In Focus: Some schemes, grants & resources for women entrepreneurs in South Dakota
#WomenEntrepreneurs #SouthDakotaBusiness #EmpowerHer #WomenInBusiness #Entrepreneurship #SmallBusinessSupport #BusinessGrowth #StartupSuccess
South Dakota, with its stunning landscapes and rich natural resources, is not just a haven for outdoor enthusiasts but also a burgeoning ground for women entrepreneurs. Iconic attractions like Mount Rushmore, Badlands National Park, and the Missouri River draw millions of visitors each year – creating ample opportunities for businesses in tourism and beyond. Despite its agricultural roots, South Dakota’s economy is diversifying, with significant contributions from tourism, forestry & mining.
In recent years, South Dakota has seen remarkable growth in female entrepreneurship. Data reveals that in 2012, 29.2% of businesses were owned by women, a significant increase from 22.2% in 2007. This trend is supported by the fact that around 32% of women aged 25 and older hold a bachelor’s degree or higher, indicating a well-educated and driven demographic. The state’s gross state product (GSP) reached $50.5 billion in 2023, with robust employment growth, showcasing a conducive environment for business ventures.
Harnessing Natural Beauty and Business Potential: South Dakota’s Women Entrepreneurs
Women in South Dakota are increasingly stepping into entrepreneurial roles, with the state leading the nation in the rate of female entrepreneurs. This surge in women-owned businesses is growing at twice the rate of male-owned businesses, underscoring the dynamic shift towards gender inclusivity in the business landscape. Despite ranking 22nd overall in the best states for women to own a business, South Dakota boasts a thriving support network for female entrepreneurs.
Thriving Ventures: Resources and Schemes for Women Entrepreneurs in South Dakota
To foster this growth, South Dakota offers various schemes, funds, and resources aimed at empowering women entrepreneurs. Programs such as the Women’s Business Ownership (WBO) program provide essential mentorship, training, and resources.
Additionally, the Small Business Administration (SBA) programme offers development assistance and contract opportunities for women-owned businesses. The South Dakota Small Business Development Centers further support entrepreneurs with training, business planning, marketing, and financial management services.
These resources are crucial for women looking to navigate the entrepreneurial landscape – ensuring they have the support needed to start, sustain, and grow their businesses. With a strong business tax climate, reliable workforce, and lower cost of living, South Dakota is indeed a promising state for women to launch and scale their ventures.
As South Dakota continues to nurture its entrepreneurial spirit, women-owned businesses are poised to play a significant role in driving the state’s economic growth and diversification. This supportive environment, coupled with the state’s natural beauty and robust economic sectors, makes South Dakota an ideal place for women entrepreneurs to thrive and make a lasting impact.
Let us now take a look at some schemes, grants and resources that are available for women entrepreneurs in South Dakota.
South Dakota Government Agencies
> South Dakota Secretary of State – Business Division
The business division of the Secretary of State’s office helps business owners organize and register their business. Resources include South Dakota Business Portal, New Business Checklist, South Dakota Department of Revenue Business Taxes, South Dakota Small Business Development Center, IRS Tax Information for Business, IRS Tax Information for Charities and Nonprofits, and IRS FEIN Information.
https://www.lisamasiello.com/women-entrepreneurs-start-a-new-business-in-south-dakota
> South Dakota Small Business Administration – SBA
The South Dakota SBA is supported by its district office in Sioux Falls; and they provide services including – funding programs, counseling, federal contracting, certifications, and disaster recovery. They can also connect you to partner organizations, lenders, and other community groups that help small businesses succeed. The Sioux Falls office serves the entire state of South Dakota.
Examples of educational programs and events include Grow Your Sales Through Trade;
Selling to Brazil; Financing a Business Purchase; and Doing Busines with the National Park Service.
South Dakota Agencies & Non-profit Organizations
> South Dakota Small Business Development Center – SBDC
What the South Dakota Small Business Development Center (SBDC) does is that it helps new entrepreneurs realize their dream of business ownership and assists existing businesses in their efforts to remain competitive.
Formed in 1985, the South Dakota SBDC has helped clients obtain more than $1.8 Billion in financing since 1998 – leading to the creation or preservation of thousands of jobs within the state. SBDC services enable South Dakota’s entrepreneurs to make better, more informed business decisions, to avoid costly mistakes, and to prepare thorough and complete business plans needed both to obtain financing and to effectively manage their venues.
