighted here.
The SBA operates the Women’s Business Centers (WBC), where training, counseling, and other resources are provided for free or at a low cost. The centers have created a huge network available around the country.
The National Association of Women Business Owners (NAWBO) provides mentoring and educational services for women-owned businesses.
Private organizations are interested in community impact, and some have special programs in various areas. One example is The Bank of America Center for Women Entrepreneurs. The initiative was launched to support and empower women. The center provides access to resources, funding, and mentorship for women-owned businesses. With training programs, webinars, and events, the center is a go-to resource.
She’s A Given can assist clients with navigating opportunities like these and more.
The programs we listed above care to create a more diverse and inclusive economy by supporting women-owned businesses. They are a powerful driver of economic growth. Be sure to look into any that might be a fit for you!
Loans and Financing
At She’s A Given, we can help you explore financing options and connect you with experts that best fit your business. Much like with grants, private funding can help women-owned businesses. Venture capital firms and loans offered by government agencies on a federal or local level are more available to women than ever before.
One service we especially like is Ellevest, the digital investment platform that aims to provide financial services specifically tailored to individuals and women-owned businesses. SheCapital is another service that could benefit women in business. Financing for women-owned businesses can be challenging because of the lack of access to traditional sources based on discriminatory practices. However, some investors are now particularly interested in funding women-led startups.
It’s also worth mentioning that banks have specific funding programs for women-owned businesses. Some venture capital firms are partly or exclusively interested in investing in female-founded companies across all sectors and stages of development. Worth mentioning here are the Female Founders Fund, Belle Capital USA, and The Helm.
Networking opportunities
As stated above, some programs tailored for women-owned businesses offer networking opportunities like events or online communities. These programs have been successful in helping business owners meet peers and grow their businesses. Networking is essential for women-owned businesses because it can help to level the playing field and provide valuable resources and support in an environment that may not always be equal. Female business owners may face discrimination and bias in the business world. Hence, networking is a way to provide a supportive and more egalitarian environment. Through networking, other benefits discussed above might be more accessible, including funding that may not be widely advertised.
Women-owned businesses may face challenges securing funding, and networking could help women connect with the right investors. Building a support system with people to rely on could elevate women-owned businesses to overcome challenges and achieve goals. As a women-owned business, She’s A Given is an inclusive employer that provides networking opportunities for employees and clients.
Government contracts
The federal government has set aside certain contracts for small businesses, including those owned and controlled by women. These contracts can provide significant revenue opportunities for women-owned businesses and help them establish themselves as government contractors. Federal procurement programs offer training, counseling, and other resources to help women-owned businesses compete for federal contracts. Those programs are designed to increase the participation of small businesses in the federal contracting process.
Let us know if we can help you research the right government programs for you and your business.
Customers
Women-owned businesses can use their leadership teams as a unique selling point (USP). Female leadership can show an honest commitment to diversity and inclusion as it leads by example. For branding and marketing purposes, talking about your business as women-owned can be part of a compelling messaging strategy. A certification or highlighting the fact that the business is women-owned is a powerful message that resonates with many customers.
So, how does the information on this list actually help women-owned businesses? These points can help women to start and grow their businesses and to compete in the marketplace more effectively.
She’s A Given prides itself on being committed to providing support and resources to help women-owned businesses succeed. Book a Discovery Call to learn more. We can’t wait to help you take your business to the next level!
