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Women-owned businesses enjoy various benefits designed to support their growth and success. Also known as female-owned businesses, these enterprises have access to unique opportunities tailored to their needs. At Berry Virtual, we recognize women entrepreneurs’ distinct challenges and are committed to providing the resources and support necessary to help you achieve your business goals. We’ve compiled a comprehensive list of benefits available to women-owned businesses. Bookmark this guide and revisit it regularly to ensure you’re making the most of every opportunity.
Key Takeaways
- Women-owned businesses have access to various tax breaks, grants, loans, and funding opportunities designed to support their growth and success.
- Certifications such as WBE and WOSB unlock access to exclusive government contracts and business development programs.
- Mentoring, training, and networking opportunities provide valuable resources and connections to help female business owners overcome unique challenges.
- Specialized financing options, including venture capital and government-backed loans, are increasingly available for women entrepreneurs.
- Leveraging the women-owned status in branding can attract customers who value diversity and inclusion, enhancing business profitability.
- Staying informed about eligibility requirements and program benefits is crucial to maximizing available resources and incentives.
- Organizations like Berry Virtual offer expert assistance to effectively navigate tax advantages, funding, and certification processes.
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1. Tax Breaks
As a female-owned business, you may be eligible for a variety of deductions and credits that can significantly reduce your tax liability. Beyond these standard benefits, women-owned businesses often qualify for specialized tax advantages tailored to support their growth and financial success. Key tax benefits available to women-owned enterprises include:
- Small Business Health Care Tax Credit: This credit is for employers who pay for their employees’ health insurance. To qualify, your business must have fewer than 25 full-time equivalent employees (FTEs) and pay average annual wages of less than $54,000 per employee. Additionally, your business must cover at least 50% of the premium costs and purchase insurance through the Small Business Health Options Program (SHOP) Marketplace.
The credit amount may reach up to 50% of the employer’s contribution toward employees’ premium costs, varying based on the number of full-time equivalent employees and their average annual wages (more details here).
- Child and Dependent Care Tax Credit: Maximum credit of $3,000 for one child or dependent.
- Home Office Deduction: This is available to individuals who use part of their home for business. The space must be exclusively used for professional purposes. ($5 per square foot, max 300 square feet).
- Self-Employment Tax deduction & state-level tax incentives: We recommend consulting a tax professional or checking with your state’s tax authority for a full list of tax deductions available to the self-employed in your state. Here is a list of incentives available in Washington.
For some programs, your personal net worth may be considered as part of the eligibility criteria, especially for certain federal certifications such as WOSB and EDWOSB.
Women-owned businesses can access a range of program benefits and incentive programs at local, state, and federal levels, including tax advantages, grants, and credit opportunities designed to support business growth and access to government contracts.
These laws and regulations may change. If you are interested in learning if your business qualifies for these tax advantages or what your business is eligible for, Berry Virtual will happily pair you with a tax expert.
2. Grants
The federal government actively supports women-owned businesses that foster job creation, business development, and exports. Grants are a vital source of funding for new ventures, helping female entrepreneurs launch and expand their companies.
In addition to federal grants, state and local governments often provide targeted funding opportunities for women-owned businesses. These grants, along with those available to minority owned businesses and other underrepresented groups, broaden access to essential capital, empowering a diverse range of entrepreneurs to thrive.
And finally, private organizations can also serve as grantmakers. Here’s a handful we found:
- SBA (Small Business Administration) grants: This agency offers a variety of grants for small businesses. Women-owned businesses could utilize the Growth Accelerator Fund competition or the Women’s Business Center Program.
- Women-owned businesses in STEM (science, tech, engineering, and math) can apply for NSF (National Science Foundation) grants. Companies focused on tech development also have a chance to work with the National Institute of Standards and Technology (NIST).
- Businesses located in disenfranchised areas may be eligible for EDA (Economic Development Administration) grants.
These grants may fund various projects that promote economic development and diversity, supporting initiatives that benefit both businesses and their communities.
Navigating the grant application process may be overwhelming. You’ll need to stay updated with all the requirements and frequent changes. Don’t worry, though, Berry Virtual can assist in grant writing and other tasks.
3. Mentoring and Training
Many organizations offer mentoring and training programs tailored for women-owned businesses, covering business planning, financial management, marketing, and networking. These programs help women entrepreneurs develop skills, build connections, and access resources needed for growth.
Key programs include the SBA’s Women’s Business Centers, the National Association of Women Business Owners (NAWBO), and private initiatives like The Bank of America Center for Women Entrepreneurs. Berry Virtual supports clients in accessing these opportunities to promote business growth and economic inclusion.
- The SBA operates the Women’s Business Centers (WBC), where training, counseling, and other resources are provided for free or at a low cost. These centers are part of broader initiatives to support women's business ownership and have created a huge network available around the country.
- The National Association of Women Business Owners (NAWBO) provides mentoring and educational services for women-owned businesses.
- Private organizations are interested in community impact, and some have special programs in various areas. One example is The Bank of America Center for Women Entrepreneurs. The initiative was launched to support and empower women. The center provides access to resources, funding, and mentorship for women-owned businesses. With training programs, webinars, and events, the center is a go-to resource.
Berry Virtual can assist clients with navigating opportunities like these and more. The programs we listed above care to create a more diverse and inclusive economy by supporting women-owned businesses. They are a powerful driver of economic growth. Be sure to look into any that might be a fit for you!
4. Virtual Staffing: A Smart Growth Strategy
Today’s women-owned businesses are embracing virtual staffing to grow leaner, faster, and smarter. Virtual staffing offers flexible, on-demand solutions, whether you need an executive assistant, social media support, or someone to manage your invoicing. Companies like Berry Virtual specialize in helping female entrepreneurs scale efficiently by connecting them with college-educated, remote professionals across time zones.
