Henderson, NV March 2, 2011 — The National Association For Moms In Business (NAFMIB), the leading association representing the fifteen million entrepreneur, executive and CEO moms in the United States is launching an innovative business grant using the internet phenomenon of “crowdfunding” to give mom business owners a better chance at launching a new business or current business project. It’s the first business grant competition to utilize crowdfunding.
"Crowdfunding" is a platform to raise money by attracting many small donations from a large group (friends, family, professional contacts) to meet a funding goal. "Backers" give contributions in exchange for rewards or perks offered by the grant applicant - rewards can be any product, service or experience to which the grant applicant has access.
The National Association For Moms In Business has partnered with peerbackers.com - a crowdfunding site dedicated to helping entrepreneurs fund their projects - to provide the grant’s crowdfunding technology platform. “We are tackling the # 1 pain point for millions of entrepreneurs – raising the capital they need to start or grow their business. Good business ideas don’t always attract the cash they need from traditional financing sources”, says Sally Outlaw, Co-Founder of peerbackers and mom of two. According to the SBA, Women own over 9 million businesses yet they receive the least amount of financing from traditional sources. Women traditionally own smaller types of businesses that don't meet financial assistance minimums of banks and venture capital firms.
“Moms In Business is giving a crowdfunding business grant rather than using the traditional grant-giving model for three reasons,” says founder and CEO of National Association For Moms In Business, Gina Robison-Billups, “We wanted to provide an innovative way to motivate moms to kick start or grow their businesses. In addition, it's an "everybody wins" scenario where all those that participate have the opportunity to raise money, create exposure and build a following for their business, and lastly, due to the promotional requirements to be successful via crowdfunding, it's a good way to identify those entrepreneurs who will go the extra mile to publicize and build their ventures therefore making them ideal candidates for our grand prize grant of $10,000 in business growth tools.”
The Moms In Business Grant is now accepting grant sign ups. Grant competitors must be a member of the National Association For Moms In Business.
Each grant competitor (whether they raise crowdfunding support or not) receives a hefty prize package just for participating.
Each grant competitor will receive:
• a half-page feature article about their business in Moms In Business Magazine,
• all the money they raise in the crowdfunding competition (less the processing fees),
• publicity on both peerbackers.com and momsinbusinessgrant.com
• and a publicity toolkit from PRNewswire valued at $2000
The grant’s crowdfunding competition runs from May 1st through June 15th. At that point, when the Crowdfunding competition portion ends, all grant applicants who raised 80% or more of their funding goal will move on to the semi-finalist round where a team of mom executives and entrepreneurs will judge each application on a point system to decide the $10,000 Grand Prize Grant Package winner.
More information about the grant can be found at momsinbusinessgrant.com or mibn.org.
About National Association For Moms In Business
The National Association for Moms in Business (NAFMIB) is the leading national association representing and serving the needs of 15 million entrepreneur, executive and CEO moms. NAFMIB’s outreach exceeds 500,000 moms in business every year. Founded on the core values of Growth, Balance, Wisdom, and Enrichment, NAFMIB programs offer free education, networking, support and advocacy for moms in business. NAFMIB is viewed as the national expert and recognized voice of the 15 million moms in business in the United States. Go to www.MIBN.org
peerbackers is a new way to fund entrepreneurs. It is an online funding platform that allows business owners to raise capital from their “peers” – in small increments – in exchange for tangible rewards to those who contribute. It was founded by Sally Miller Outlaw and Andrew Rachmell of Palm Beach County, Florida.