Starting and running your own business can be a costly endeavor. If you identify as a woman, there are various financial options available to you. Here, we’ll see some of the grants available for women starting a business.
What are Business Grants for Women?
Grants are one technique used to try to level the playing field for women-led or women-owned enterprises. Grant programs for women starting a business have been developed by federal agencies such as the Small Business Administration (SBA) and private organizations, ranging from CEOs and founders of technology companies to proprietors of Main Street stores and restaurants. These are corporate and federal grants for women in business, sometimes generated through public-private partnerships.
Private Grants For Women Starting A Business
Private groups are frequently the most direct approach to obtain cash if you want to apply for a grant. Foundations, companies, and individuals sponsor privately financed grants, and many of them specifically target female applicants. Here are some private grants for women starting a business:
#1. Amber grants
These monthly awards are named after entrepreneur Amber Wigdahl, who died at the age of 19 before completing her entrepreneurial goals. Amber grants include $10,000 monthly rewards, as well as two $25,000 end-of-year awards to previous monthly winners.
#2. IFundWomen Grant
IFundWomen is a website where female entrepreneurs may find finance for their businesses. The database contains a variety of grant opportunities with various eligibility requirements, funding amounts, as well as deadlines. The system determines which grants a business is qualified for using the data it has provided and the partner’s grant criteria, and it notifies the business owner of its findings.
#3. The National Association For The Self-Employed (NASE)
All small business owners, not only women, are eligible for NASE grants. Applicants must be current members of this organization. Growth Grants are provided up to $4,000 per firm. Grants cannot be used to pay off debts, rent, or mortgages; recipients must keep detailed records of how they spend the funds.
#4. Freed Fellowship Grant
The Freed Fellowship provides applicants with the opportunity to receive $500 in money, free mentorship, and entry into a $2,500 end-of-year raffle. The organizer will assess your application and select beneficiaries who can articulate their company’s distinct selling point in the market as well as how it produces income.
Award winners also receive a complimentary one-year membership to the Freed Studio, a community of small businesses that support one another in their processes and strategies.
#5. HerRise Micro-Grant
The Yva Jourdan Foundation, a HerSuiteSpot non-profit, is offering the HerRise Micro-Grant. Donors and sponsors provide funds to this group, which assists women of color entrepreneurs in need of funding, mentoring, and community. Every month, one female company owner of color receives a $1,000 micro-grant. Previous beneficiaries have utilized their grants to acquire company equipment, marketing, website development, and other services.
#6. Atomic Grant
The Passion Collective, a network that encourages professional women to discover their passion and purpose, awards the Atomic Grant to female entrepreneurs who are passionate about improving their lives and the lives of others. Each winner will receive a $1,500 award, coaching, and a free year subscription to Passion Collective On Demand, which will provide them access to all virtual and in-person events, coaching sessions, private networking, and other benefits.
#7. You Glow Girl Woman Entrepreneur Grant
Eat Me Guilt Free, a range of health food products, is offering the You Glow Girl Women Entrepreneur Grant. The initiative, which was launched in 2021, provides a $10,000 stipend to one female entrepreneur to help her grow her business. A one-year supply of Eat Me Guilt Free products, mentoring from Cristie Besu, creator and CEO of Eat Me Guilt Free, and a physical health and wellness product are among the additional prizes.
#8. Galaxy Grant
The Hidden Star organization developed the Galaxy Grant program. The program’s goal is to ensure the development of women and minority entrepreneurs by offering a $2,500 prize to the winner. When you suggest a friend, your odds of winning are doubled because you win as well if your friend wins.
#9. The Halstead Grant
The Halstead Grant is available to silver jewelry designers, with one excellent recipient selected each year. The grant is intended to help jewelry makers advance in their careers. The top prize winner receives a $7,500 grant and is highlighted on The Halstead Grant website. Each finalist is given a cash prize as well as a Halstead gift card.
