Women-owned businesses are on the rise, and with them come numerous tax benefits and resources to help these businesses grow and succeed. From tax credits to government-sponsored grants and loans, there are many opportunities available to women entrepreneurs looking to start or expand their businesses.

Tax Benefits for Women-Owned Businesses

One of the primary tax benefits for women-owned businesses is the ability to claim a deduction for the expenses associated with starting and running a business. These expenses may include office rent, equipment, supplies, marketing and advertising, and travel expenses.

Additionally, many states offer tax incentives and credits for women-owned businesses that hire offshore staff or onshore staff or invest in research and development.

Business Development Opportunities

Women-owned businesses also have access to various business development opportunities. Economic development agencies, small business development centers, and women’s business centers provide training, mentoring, and networking opportunities.

These programs can help women entrepreneurs gain access to capital, develop their business plans, and learn how to compete in the marketplace.

Government-Sponsored Grants and Loans

Government-sponsored grants and loans are another resource available to women-owned businesses. The Small Business Administration (SBA) provides loan guarantees, counseling, and training programs specifically designed for women entrepreneurs.

In addition, many states and local governments offer grant programs to encourage the growth of small businesses.

Small Business Loan Guarantee Program (California)

In California, the Small Business Loan Guarantee Program provides guarantees on loans to small businesses that are unable to secure traditional financing. The program provides up to 80% guarantees on loans up to $2.5 million, making it easier for women-owned businesses to access capital.

Dependent Care Tax Credit (Oregon)

In Oregon, women-owned businesses may be eligible for a dependent care tax credit. The credit is available to businesses that provide child care services or reimburse employees for dependent care expenses.

Research and Development Tax Credit (New York)

New York offers a research and development tax credit to encourage small businesses to invest in research and development. The credit is available to businesses with fewer than 100 employees and can provide up to a 50% credit for qualifying research expenses.

Life Sciences Tax Incentive Program (Massachusetts)

The Massachusetts Life Sciences Center provides tax incentives and grants to life sciences companies. The program is open to businesses of all sizes and can provide up to a 10% investment tax credit for qualifying expenses.

Jump Start Philly (Philadelphia)

Jump Start Philly is a program that provides grants and other resources to small businesses in Philadelphia. The program is open to women-owned businesses and can provide up to $25,000 in grant funding.

New Markets Tax Credit (Nationwide)

The New Markets Tax Credit program provides tax credits to investors who invest in designated low-income areas. The program is designed to encourage investment in these areas and can provide significant benefits to women-owned businesses located in these areas.

Private Grants for Women-Owned Businesses

In addition to government-sponsored grants and loans, there are many private grants available to women-owned businesses. These grants are typically provided by private organizations and are designed to support specific industries or regions.

The Eileen Fisher Women-Owned Business Grant Program

The Eileen Fisher Women-Owned Business Grant Program provides grants to women-owned businesses that are committed to creating positive environmental and social change. The program provides up to $10,000 in grant funding.

Huggies Brand Mom Inspired Grants

The Huggies Brand Mom Inspired Grants program provides grants to women entrepreneurs who are creating innovative products or services that improve the lives of children and families. The program provides up to $15,000 in grant funding.

InnovateHER: Innovating for Women Business Challenge

The InnovateHER challenge is an annual competition sponsored by the Small Business Administration (SBA) that awards cash prizes to businesses that have innovative products or services which positively impact women and families.

The challenge is open to both women and men, but the product or service must be designed specifically to meet the needs of women.

WomensNet Amber Grants

WomensNet offers Amber Grants to women-owned businesses to help them start or grow their businesses. The grants are awarded monthly and range from $1,000 to $10,000. The grants are intended to be used for expenses such as marketing, equipment, or inventory.

Women Veteran Entrepreneur Corp (WVEC) Small Business Competition

The WVEC is a non-profit organization that provides support and resources to women veterans who are starting or growing their own businesses. The organization sponsors an annual small business competition that awards cash prizes to women veterans who have innovative business ideas.

Zions Bank Smart Women Smart Money Program

The Smart Women Smart Money program is a financial education program sponsored by Zions Bank that is designed specifically for women. The program offers resources and workshops on topics such as budgeting, credit, and investing.

Wal-Mart Women’s Economic Empowerment Initiative

The Wal-Mart Women’s Economic Empowerment Initiative is a program that is designed to help women entrepreneurs access the resources and support they need to start and grow their businesses. The program offers resources such as business training, mentorship, and access to capital.

Idea Café Small Business Grant

The Idea Café Small Business Grant is a grant program that awards cash prizes to small businesses that have innovative business ideas. The grants range from $1,000 to $100,000 and are intended to be used for expenses such as equipment, marketing, or inventory.

FedEx Think Bigger Small Business Grant Program

The FedEx Think Bigger Small Business Grant Program awards cash prizes to small businesses that have innovative business ideas. The grants range from $5,000 to $50,000 and are intended to be used for expenses such as marketing, equipment, or inventory.

Chase Google: Mission Main Street Project

The Chase Google Mission Main Street Project is a grant program that awards cash prizes to small businesses that have innovative business ideas. The grants range from $100,000 to $250,000 and are intended to be used for expenses such as marketing, equipment, or inventory.

Small Business Innovation Research

The Small Business Innovation Research (SBIR) program is a federal program that awards grants to small businesses that are conducting research and development. The program is intended to help small businesses develop new technologies and products that have commercial potential.

Small Business Technology Transfer Program

The Small Business Technology Transfer (STTR) program is a federal program that awards grants to small businesses that are working with research institutions to develop new technologies and products. The program is intended to help small businesses access the resources and expertise they need to develop innovative products.

Additional Resources for Women-Owned Businesses

In addition to these grant and funding opportunities, there are also numerous resources available to women-owned businesses. These resources include Women’s Business Centers, economic development agencies, and Small Business Development Centers. These organizations provide resources and support to help women entrepreneurs start and grow their businesses.

About the Author

Bharati Kakadiya is the Founder of CapActix which offers offshore accounting solutions for CPA firms, tax Firms & SMEs in the United States.