> SCORE South Dakota
The volunteer mentors at SCORE South Dakota are experienced entrepreneurs, who volunteer their experience and knowledge – to help small business professionals start and grow businesses and improve their profitability. The Sioux Falls office offers free business advice, low-cost or no-cost business training, and numerous templates and tools.
In fact, SCORE volunteers are experts with experience in areas such as accounting, finance, human resources, consulting, import/export, law, operations, production, retail, wholesale, manufacturing, sales, marketing, management, business plan preparation, strategic planning, and many other business disciplines.
> SD CEO – Women’s Business Center
The SD CEO West Women’s Business Center focuses on empowering aspiring entrepreneurs & business owners in both business and life.
What can you expect? Through in-person and virtual workshops and webinars to networking events, conferences, and 1:1 free and confidential advising, SD CEO West is here to help you succeed.
As you take steps towards achieving your business dreams, SD CEO can equip you with the skills and knowledge to move forward with confidence.
> Sioux Falls Business & Professional Women
Sioux Falls Business & Professional Women comprises of working women in all positions including business owners, corporate executives and elected officials who share the overall goal to build powerful women. Membership benefits include:
•Connecting with mentors, colleagues, and friends who can assist you in advancing your career and making the right connection.
•Thriving professionally with an organization that supports women through career transitions and at different levels of industry.
•Staying informed on the latest issues impacting women with a local monthly newsletter, email alerts/online news feeds and exclusive member access to resources on the SF/BPW website.
•Becoming aware of and receiving invitations to local events and educational opportunities associated with SF/BPW.
Funding – State & 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.
> South Dakota Enterprise Institute – SDEI
The Enterprise Institute is a private, non-profit corporation that provides customized business development, commercialization & market research services to entrepreneurs, investors, and startup companies in South Dakota.
The Enterprise Institute is credited with formalizing angel investing in South Dakota by organizing and administering angel investment funds. These funds provide early-stage capital to emerging growth companies in the region.
Each fund below accepts applications from high-growth, high-potential companies that are seeking equity funding. These funds are looking to invest in companies that are scalable and are typically differentiated based on some technology or first mover advantage.
> Black Hills Regional Angel Fund III, LLC based in Rapid City, South Dakota.
> Falls Angel Fund III, LLC based in Sioux Falls, South Dakota.
> Hub City Capital, LLC based in Aberdeen, South Dakota.
> Park Capital Fund I, LLC based in Brookings, South Dakota.
NOTE: The angel investment funds don’t invest in retail stores, restaurants, food trucks, service-based business, real estate projects, or other non-scalable business models. The funds are focused on companies headquartered or operating in South Dakota and will at times make exceptions for companies in neighboring states.
https://www.lisamasiello.com/women-entrepreneurs-start-a-new-business-in-south-
dakota
> GROW South Dakota Supports Women-Owned Businesses
Thanks to the invaluable assistance from GROW South Dakota, many women entrepreneurs’ dreams have been nurtured and transformed into reality! GROW South Dakota’s commitment to empowering women entrepreneurs has played a pivotal role in providing them with the resources, mentorship, and financial support needed to take their business to new heights.
GROW South Dakota is a statewide non-profit organization that provides programs and loan products to advance housing, community, and economic development.
> WomensNet – South Dakota
WomensNet offers Amber Grants for women entrepreneurs and small business owners. By financially empowering women in business, WomensNet is able to see applicants’ plans become realities. Each month, $2,000 are awarded to a special recipient, and monthly recipients are then eligible for an annual prize of $25,000.
What is prominent ia that women entrepreneurs and business owners (both new and established) are able to apply for an Amber Grant. The seed money is often the jump- start many small businesses need to get going.
> Amber Grant
Each month, the Amber Grant, a remarkable initiative of WomensNet, presents a promising opportunity for female entrepreneurs. This initiative empowers female entrepreneurs to pursue their business dreams by awarding a generous grant of $10,000 to a woman-owned business in a specific, rotating category.
In addition, the organization provides a second $10,000 monthly grant to another woman-owned business, as well as a quarterly $10,000 grant to one startup and one nonprofit.
At the end of the year, the program honors outstanding accomplishments by giving an
extra $25,000 to two of the twelve winners of the general grant and one recipient of the
industry-specific grant.
https://startupsavant.com/womens-business-resources-south-dakota
https://www.wishup.co/blog/grants-for-women-owned-businesses
Avtar Madan
Himanshu
Shree Lahiri
