Next by Kim Mercado
When starting a small business, there is one thing you need more than anything else. It’s money. But getting money to fund a business is challenging for women, especially women of color.
Women continue to pursue more venture capital, but have only 2% of the total capital invested in US venture-backed startups
To raise money for a new business, women need to see multiple fundraising instruments. One opportunity is SME grants for women, which can be overlooked by traditional loans and credit lines.
What are women’s business grants?
Business grants provide you with money to set up or grow your business, and you don’t have to pay it back. Free money – isn’t it?
Grant opportunities differ from business loans as they do not have to pay back the business loan. We do not deal with lenders or collection schedules.
The downside is that it is more difficult to qualify for business grants than small business loans. You will need to prepare to enter some tasks into the grant application form.
However, if you are a woman starting a new business, it may be much easier to qualify for a dedicated grant for women.
Grants to federal women
The federal government offers several grant programs to small business owners. Most of them are for all small business owners, not just women, but they are still worth checking out.
grants.gov
grants.gov is a huge database of government grants spanning over 20 federal agencies. Though not exclusive to small and female-owned businesses, you can use keywords and filters to search for federal grants that are right for your business.
To apply for a grant, you need a unique Entity ID Identifier (UEI) – a unique 12-character business identification number (previously, you had to provide a DUNS number). You will also need to register your business with the federal government and create an account on the grants.gov site.
SME Innovation Research and SME Technology Transfer Program
Typically, Small Business Management (SBA) does not provide grants to start or expand your business. However, it offers several grants to businesses involved in medical or scientific research through its Small Business Innovation Research (SBIR) and Small Business Technology Transfer (SBTT) programs.
Empower to Grow Program
This is more of a training program than a straight grant award. However, the program is unique as it is designed to help small business owners get back on track quickly on government contract opportunities. Better yet, the federal government’s goal is to award at least 5% of its contracted dollars to women-owned businesses each year.
State and local grants
Small business grants can be difficult to obtain at the federal level. Often, at the state or local government level, there is an increased opportunity for funding at the state and local government levels, specifically designed for women entrepreneurs.
US Economic Development Bureau
All states have economic development resources funded by the Economic Development Authority (EDA). They often subsidize because they want the local economy to be successful. For example, California Small Business Advocacy Office (Calosba) helps economic growth and innovation across the state.
Small and Medium Enterprise Development Center
The Small Business Development Centre (SBDC) offers free business consulting, training and fundraising assistance for your business. SBA-sponsored centres help entrepreneurs find support and counseling in their area.
Women’s Business Centre (WBC)
Operated by SBA, there are 168 women’s business centres nationwide, which will help you learn how to manage your business and find more funds. Resources are often free or low cost. Some WBCs lend money to female entrepreneurs, while others help owners find eligible grants and loans.
Private Business Grants for Women
These are business grants for women funded by private organizations and businesses. Some of the best private grants for women starting a business include:
Amber Grants for Women
It was named in honor of Amber Wigdahl. He passed away at a young age before he could realize his business dream.
A $10,000 grant to female entrepreneurs. (Amber Grant) A $10,000 grant to businesses during the “idea” stage. (Startup Grant) A $10,000 grant to monthly business-specific set categories. (Business-specific grants)
Business Categories for Business Specific Grants
For business-specific grants, there are 12 business categories that you can qualify for. If your business falls into these specific business categories, you will automatically be eligible (once a year). Each year, one of these 12 victory business categories is given an additional $25,000 grant.
All businesses selected for one of the three monthly $10,000 grants will automatically be eligible for the end of the 3 year Amber grant ($25,000).
Above all, the application process is rather simple. All these different grants are considered, just fill out one application.
Ifundwomen Universal Grant Application Database
Ifundwomen is a funding platform for women entrepreneurs that provides access to capital through crowdfunding and business grants. They offer a variety of grants, including business partnerships and crowdfunded grants. You can check active grants and eligibility requirements.
Their Universal Grant Application Database is unique and provides grant opportunities directly. When you submit an application, it will be added to the database. Then, when Ifundwomen broke the grant, they match the grant criteria to the database.
If you meet the criteria of the program, they will notify you and encourage you to apply. You will not spend any more time on your application to know that you have not read fine prints and are ineligible.
Tory Burch Foundation
American fashion label Tory Burch has a charity called the Tory Burch Foundation, which grants grants to female entrepreneurs. There are two grant routes. Women in their fellowship program and color grant program.
Fellowship Program: Fellows participate in a one-year program featuring virtual educational programming, an option to attend in-person events, and a trip to New York for a five-day workshop. Recipients will also receive a $5,000 grant for business education.
