Securing funding for your business is crucial, and for women entrepreneurs, business grants can be a valuable resource. Unlike loans or debt-based funding, grants provide financial assistance that does not require repayment. However, winning these grants can be competitive and time-consuming. Nevertheless, for those willing to take on the challenge, grants offer an excellent opportunity to fund your business. Here is a comprehensive list of places where women entrepreneurs can explore small-business grants and other financial resources:
Federal government small business grants For women Entrepreneurs
Accessing federal government grants for women-owned small businesses is a significant opportunity to secure funding for various purposes. While these grants often have specific requirements and restrictions, they can provide valuable resources for business growth and development. Let us explore two key federal government small-business grant programs for women and how entrepreneurs can benefit from them:
Grants.gov
Grants.gov serves as a comprehensive database of federally sponsored grants, offering a wide range of funding opportunities for businesses, organizations, and individuals. While not exclusively designated for women-owned businesses, Grants.gov is an excellent starting point for accessing free financing from the federal government.
To apply for grants through Grants.gov, businesses must first obtain a Unique Entity ID, a 12-character alphanumeric identification number assigned to each entity conducting business with the U.S. government. Next, businesses need to register with the System for Award Management (SAM) website to do business with the federal government. Finally, creating an account on Grants.gov allows businesses to search for and apply to grants that match their specific needs and eligibility criteria.
Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs
Administered by the U.S. Small Business Administration (SBA), the SBIR and STTR programs are competitive grant programs designed to support small businesses engaged in federal research and development (R&D) projects. These programs aim to stimulate technological innovation, foster small business growth, and address federal research priorities across various agencies.
Eleven federal agencies, including the Department of Agriculture, Department of Defense, and Department of Health and Human Services, participate in the SBIR and STTR programs, each offering grant opportunities tailored to specific research areas and objectives. Women-owned small businesses can explore grant opportunities relevant to their industries and expertise by visiting the SBIR website or individual agency websites.
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To qualify for SBIR and STTR grants, businesses must operate as for-profit entities with no more than 500 employees. Additionally, they must meet other eligibility requirements outlined by the participating federal agencies, such as demonstrating technical feasibility, commercial potential, and alignment with agency mission goals.
Private Small-Business Grants for Women
IFundWomen Universal Grant Application Database: IFundWomen acts as a grant marketplace, facilitating funding and coaching for women-owned businesses. By submitting one application, businesses can match with grant criteria from enterprise partners like Visa, Neutrogena, and American Express.
Amber Grant: WomensNet awards three $10,000 Amber Grants monthly to women-owned businesses. These grants cater to startups, businesses in rotating categories (such as sustainability or mental health support), and general small businesses. Additionally, annual grants of $25,000 are awarded to monthly winners.
HerRise Microgrant: Offered by the Yva Jourdan Foundation, HerRise Microgrants provide $1,000 monthly grants to businesses that are at least 51% woman of color owned with less than $1 million in gross revenue.
Corporate Counsel Women of Color Entrepreneur Grant: This grant is available to businesses operational since January 1, 2020, offering $2,500 grants to five selected businesses on a rolling basis.
Fund Her Future: Block Advisors by H&R Block offers a $50,000 grand prize and $12,500 to four additional businesses. Winners also receive a year of free small business services. Eligibility requires at least 51% woman ownership.
BMO Celebrating Women Grant Program: Presented by BMO Bank and Deloitte, this program grants $10,000 to fifteen female entrepreneurs in 24 states. Eligibility requires at least 51% women ownership, two years of operation, and annual revenue below $5 million.
Dream Makers Founders Grant: Collaborating with the Fifteen Percent Pledge, this grant offers $25,000 to five female small-business owners meeting specific criteria such as revenue and ownership percentage.
Galaxy Grant: Presented by Hidden Star, this program offers $2,750 grants to women and minority small business owners. The application deadline is June 30, 2024.
