Getting through tough times in business requires business owners to have a can-do attitude and to make good decisions. Many female entrepreneurs have the right attitude, however, they don’t have enough money to start or grow their businesses. Other times, they face fierce competition when joining their male peers in their entrepreneurial field.
With the odds seemingly stacked against them, how can these women succeed?
Some financial institutions exist to provide grants and small business loans for women simply because they want to see them thrive.
While these businesses provide financial assistance, women keep pressing ahead because they identify with other female entrepreneurs like Debbi Fields, Founder of Mrs. Fields Cookies, who once said:
“The important thing is not being afraid to take a chance. Remember, the greatest failure is to not try. Once you find something you love to do, be the best at doing it.”
Statistics prove that Canadian women aren’t afraid to keep trying when faced with obstacles. According to a 2015 Global Entrepreneurship Monitor Ontario Report, 87.76% of female entrepreneurs were opportunity-driven with Ontario having the highest female participation rate. With every 100 male entrepreneurs, there are 92 competing females.
Belinda succeeded when she decided to get a grant
Since early childhood, sparkling gemstones fascinated Belinda.
First, she collected shiny pieces of glass and then she bought stones and gems of all colours and sizes. Early on, she found ways to handcraft these objects into rings, bracelets, and necklaces.
Before long, people requested her to make jewelry for them.
Belinda’s custom jewelry has gained favour in British Columbia, Ontario, Quebec, and other provinces. To expand her business so that she could reach other areas in Canada, she needed an infusion of cash to hire at least one or two assistants and set up a gallery where customers could shop.
Of course, those business dreams won’t come true unless she had sufficient finances to carry out her plans. Because she was generating steady income and had been in business for 3 years, she decided to apply for a Cartier Women’s Initiative Award.
Belinda could be awarded either $30,000 or $100,000 depending on whether she received a laureate or finalist award. Either way, she wouldn’t be required to repay the money.
Belinda completed the necessary paperwork and waited to hear the results released to applicants in January of each year. In addition to her application, she also submitted images of her products, information describing how she became a jewelry artist, and a video introducing herself to the selection committee.
It was no surprise to Belinda’s family, friends, and customers that she received a $30,000 grant from Cartier. She didn’t waste any time, she quickly rented a space in a high-traffic area and hired one assistant to help with her growing business.
Belinda was confident her business would continue to thrive.
She now travels to festivals held all over Canada. While traveling, her assistant handles store sales, orders supplies, and completes other tasks to free up Belinda’s busy schedule.
Belinda has words of advice for other women entrepreneurs who need financing. Don’t put off getting the funds you need. Step forward even when you don’t have all the answers and keep believing your business will succeed.
You can achieve similar success
Business grants are financial bridges to help you reach your business goals. They can take your business to the next level because you gain immediate access to capital.
With a grant or a loan, you have an instant opportunity to make your business shine in your specific industry. Why not find out how business grants and small business loans for women could help your business succeed.
Become a beacon of hope for other female entrepreneurs that are ready to succeed just as you are!