Who Qualifies for Business Continuity Planning in Ohio
GrantID: 73080
Grant Funding Amount Low: $1,000
Deadline: Ongoing
Grant Amount High: $1,000
Summary
Grant Overview
Business Continuity Planning for Female Entrepreneurs in Ohio
Ohio's volatile economic climate poses unique challenges for female entrepreneurs, particularly those from marginalized communities. According to the Ohio Development Services Agency, nearly 40% of small businesses in the state do not survive past five years due to inadequate contingency planning. The need for robust business continuity strategies is especially critical for women of color entrepreneurs in Ohio, who often operate small enterprises with limited resources to weather economic storms.
Women of color business owners in Ohio, particularly in metropolitan areas such as Columbus and Cleveland, face operational vulnerabilities that are exacerbated by systemic inequities. Census data indicates that while women-owned businesses make up 40% of all small businesses in Ohio, women of color own merely 20% of these, highlighting a disparity in ownership and access to support. This initiative seeks to address those disparities by focusing on risk management and operational resilience.
The funding program will provide workshops tailored specifically to women of color entrepreneurs, focusing on essential aspects of business continuity planning, including risk analysis, financial forecasting, and crisis management. Participants will gain the knowledge necessary to develop plans that will allow them to respond effectively to unexpected disruptions, whether they be economic downturns or public health crises.
By improving operational resilience, the initiative aims to minimize business closures and loss of revenue for women-owned enterprises in Ohio. This is particularly crucial given that the SBA reports that small businesses employ nearly half of Ohio's workforce. Ensuring the survival and growth of these businesses contributes not just to individual entrepreneurial success, but also to the overall economic health of Ohio.
Furthermore, the program will include mentorship opportunities that connect participants with experienced business leaders who can offer guidance and support through challenging times. By building a network of resilient women entrepreneurs, Ohio can foster a more robust small business ecosystem that thrives despite external pressures. The focus on business continuity planning will serve as a springboard, empowering women of color entrepreneurs to navigate uncertainties with confidence and strategic foresight.
Eligible Regions
Interests
Eligible Requirements