Women Founders Network Fast Pitch Competition: This competition offers $25,000 grants to U.S. businesses led by women, with a maximum raised capital threshold.
Giving Joy Grants: These microgrants, ranging from $250 to $500, are available for women over 18. The grants can be utilized for launching new businesses, expanding existing ones, or supporting nonprofit initiatives. With two application windows each year, women entrepreneurs have multiple opportunities to access this funding and bring their ideas to life.
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She’s Connected by AT&T: Open to U.S.-based women-owned businesses with fewer than 51 employees, offering a $50,000 grand prize and $5,000 microgrants to four runners-up.
Her Village Grant: Offered by the Boundless Future Foundation, Her Village Grants provide significant funding ranging from $5,000 to $30,000 for nonprofits supporting female entrepreneurs. These grants empower organizations dedicated to advancing women in business by offering resources, mentorship, and networking opportunities. By nurturing a supportive ecosystem, Her Village Grants contribute to the long-term success of women-owned enterprises.
EmpowHER Grants: Designed for female small-business owners over 22 years old, EmpowHER Grants offer reimbursement grants of up to $25,000 for business-related expenses. Whether it is investing in equipment, marketing efforts, or operational costs, these grants provide crucial financial support to help women-owned businesses thrive. Applications are accepted quarterly, providing flexibility for entrepreneurs to apply at their convenience.
StartHer Grant: Another initiative from Texas Woman’s University, the StartHer Grant awards $5,000 to 25 Texas-based businesses with at least 51% women ownership. This grant program encourages women to pursue entrepreneurship and provides the necessary capital to launch or grow their ventures. By investing in women-owned businesses, StartHer fosters economic growth and creates opportunities for female entrepreneurs to succeed.
Cartier Women’s Initiative Awards: Recognizing the innovative spirit of women entrepreneurs, the Cartier Women’s Initiative Awards offer substantial grants of $100,000, $60,000, and $30,000 to early-stage women-owned businesses worldwide. Beyond financial support, winners receive executive coaching and training workshops, empowering them to scale their ventures and make a meaningful impact in their industries. This prestigious award program amplifies the voices of women leaders and fosters a culture of entrepreneurship and excellence.
Pennsylvania / New Jersey Job Creators Grant: Founders First CDC’s Job Creators Grant provides $4,000 grants to small businesses in Pennsylvania and New Jersey, prioritizing women, veterans, people of color, LGBTQ+ entrepreneurs, and those in low-to-moderate income areas. By targeting underrepresented groups, this grant program promotes diversity, equity, and inclusion in the entrepreneurial ecosystem, fostering economic empowerment and community development.
Texas Rural Woman Grant: Hosted by Texas Woman’s University, the Texas Rural Woman Grant supports women-owned small businesses in rural areas of Texas. With the application window opening from May 28 to July 5, 2024, this grant program addresses the unique challenges faced by rural entrepreneurs, such as limited access to resources and markets. By providing financial assistance and support services, the grant empowers women to overcome barriers and thrive in their local communities.
Olga Loizon Foundation Grant: Michigan-based women small-business owners can receive grants of up to $10,000 through the Olga Loizon Foundation. By demonstrating financial need and presenting a comprehensive business plan, women entrepreneurs can access vital funding to fuel their business endeavors. This grant program honors the legacy of Olga Loizon, a pioneering businesswoman, and supports the next generation of female leaders in Michigan’s entrepreneurial landscape.
Ignite: A WBDC Grant: Connecticut businesses with at least 51% women ownership may receive grants ranging from $2,500 to $10,000 through the Ignite program. These grants aim to accelerate business growth and profitability by providing financial resources tailored to the needs of women-owned enterprises. By investing in women entrepreneurs, the WBDC fosters economic resilience and innovation in Connecticut’s business community.
Southern California Job Creators Grant: Founders First CDC offers $5,000 grants to small businesses in select counties in Southern California, with a focus on women, veterans, LGBTQ+, people of color, and low-to-moderate income areas. By targeting underserved communities, this grant program promotes economic equity and supports diverse entrepreneurs in realizing their business goals. Through financial assistance and business development resources, the Southern California Job Creators Grant empowers women to thrive in the competitive business landscape.
