Several New Jersey agencies are working together to help female entrepreneurs start new businesses in the state by increasing their knowledge of available funding and providing training. Despite pessimism about the economy, funding for start-ups is out there.
The New Jersey Association of Woman Business Owners is also trying to promote female-owned businesses in the state. Their president said that many female business owners have a hard time getting funding. That doesn't mean, however, that funding is not available for them -- they just need to know where to look. Officials also say that there are scant dollars with which to fund advertising for the initiatives, so astute entrepreneurs can reap the benefits.
The State Small Business Credit Initiative has provided the New Jersey Economic Development Authority with $33.8 million. The line of credit guarantee assistance through the Main Street Business Assistance Program increased from $250,000 to $500,000. The number of Economic Development Agency Premier Lenders also grew from 15 to 44.
Other organizations involved to help female entrepreneurs also include the Rutgers University Commercialization Center for Innovative Technologies Rising Tide Capital Inc. and the Latin American Economic Development Association.
It is no wonder the center gets so many questions. Forming a new business is a critical time, regardless of ownership. Formation and registration of limited liability companies or general or limited partnerships all involve a litany of questions and complicated contracts. Sound legal decisions early in a business's existence can reap rewards for many years in a time when more than a few businesses are struggling.
Source: NJBIZ, " Agencies partnering to promote opportunities for female entrepreneurs," Katie Eder, March 27, 2012