The Tory Burch Foundation is also partnering with the America Capital Program to help increase access to capital through affordable loans.
Cartier Women’s Initiative
The Cartier Women’s Initiative offers women’s fellowship programs with community award recipients ranging from $100,000 or $30,000 to $30 each year and grants ranging from $30. It also provides executive coaching, peer learning sessions, group workshops, networking opportunities, and other educational resources to help develop and support your business needs.
Additionally, the Cartier Women’s Initiative will award grants on several subjects.
The Pioneer Award in Science and Technology. The award is the same as the regional award. It costs between $100,000 and $30,000. Diversity, Equity and Inclusion Awards. The award has not been disclosed and is open to men.
Women Founders Network (WFN)
The Women Founders Network (WFN) is a non-profit organization that provides entrepreneurship and investment education to women and girls. Their fast pitch competition offers mentoring, coaching and sponsorship as part of the entire program. Aside from the $55,000 or more cash grants available for distribution, you pay to hone your pitch skills as there is a possibility of cash investments from investors participating in the event.
Digitalundivided Breakthrough Program
Digitalundivided is a nonprofit organization focusing on economic growth in black and Latino communities through women entrepreneurs. In partnership with JPMorgan Chase’s advance black pathway, they launched a breakthrough program. Upon completion of the program, each company accepted into the program will receive a $5,000 grant to invest in the business.
The program is locally based and accepts cohorts from various cities. Check their website and social pages for information about the cities they will come next.
BGV pitch program
Do you have any business ideas? Black Girl Ventures hosts hybrid pitch programs that coach entrepreneurs, host pitch competitions and connect founders to a network of experts to add support. They have several different pitch programs that allow applicants to win grants and scholarships.
Mom’s Ladder
Mama Ladder’s High Five Grant program has been helping Mama Business Owners grow since 2018. The company aims to grant more than $70,000 to female business owners and provide a $1 million grant by 2033.
Empowerher Fund
The grant is aimed at women-led organizations that benefit women and girls in New York City. Each quarter, they are awarded to a $1,000 business.
Micro Grants for Women Owned Businesses
Galaxy Grants
Hidden Star is a nonprofit dedicated to supporting minorities and female entrepreneurs across the country, offering Galaxy Grant. Participants will have the opportunity to win a grant of $2,450.
Kitty Fund Mompreneur Business Grant
Created in honor of Mother’s Day and the mother of founder’s first CEO, Kim Folsom, the Kitty Fund has made trace investments in mothers who run employer-based small businesses. Total of $25,000, the program will grant “Mompreneurs” in the form of a $1,000 micro grant.
Helis Microgrant
Herrise Microgrants are each worth $1,000 and are open to women in colour entrepreneurs. Winners are selected monthly.
Fun basics
The Enthuse Foundation offers a variety of financial awards to help entrepreneurs with critical business needs. They each offer 10 micro grants worth $2,500.
Give a joy grant
Giving Joy Grants is a one-time microgrant (up to $500) for entrepreneurs. Women over the age of 18 are eligible to apply from any country around the world.
Additional grants and resources
These grants are not for women only, but may be useful for small business owners.
Halstead Grant
Halstead’s grants are exclusively for both female and male jewellery industry people.
Designed to help jewelry entrepreneurs kickstart their careers, the winner will win $7,500 in grant money plus $1,000 for Halstead Jewelry Supplies. It can be used for early stage businesses that have been open for 3-5 years.
Self-Employment Growth Subsidy Association
The National Association of Self-Employment (NASE) awards growth to members of the organization. It is open to small business owners, both women and men. Winners receive $4,000. This can be used for marketing, advertising, employee employment, facility expansion, and other specific business needs.
FedEx Small Business Grant Contest
Global delivery company FedEx has a Small Business Grant Program. Awards 10 US-based businesses with grants of up to $50,000 and up to $4,000 in FedEx Office Print and Business Services. One business will receive the $50,000 grand prize, while some second prize recipients will win $20,000 in a prize pool totaling over $300,000.
How can I get a business grant for women?
When applying for a business grant for women, you can take steps to increase your chances of success.
Please read the application requirements carefully. Choose a grant that you really suit your business. That way, don’t waste applications for grants that are unlikely to receive. Do not skip the documents that your application requests. Also, do not delay application deadlines. Prepare a clear business plan. Explain exactly what your business is doing and how grants can help. Try to be as detailed as possible. Bring external experts, such as accountants and business advisors. It would be great to have experts in your team. Make sure you have all the licenses required for your business. Make sure you have valid business insurance. It shows you are responsible and trustworthy.
This story was created by Next, reviewed and distributed by Stacker.