Brown Girl Jane x SheaMoisture Grant: Presented by SheaMoisture and Brown Girl Jane, this grant targets Black and women-owned businesses in the wellness and beauty sector. The grant offers funding ranging from $10,000 to $25,000. Applications for the upcoming cycle are set to open in fall 2024. This initiative aims to empower and uplift women of color within the beauty and wellness industry, providing financial resources to support their ventures.
Publish Her Business Impact Grant: In partnership with Publish Her, an independent publisher, and BankCherokee, this grant supports businesses that are 100% owned by women of color. To be eligible, businesses must have been established for at least one year and generate a minimum of $50,000 in revenue. The selected recipient will be awarded a $5,000 grant. While the application window for the 2024 cycle has not been announced yet, this program underscores the importance of fostering diversity and inclusion within the entrepreneurial landscape.
Women of Color Grant Program: The Women of Color Grant Program, organized by the Tory Burch Foundation and the Fearless Foundation, offers substantial financial support to 75 businesses owned by women of color annually. Grants range from $10,000 to $20,000, providing vital funding to fuel growth and innovation. Although the application submission window for the 2024 cycle has not been announced, this initiative reflects a commitment to empowering women of color in business and addressing systemic barriers they face.
Alternative Funding Beyond Traditional Grants
Exploring alternative funding options is crucial for women-owned businesses seeking financial support beyond traditional grants. While grants can be competitive and time-consuming to secure, there are several alternative avenues available to fund your business endeavors. Here are some viable alternatives to consider:
Best Small-Business Loans for Women: Small-business loans offer a flexible and reliable source of funding for women-owned businesses. Comparing different loan options, including those offered by the Small Business Administration (SBA), online lenders, and traditional financial institutions, allows you to find the best fit for your business needs. SBA loans, such as 7(a) loans or CDC/504 loans, provide favorable terms and government-backed guarantees, making them accessible to women entrepreneurs. Online term loans, lines of credit, and microloans also offer competitive rates and convenient application processes, catering to businesses of various sizes and industries.
Crowdfunding for Business: Crowdfunding platforms harness the power of the internet to raise capital from a large pool of individual investors or backers. By creating compelling campaigns and promoting your business’s products or services, you can attract financial support from supporters worldwide. Platforms like Kickstarter, Indiegogo, and GoFundMe enable women entrepreneurs to showcase their innovative ideas and engage with potential backers through crowdfunding campaigns. Crowdfunding offers an opportunity to validate business concepts, generate buzz, and secure pre-orders or investments without incurring debt or giving up equity.
Small-Business Credit Cards: Small-business credit cards provide a convenient and accessible means of financing everyday business expenses while earning rewards or cash back on purchases. Comparing different credit card options allows women-owned businesses to find cards with favorable terms, low interest rates, and rewards programs tailored to their spending habits. Small-business credit cards offer flexibility in managing cash flow, tracking expenses, and building credit history, making them a valuable financial tool for entrepreneurs seeking to grow their businesses.
SBA Microloans: SBA microloans, facilitated through nonprofit financial institutions, offer small, short-term loans to women-owned businesses and other underserved entrepreneurs. These government-backed loans provide capital for startup costs, working capital, equipment purchases, or inventory financing. Microloans typically range from a few thousand dollars up to $50,000, with favorable interest rates and repayment terms. Working with SBA-approved microlenders, women entrepreneurs can access the capital they need to launch or expand their businesses while receiving valuable business counseling and support services.
Exploring these alternative funding options empowers women-owned businesses to access capital, fuel growth, and achieve their entrepreneurial goals. By considering small-business loans, crowdfunding, credit cards, and microloans, women entrepreneurs can find the financial resources they need to succeed in today’s competitive business landscape.