In Focus: Some resources for women entrepreneurship like initiatives, schemes & grants in New Jersey
#WomenEntrepreneursNJ #NJBusinessResources #EmpowerHerNJ
New Jersey known as “The Garden State” has become a thriving hub for women entrepreneurs, showcasing exceptional growth in woman-owned businesses. From technology startups to healthcare enterprises – women entrepreneurs are leaving their mark in the state.
The growth of women-owned businesses in New Jersey has been quite prominent. According to the 2020 Women-Owned Business Report by American Express, the number of women-owned businesses in New Jersey increased by 21% between 2019 and 2020, outpacing the national average. As of 2020, women-owned businesses in New Jersey generated $8.3 billion in revenue and employed over 73,000 people. The largest industries for women-owned businesses in New Jersey are – professional and technical services, healthcare and social assistance & retail trade. These statistics highlight the growing importance of women-owned businesses in the state’s economy.
How New Jersey Empowers Women-Led Businesses
Initiatives like the Women’s Business Enterprise (WBE) certification open doors to lucrative state and private contracts. Meanwhile, organizations such as the New Jersey
Women’s Business Development Center and Rutgers University’s Center for Women’s
Empowerment – offer invaluable training, mentorship & funding opportunities. These
resources, combined with the NJEDA’s Women’s Leadership Council and the New
Jersey Small Business Development Centers (SBDCs), provide a solid foundation for
women entrepreneurs to move forward & excel.
For aspiring women entrepreneurs, New Jersey is a state of opportunity, innovation &
inspiration. So, let us now look at some resources for women entrepreneurs like –
initiatives, schemes and grants.
New Jersey Government Agencies
> New Jersey’s BAC Department of State, New Jersey Business Action Center – NJ BAC
Small Business Advocates support businesses – startups to main street businesses, throughout the state. They can help you access a variety of resources tailored to meet your needs including:
Mentoring Assistance: From creating a business plan to preparing financial statements or developing valuable social media strategies having a business mentor can help your business succeed.
Financial Resources: Advocates can refer you to a variety of financing options available to your business including micro-lending. They can also assist with credit repair services.
Licensing and Professional Certifications: Services help you trouble shoot issues you may encounter with licensing or professional certifications.
Navigating Regulatory Processes: Advocating on your behalf, NJ BAC can coordinate with other state departments to quickly identify challenges and formulate a sound and effective path forward.
Labor and Workforce Issues: A variety of state training grants and resources are available to help you recruit the best staff or train new and current employees.
Procurement Assistance: From training & technical assistance to request for proposal (RFP) notifications, advocates can provide you with essential information to be better positioned to compete for government contracts.
Export Assistance: From exporting basics and customs procedures to reporting or other topics, International NJ BAC advocates can help you lay the ground work for global success.
> Business New Jersey
Your one-stop for learning about opportunities and regulations in New Jersey is Business.NJ.gov.
So, you can plan your business stagewise: Create a business plan, Choose a business structure, Select a location, Building permits and ADA compliance, Leasing tips, Buy an existing business or franchise, Finance your business, Licensing and certification.
Start Your Business: You get Industry starter kits, Business names, Register your business, Hiring employees, Trademarks, patents, and copyrights.
Operate Your Business: You get to know about Taxes and annual report, MWBE, SBE, VOB and other certifications, Manage employees, Closing your business & COVID-19 workplace requirements and funding.
Grow Your Business: Get facilities like – Funding, Prepare a loan application, Government contracting, Open another location, Exporting, to Market your business and so on.
> New Jersey Small Business Administration – SBA
The New Jersey SBA is supported by a district office in Newark. They provide many services including – funding programs, counseling, federal contracting, certifications,& disaster recovery. They can also connect you to partner organizations, lenders & other community groups that help small businesses succeed.
The district office in Newark serves all 21 counties in New Jersey. Examples of educational activities and events include – Connecting with Customers and Manage Your Business Remotely; How to Keep Business Records; and New Tax Changes for Small Businesses.
https://www.lisamasiello.com/women-entrepreneurs-start-a-new-business-in-new-jersey
New Jersey Agencies & Non-profit Organizations
> New Jersey Small Business Development Centers (NJSBDC)
The NJSBDC delivers business both advisory services & training to establish new small to mid-sized businesses, and high-impact, growth-oriented businesses. You also get free, hands-on counseling from NJSBDC experts who work with you – until you have fulfilled your business goals.
You can request counseling and they will match you with a NJSBDC business expert to help you overcome your business challenges and help you meet your business goals.
> Women’s Center for Entrepreneurship of New Jersey (WCEC)
The mission of Women’s Center for Entrepreneurship is – to empower women to invest in themselves via entrepreneurship and so they provide necessary resources for women to successfully start, own, operate and grow their businesses.
