Small businesses are the backbone of the City of Boston’s economy. There are over 40,000 small enterprises in the City of Boston, which contributes more than $15 billion and manage to create over 170,000 job opportunities in the city. Despite this, businesswomen still find it difficult to obtain business resources to make their businesses thrive. However, there are some opportunities, benefits, and grant you can use to support the growth of your business. Read this article to learn where you can find the business resources you need to make your dreams come true.
Accion East
Looking for funding and consulting opportunities? Accion East is a non-profit committed to helping women-owned small businesses connect with the funding and consulting services they need to support the healthy growth of their enterprises. The organization provides loans ranging from $500 to $50,000. For more details, please visit https://www.bostonbusinessloans.org/resources/accion-east/.
Bay Colony Development Corporation (BCDC)
BCDC is a certified development company, that works to support economic development through the generation of employment opportunities by providing funding opportunities to women-owned businesses through loans. The company’s financing is offered at favorable terms and rates that do not inconvenience the businesses when paying back. This helps to stimulate the growth of women-owned small businesses. Find out more at https://www.bostonbusinessloans.org/resources/bay-colony-development-corporation/.
BDC Capital
The purpose of BDC capital is to provide capital access to female entrepreneurs and business owners through loans, equity investments, and other funding opportunities to support their success. Please visit https://www.bostonbusinessloans.org/resources/bdc-capital/.
Boston Entrepreneurs’ Network (ENET)
ENET provides support to women-owned small businesses in Bostin through technical assistance and the information they need to turn their ideas into successful ventures. Please note that the assistance is available for technology-based female entrepreneurs in their early stages of business development. For more details, please visit https://www.bostonbusinessloans.org/resources/boston-entrepreneurs-network-enet/.
Boston Fashion – Meetup Group
The mission of Boston Fashion is to cultivate a strong fashion through collaboration between organizations and entrepreneurship. This is achieved through workshops, informative panels, special events, and other networking opportunities that create an interactive environment where female entrepreneurs in the fashion industry can share experiences for a better future. Find out more at https://www.bostonbusinessloans.org/resources/boston-fashion-meetup-group/.
Center for Women and Enterprise (CEW)
CEW provides support to women-owned businesses through education, training and technical assistance, and funding opportunities. They also provide certification for women’s businesses to enable them to carry out their operations smoothly. the organization provides capital access through loans and equity shares to all businesswomen, regardless of the stage of business development. Visit https://www.bostonbusinessloans.org/resources/center-for-women-and-enterprise-cew/ for more information.
The Commonwealth Institute
The Commonwealth Institute is an organization that provides mentoring opportunities to female entrepreneurs to help women in the most critical stages of business development. The organization also provides businesswomen with the tools and resources they need to make their operations successful in the long run. Visit https://www.bostonbusinessloans.org/resources/commonwealth-institute/ for more details about the Commonwealth Institute.
Dorchester Bay Economic Development Corporation (DBEDC)
This is a loan program designed to support the expansion of women-owned small businesses and strengthen while making use of the community development corporations, banks, and SBA’s partnerships. Find out more at https://www.bostonbusinessloans.org/resources/dorchester-bay-economic-development-corporation-dbedc/.
Economic Justice Project
The purpose of this project is to provide training and advisory services to female entrepreneurs both starting and whose businesses already exist. The project works to help them confront the everyday challenges they come across in their daily operations through workshops and legal support. For more information, please visit https://www.bostonbusinessloans.org/resources/economic-justice-project/.
Ladies Who Launch (LWL)
The purpose of Ladies Who Launch Company is to provide the resources and connection services the women entrepreneurs need to support their businesses growth. The purpose of LWL meetings is to link with other female entrepreneurs and business experts, to provide referrals to other resources, and to get access to more customers for their products and services. learn more about the organization at https://www.bostonbusinessloans.org/resources/ladies-who-launch/.
Legal Services Food Hub
The purpose of the Legal Services Food Hub is to provide legal help to female entrepreneurs and business owners in the food industry. This ensures that no businesswoman is discriminated against in the course of running their business activities. For more details about the hub, please visit https://www.bostonbusinessloans.org/resources/legal-services-food-hub/.
The Business Equity Fund
The purpose of the Business Equity Fund is to overcome the barriers to funding opportunities and technical support experienced by entrepreneurs of color. The program looks to help black women access capital for their businesses without experiencing any barriers. The Business Equity Fund was established to be an ecosystem for growing businesses owned by black women. The fund operates through the Business Equity Initiative (BEI) and Greater Boston Chamber of Commerce’s Pacesetters Initiative to provide resources, including access to capital, contracts, and other tools for encouraging the growth of these businesses. Find out more at https://www.tbf.org/what-we-do/special-funds/business-equity-fund.
The State of Small Businesses in Boston
- Most of the businesses run in the City of Boston are micro-businesses. That means they employer 10 employees or fewer and earn at most $500,000 revenue. Women small business owners face numerous challenges, including, competitive labor market and high real estate costs. Of course, there helpful business resources to support your business growth, including Bostin Economic Development Center. Access to capital for running a business is a major challenge among female entrepreneurs in the City of Boston. Why are so many business women get rejected when they try to access capital? In most cases, the loan amounts they demand are too low or due to low revenues. Women-owned businesses do not always get the capital that meets their needs. We both know how inadequate financing can ruin the normal operation of a growing business. Where can you get business loans in Boston? The sources of business loans include:
- Traditional Banks. Banks provide flexible lending terms to women-owned small businesses.
- SBA Lenders. Businesses can also obtain microloans from SBA lenders.
- The City of Boston. The City of Boston provides funding to small businesses, ranging from $5,000 to $100,000. Microbusinesses run by women can qualify for loans of up to $15,000.
- MassVentures. This is an organization committed to providing funding to startup businesses in the early stages of development.
Visit https://www.national.biz/business-loans-boston-find-best-deal/ for more details.