#10. Cartier Women’s Initiative
Women selected for a regional prize from Cartier Women’s Initiative can get up to $100,000 in cash assistance as well as other types of support, such as media exposure, access to an exclusive network of other female entrepreneurs, and rigorous training sessions.
To be qualified, enterprises must be owned by women, be for-profit, generate money, and be in the early stages of development (years one through six of operation).
#11. Women of Color Grant Program
The Tory Burch Foundation provides finance to small businesses, including in collaboration with the Fearless Fund for Black Women Small Business Owners. The Fearless Fund awards up to 75 grants every year ranging from $10,000 to $20,000. Businesses must be one to five years old and earn at least $100,000 in yearly revenue to qualify.
#12. Enthuse Foundation
The Enthuse Foundation awards a $10,000 major prize and a $5,000 runner-up prize to women entrepreneurs in the food, beverage, or CPG industries. Enthuse will also provide marketing assistance to the winners to help them build their enterprises. Businesses must be at least 51 percent female-owned and have been in existence for fewer than four years to be eligible. Furthermore, revenue cannot exceed $500,000.
#13. Fearless Strivers Grant
The Fearless Fund launched the Fearless Strivers Grant in conjunction with MasterCard to expand access to venture capital investment for small firms. Four black women-owned small businesses will get a $20,000 award, as well as digital tools and mentorship to help them develop. Applicants must have a yearly sales of $3 million or less.
#14. High Five Grant for Moms
In 2018, The Mama Ladder, in collaboration with Proof, Belly Bandit, and Caden Concepts, created the High Five Grant for Moms. The purpose was to provide a way for women company owners who are caregivers, such as stepmothers, first-time expecting mothers, and foster mothers, to acquire finance to establish and extend their enterprises. To date, $32,000 in grants have been distributed, with an additional $40,000 to be distributed this year. Eight small enterprises will be chosen, and the public will vote for the top three, who will each get a $10,000, $5,000, or $2,500 grant.
#15. Backing the B.A.R. Grant
The NAACP and Bacardi are partnering to provide the Backing the B.A.R. Grant to Black-owned businesses in the hospitality, sales, and beverage alcohol service industries. This initiative has so far granted more than $350,000 in grants, assistance, education, assistance, and entrepreneurship solutions. A $10,000 award, mentorship, and educational support are provided to black female proprietors of bars, lounges, restaurants, liquor stores, and nightclubs.
#16. Comcast Rise Grant
The Comcast Rise Grant is part of a Comcast commitment to assist the growth of small businesses focusing on diversity, inclusivity, and community investment by distributing 500 $5,000 grants to 100 businesses in five cities. In addition, winners will receive business consulting and mentoring, educational materials, creative media services, and a technology makeover. Businesses must be at least three years old and have no more than 100 part-time or full-time employees. Certain sorts of organizations, such as NGOs and tobacco/vape merchants or makers, are not eligible.
#17. Beyond Open Small Business Grant
The Beyond Open Small Business Grant gives money to firms in Charlotte’s Corridors of Opportunity that are owned by a woman, minority, veteran, LGBTQ+ individual, or persons with a handicap. The Wells Fargo Open for Business Fund and FFTC Partners for Empowering Communities (FPEC) are supporting this particular program, which aims to award a total of $15 million in grants, $5 million each round, with Round 2 winners receiving between $10,000 and $150,000 per grant. Funds can be used to cover the costs of goods, real estate, equipment, and technology, but they cannot be used to cover the costs of running the firm.
Other Grants For Women Starting A Business
There are numerous grants and funding resources available to female entrepreneurs. They are often open to small firms. Consider the following:
#1. Challenge.gov
The United States maintains Challenge.gov. GSA stands for General Services Administration. It is where government agencies seek assistance from small enterprises in resolving public challenges. The prizes are similar to grants. They necessitate a lengthy application process, but the rewards can be well worth it.
#2. FedEx Small Business Grant
FedEx’s grant program gives $250,000 in grants to small-business owners around the country each year. The FedEx Small Business Grant is not limited to female entrepreneurs, although it encourages female small-business owners to apply.