There are many options available for women entrepreneurs at any stage in their business journey, like – workshops, webinars, one-on-one business counseling, educational discussion panels & networking events.
A virtual business accelerator program – GrowthVenture, is available to small business owners with established businesses, looking to scale-up with accountability.
> New Jersey Association of Women Business Owners (NJAWBO)
NJAWBO (The New Jersey Association of Women Business Owners) is a popular statewide women business owners’ organization in New Jersey. It encourages and supports business ownership by women – offering myriad opportunities for networking, collaboration, education, leadership, professional development & mentoring.
Besides, NJAWBO also serves as the voice of women business owners to the New Jersey Legislature.
> SCORE New Jersey
SCORE provides a wide range of services to both established and budding business owners. These include may facilities like:
Free Mentoring: Confidential business mentoring in person at more than 230 local chapters and partner locations or remotely – via email, phone and video. SCORE mentors are experts in entrepreneurship and related fields.
Webinars and Courses on Demand: SCORE regularly offers free online events on topics ranging from – startup strategies to marketing and finance. Attendees can watch webinars live, or view recordings online on their own time.
Library of Online Resources: Business owners can also benefit from SCORE’s extensive library – a collection of guides, templates, checklists, blogs, videos, infographics & more.
Local Workshops: Many local SCORE chapters hold free or low-cost in-person or online workshops and roundtable discussions that cover a range of topics.
https://www.lisamasiello.com/women-entrepreneurs-start-a-new-business-in-new-jersey
Funding – State and Federal Sources
> U.S. Small Business Administration – Funding Sources
The U.S. Small Business Administration helps small businesses get the funding they need. Funding resources include:
Loans: Start or expand your business with loans guaranteed by the SBA.
Investment capital: Find an investor for your business. Investors make both debt and equity investments.
Disaster assistance: Get help after a disaster with low-interest disaster loans.
Surety bonds: Protect your work and your client with an SBA-guaranteed surety bond.
Grants: Look for government grants that help businesses do scientific research and development.
> Business New Jersey Growth Funding
If you are looking for startup capital or considering a loan to finance the expansion of your business, a variety of opportunities are available.
The funding resources include:
Angel investor tax credit program
Gap financing
Bond financing
R&D voucher program
Child care facilities improvement program
Direct loans
Grants
Disadvantaged business enterprise supportive services program
. . . and more.
https://www.lisamasiello.com/women-entrepreneurs-start-a-new-business-in-new-jersey
> Amber Grant
WomensNet helps you find legitimate grants, loans, and other funding for your business venture. Amber Grants for Women is provided by WomensNet.
You can apply For A $10,000 Grant now, as they offer three every month!
So, a good place to start your grant search is with our Amber Grants for Women. Businesswomen from New Jersey (and all around America) are eligible to win this grant. Their judges award three of these $ 10,000 grants every month – so you can apply today!! And if you are one of the monthly recipients, you enter the competition for one of the THREE year-end $25,000 grants. Just move a step ahead and you could win $35,000 in grant money by the end of this year!!
https://ambergrantsforwomen.com/business-grants-women-new-jersey/
> New Jersey Women’s Micro-Business Credit Program
The New Jersey Department of Community Affairs’ (DCA) Division on Women1, in partnership with the New Jersey Redevelopment Authority (NJRA), launched the New Jersey Women’s Micro-Business Credit Program in 2006.
This collaborative economic development initiative provided unemployed and underemployed women lacking entrepreneurial experience – the opportunity to expand their career options through business training, mentoring, and/or loans of up to $5,000.
The prospect of launching a business may not have been an option for many of these women, as conventional lending requires large down payments and upfront fees.
Additionally, training specific to entrepreneurship may not have been within their reach through traditional educational methods, which usually also have financial implications.
So the New Jersey Women’s Micro-Business Credit Program was developed to address these issues and offer low-income women an opportunity for sustainable self-sufficiency, while promoting economic growth.
https://www.nj.gov/dcf/news/reportsnewsletters/dcfreportsnewsletters/NJ.Womens.Micro
-Business.Credit.Program.Report.pdf
> New Jersey State Women’s Chamber of Commerce
This supports and connects women-owned businesses in the State of New Jersey. The mission of New Jersey State Women’s Chamber of Commerce is – to support, connect, and advocate for women business owners throughout the state of New Jersey.
They aim “to amplify your voice, expand your reach, and empower your success through a comprehensive range of programs, resources, and opportunities”.
They offer a range of programs, resources & mentorship opportunities designed to help women achieve their business goals. So, whether you’re looking for professional development, business advice, or peer support, the New Jersey State Women’s Chamber of Commerce is the place to connect with.
So, NJSWC represents a stronger, unified voice advocating for the issues that matter most to women business owners in New Jersey and beyond.
https://njwomenschamber.org/
Avtar Madan
Himanshu
Shree Lahiri