At Berry Virtual, we understand the power of delegation. That’s why we believe virtual staffing isn’t just a trend, it’s a strategic advantage. If you’re feeling overwhelmed by admin, customer support, or marketing tasks, you don’t have to do it alone. Virtual staffing gives you time back, helping you focus on high-value work that grows your business.
Look for virtual staffing partners who provide talent, onboarding, performance tracking, and support so you can lead confidently.
5. Loans and Financing
At Berry Virtual, we can help you explore financing options and connect you with experts that best fit your business. Much like with grants, private funding can help women-owned businesses. Venture capital firms and loans offered by government agencies on a federal or local level are more available to women than ever before. There are also specialized loan programs designed for women-owned businesses, including government-backed loan options and private lending opportunities to help secure funding.
One service we especially like is Ellevest, the digital investment platform that aims to provide financial services specifically tailored to individuals and women-owned businesses. SheCapital is another service that could benefit women in business. Financing for women-owned businesses can be challenging because of the lack of access to traditional sources based on discriminatory practices. However, some investors are now particularly interested in funding women-led startups. A company can leverage these financing options, such as loans and venture capital, to support business growth and expansion.
It’s also worth mentioning that banks have specific funding programs for women-owned businesses. Some venture capital firms are partly or exclusively interested in investing in female-founded companies across all sectors and stages of development. Worth mentioning here are the Female Founders Fund, Belle Capital USA, and The Helm.
6. Networking opportunities
Some programs designed for women-owned businesses offer networking opportunities such as events and online communities. These help business owners connect with peers and grow their businesses. Networking is important for women-owned businesses because it helps create a fairer playing field and provides valuable support and resources in an often unequal business world. It can also open doors to new business opportunities, including access to contracts, leads, and alerts that can help your business grow.
Female business owners may face discrimination and bias, so networking offers a supportive and more equal environment. Through networking, you can also gain access to other benefits like funding that may not be widely advertised.
Women-owned businesses sometimes struggle to secure funding, and networking can connect you with the right investors. Building a support system of people you can rely on can help overcome challenges and reach your goals. Participating in networking events and communities offers many benefits, such as more resources, support, and new business opportunities. Berry Virtual is proud to be an inclusive employer that provides networking opportunities for both employees and clients.
7. Government contracts
The federal government has set aside certain contracts for small businesses, including those owned and controlled by women. These contracting opportunities are available specifically to women owned small businesses and woman owned businesses through federal programs. These contracts can provide significant revenue opportunities for women-owned businesses and help them establish themselves as government contractors. Federal procurement programs offer training, counseling, and other resources to help women-owned businesses compete for federal contracts. Those programs are designed to increase the participation of small businesses in the federal contracting process.
Certifications such as WBE certification and Women-Owned Small Business (WOSB) certification are essential for accessing these contracts. To qualify, businesses must meet specific ownership and management requirements, ensuring that women have majority ownership and control. Federal agencies and government entities often set aside contract awards for certified businesses, and the NAICS code is used to determine eligibility for industry-specific contracting opportunities.
While most benefits are tied to federal contracts, some opportunities may also exist in the private sector for certified woman owned businesses. The process of obtaining certification as a woman owned business can open doors to exclusive contracting opportunities, tax incentives, and business growth resources. Let us know if we can help you research the right government programs for you and your business.
8. Customers
Women-owned businesses can use their leadership teams as a unique selling point (USP). Female leadership can show an honest commitment to diversity and inclusion as it leads by example. For branding and marketing purposes, talking about your business as women-owned can be part of a compelling messaging strategy. A certification or highlighting the fact that the business is women-owned is a powerful message that resonates with many customers.
So, how does the information on this list actually help women-owned businesses? These points can help women to start and grow their businesses and to compete in the marketplace more effectively. Leveraging a women-owned brand can also help increase profit by attracting more customers who value diversity and inclusion, leading to greater financial success.
Berry Virtual prides itself on being committed to providing support and resources to help women-owned businesses succeed. Book a to learn more. We can’t wait to help you take your business to the next level!
Frequently Asked Questions (FAQ)
Are there specific tax breaks for woman owned businesses?
While there are no federal tax credits exclusively for being a woman-owned business, female business owners can access various tax deductions, credits, and incentive programs designed to support small businesses, including those tailored for women-owned enterprises.
What certifications can help women-owned businesses access government contracts?
Certifications such as Women’s Business Enterprise (WBE) and Women-Owned Small Business (WOSB) enable women-owned businesses to compete for exclusive federal contracts and access business development programs.
How can women-owned businesses qualify for grants and loans?
Women-owned businesses can apply for grants and loans offered by federal, state, and local governments, as well as private organizations. Eligibility often depends on business size, industry, and certification status.
Are there mentoring and networking opportunities specifically for women entrepreneurs?
Yes, many organizations, including the SBA’s Women’s Business Centers and the National Association of Women Business Owners (NAWBO), offer mentoring, training, and networking programs tailored to women entrepreneurs.
Can being a certified woman-owned business improve marketing and customer engagement?
Absolutely. Highlighting your status as a woman-owned business can enhance your brand’s appeal by demonstrating a commitment to diversity and inclusion, attracting customers who value these principles.
How can Berry Virtual assist women-owned businesses?
Berry Virtual offers expert assistance in navigating tax advantages, funding opportunities, certification processes, and virtual staffing solutions to help women-owned businesses grow efficiently and effectively.
