The Top Grants for Women Entrepreneurs & Startups
Grants for women entrepreneurs with small-businesses are basically free financing, when compared to small-business loans or business credit lines that will be required to be paid back. Naturally, competition for these small-business grants is quite aggressive and will take considerable effort & time to win. However, if you are up to it, the financial support for your business can be worth the trouble.
Generally, women that secure a loan will get a smaller amount compared to male borrowers. This implies that female business owners struggle to acquire credit, which is a requisite part of staying competitive in any industry.
The good news is that several corporations & lenders have recognized that female entrepreneurs are at a disadvantage, and have tried to mitigate the gender inequality that still plagues business lending by offering the following small grants for women.
There are many more grants and sources available than these, but this list should help you get start on the path to applying for business grants:
Federal Small-Business Grants for Women
Federal government grants given to small businesses are typically meant for specific purposes like development projects and research, or for small businesses in rural areas. Government grants disbursed also must usually be utilized for their intended purposes other than the day-to-day expenses or startup costs. Make sure you throughly check and understand any terms that obligate you to use grant money in a particular way.
Grants.gov
This database contains federally sponsored grants, which include small -businesses grants. To make an application, you will first have to get a DUNS (a unique nine-digit ID) number specifically for your business, through the U.S. government’s System Award Management site, register to be in business with the government and then create a Grants. gov account.
If you want to see small business grants, under ‘eligibility’ on the page’s left side, filter the results.
Small Business Technology Transfer programs and Small Business Innovation Research
These two programs are facilitated by the SBA, which offers grants to small businesses that give something back to federal development and research. A dozen federal agencies, including the departments of Health and Human Services, Defense and Agriculture, post these opportunities on their sites.
If you want to look up grant opportunities, go to SBIR official website. To be eligible, you must be operating a for-profit business with employees not exceeding and also satisfy other eligibility requirements.
The Girlboss Foundation Grant
Established in 2014 by Sophia Amoruso, this foundation disburses grants two times a year to female-identifying and female entrepreneurs.
Every grant recipient gets a $15,000 funding. The grants are exclusive to businesses run by females in fashion, arts, design, and music. Selections made will be judged according to business savviness and planning, creativity and innovation, and a show of genuine financial need.
Local & State Small Business Grants
Considering how small-business federal grants are limited and usually competitive, you can try your luck searching for grants at the municipal and state levels. You will have to research to find specific grant programs provided in your area. Here are places you can search:
Women’s Business Centers
The SBA offers sponsorships to around 100 Women’s Business Centers across the country to assist women entrepreneurs with access to capital and business development. Some like California Capital Financial Development Corp., directly lend out money, while others help you find small-business loans and grants that you might be eligible for.
Economic development administration
Each state and the majority of cities have economic development amenities aimed at developing strong local economies. For instance, the state of California has numerous economic development districts like the Superior California Economic Development District, which offers funding to local entrepreneurs.
Small Business Development Centers
There are several Small Business Development Centers sponsored by SBA nationwide, typically hosted at universities and colleges. SBDCs provide free-of-charge, one-on-one consulting services, including assistance with making a business plan, market research, and locating financing.
Private Small Business Grants for Women
The Amber GranT Foundation
Each month, The Amber Grant Foundation gives $4,000 to different female-owned businesses. Come the end of the year, one out of 12 grant winners is gifted with an extra $25,000. The application process is pretty much straightforward: Make a description of your business, explain what the grant money is intended for, and then pay an application fee of $15.
The advisory board of the foundation selects the winners. They look for strong women with a good story, and passion.U.S. and Canadian businesses are eligible.
Eileen Fisher Women-Owned Business Grant
Eileen Fisher gives up to 10 female-owned businesses a total of $100,000 every year. To qualify, women must be occupying at least 51% of leadership and ownership in the business, the business’ annual revenue must be less than $1 million, operational for a period not less than three years and must be a champion for social or environmental change.
FedEx Small Business Grant
FedEx gives out up to $25,000 separately to 10 small businesses each year. In 2017, the contest offered a prize pool of $120,500. The winners also get cash to use toward FedEx business services and Office print.
The application will generally need a description of your business, how the money will be used, business photos, and a short clip explaining what your business does(optional). To qualify, your business must be operating for-profit with less than 99 employees and operational for at least six months.
National Association for the Self-Employed
This trade association gives $4,000 each month in terms of growth to small businesses. They satisfy various business needs like advertising, marketing, and hiring employees.