If you look at the grant’s history, you’ll notice that the first prize winner of the FedEx Small Business Grant was a woman. Nicole Snow, Founder and CEO of Darn Good Yarn, used her 2013 prize money to expand her yarn manufacturing company. FedEx’s grant program gives $250,000 in small business grants to small business owners around the country each year.
Each year, twelve winners are chosen, including:
- FedEx services worth $7,500 and a $50,000 grant
- One award of $30,000 and $5,000 in FedEx services
- 10 grants of $15,000 each, plus $1,000 in printing services
#2. Idea Cafe
The Idea Cafe website has a wealth of information for entrepreneurs. It also provides a $1,000 stipend to small businesses each year. While applications are not restricted to women, the majority of prizes have gone to female business owners.
#3. National Association for the Self-Employed (NASE) growth grants
The NASE is a charitable trade organization. Small-business owners, regardless of gender, have access to grants and scholarships through NASE in exchange for a $120 yearly membership. Multiple $4,000 grants are given to small firms that can demonstrate a clear business need for funds to help them develop and flourish.
#4. Small Business Innovation Research (SBIR) program
The SBIR, which is funded by the U.S. The Small Business Administration invests government monies in small enterprises engaged in R&D with commercial potential. Grants start at $150,000 and can go up to $1 million.
There are strict eligibility requirements because there are as many as 12 federal agencies that grant the grants. Businesses must be for-profit, have fewer than 500 employees, and be at least 50% owned by US citizens.
#5. USDA Rural Business Enterprise Grant Program
Federal grants from the U.S. The United States Department of Agriculture (USDA) assists with the growth or expansion of small companies in rural areas. They are not just for ladies. The grants range between $10,000 and $500,000.
Eligibility requires 50 or fewer employees, less than $1 million in income, and location in an eligible rural area. Once a year, applications are accepted through the USDA Rural Development state offices.
How to Locate Grants for Women Starting A Business
Each award is unique and has its own set of conditions. To find small-business grants for women, follow these steps:
#1. Begin your research
Obtaining information is the first step in locating a small-business grant. Look through government databases such as Grants.org to uncover solutions that might work for you. To learn about alternative opportunities, reach out to your small-business contacts or a local government organization.
#2. Check your eligibility
You may be eligible for a specific set of grants based on the age, location, size, and nature of your firm. Before applying, carefully read and understand the requirements of each program to ensure you are eligible.
#3. Submit applications
Applying for grants might be time-consuming, but the result may be worthwhile. Make time to apply for grants and keep track of deadlines. Also, sending in quality applications on time will make you appear capable and professional.
#4. Keep track of your progress.
List the grants you’ve applied for and any deadlines in a spreadsheet or notepad. Keep track of the responses you receive from the organizations, as well as any criticism or requests for additional information. Keeping track of your progress can help you stay focused and motivated throughout the application process.
How Do Grants Work?
A grant is a non-repayable gift given to an individual or company. Grants often have three phases: pre-award, award, and post-award. Federal, state or regional, corporate, specialized, and startup grants are the five basic categories of grants for small enterprises.
Is There A Way To Start A Business With No Money?
Consider a service sector business if you want to start a business with no money. Here are some modest business ideas to get you started. You can work as a freelance writer for a range of businesses and publications.
What Business Should I Start As A Female?
Ecommerce is a popular female-owned company concept. With Shopify, you can create an online store in a matter of minutes and sell anything from clothing and jewelry to kitchen equipment. And one of the simplest locations to promote your online store and gain more eyeballs on your stuff is social media.
Do You Have To Pay Back A Grant For A Small Business?
Grants do not need any type of payback. They are an appealing choice for entrepreneurs and small or internet enterprises who have limited funds for growth or expansion.
In Conclusion
Small business grants can help business owners grow and expand without the added stress of repaying funds with interest. Grant money might be a terrific method to get operations started if you can wait for funding and have a compelling company concept or story.
Before applying for a grant, be sure you understand the eligibility requirements. These funds frequently have certain criteria and qualifications.
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