Money for Your Business

C.E.O. Women can help you get money for your business in THREE ways:

GRANTS

C.E.O. Women Venture Fund: Applications Due April 1. Contact us today!

 

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Beatriz Mena, 2007 Venture Fund Grant recipient (left) with her check.
Farhana Huq, founder and CEO of C.E.O. Women is standing next to Beatriz. 
 
 

1.      What is the Venture Fund?

  • The Women Connected Venture Fund is C.E.O. Women's program to help you get the money you need to start or grow your business.
  • The Venture Fund gives grants to C.E.O. Women graduates. Because it is a grant and not a loan, you do not have to pay the money back.
  • Along with the grant money, you will also receive other business support services, such as graphic design help and free business coaching. 

2.       How much money is each grant and when will I get it?

  • Grants are $1,500 to $5,000 depending on your business budget.
  • Grant money will be given out in installments. You will receive the first portion of your grant money (up to 25%) on May 12, 2010.
  • Each month until November you will have the opportunity to receive your next installment. Grants may be awarded in 2 or 3 installments of up to $2,500. To receive the next installment, you must
  1. Participate actively in C.E.O. Women programs
  2. Complete financial projections with the help of your business coach
  3. Show you have met your business goals and turn in copies of receipts of what you purchased with the grant money
  4. Open a business bank account
  • You must turn everything in to C.E.O. Women by the 10th of the month in order to receive your next installment on the 30th.

3.       Who is eligible?

To be eligible you must:

  • Be a C.E.O. Women graduate
  • Be ready to start or already running your business within 6 months of receiving the grant

4.       How do we decide who is awarded a grant?

We decide who receives a grant based on these 5 criteria:

  • Your readiness for business
  • Your commitment to your business
  • You business plan and budget
  • The impact that the grant will have on your business. The grant money should enable you to start your business. If you already have a business, the grant must change the way your business is run, not just keep your business going the same way it is now.
  • Your need of the grant money. We will first consider those who need the money more. If you have a lot of other ways to get money for your business, your application will not be as strong.

5.       How do I apply?

  • Start working on your business plan!
  • Fill out the 1-page Venture Fund application. You will receive this application via email in March. Application due April 1.
  • After you have filled out the 1-page application, we will contact you to set up an meeting with our small business advisor.
 

6.       Start working on your Venture Fund application today!

  • You must also calculate your break even point. This is how many goods you must sell in order to pay for all of your business expenses. To start to calculate this you should complete the break even analysis worksheet. Contact us for a copy of the worksheet.
  • To be a strong Venture Fund applicant you need to have a clear idea of your business. Below is a list of questions you should be prepared to answer about your business.
  • It is helpful to us if you can explain your business in writing.

You should be prepared to answer the following questions for the Venture Fund interview:

  General Business Question

  • How would you describe your business in 20 words or less? (What is your mission statement?)

Market Questions

  • Who are your target customers? How do you know they want to buy your product or service?
  • What needs is your business trying to meet? How are you meeting them?
  • Who are your competitors? What will you do to set yourself apart?

Marketing Question

  • How will customers know about your product or service? What marketing tool will you use the most?

Pricing Questions

  • What is your pricing strategy?
  • Have you researched your prices?        
  • How many units of your "main" product or service do you need to sell each month in order to break even?

Goals and Budget Questions

  • What is your long-term goal for your business?
  • What are your short-term business goals? How are you going to achieve these goals? Who is supporting you in achieving these goals?
  • What are your biggest challenges to reaching your short-term business goals? How are you going to overcome these challenges?
  • Is your budget realistic?

Grant Money Questions

  • How would the grant money help you run your business? Specifically, how would it help you to start or improve your business, not just keep it going?
  • How would the grant award fit in with your long-term business goals?
  • What exactly do you want to purchase with the grant money? (You should present a list of what you want to buy and how much each item costs in the store.)

 

 

SAVINGS ACCOUNTS

Business Individual Development Account (IDA)

 

What: A bank account where for every dollar you save you will get $2 from our partner organization, Opportunity Fund. There is a limit of $6,000.

What you can spend the money on:
  • Starting or expanding your business
You can apply if:
  • You are a C.E.O. Women graduate 
  • You have a business or are ready to start within one year 
  • Your family qualifies as low-income
Requirements:
  • You need to save at least $20 per month
  •  You need to spend the money within 2 years
To apply: