Many businesses’ success depends on raising finance. To get business finance and capital, women-owned firms confront unique hurdles. Although women controlled over 40% of firms in the US by 2019, almost 99% of new venture money went to male founders in 2020.
Women entrepreneurs face more challenges than males in obtaining business financing. According to the Federal Reserve’s 2021 Small Business Credit Survey, just 12% of women-owned firms received the entire amount requested by lenders, compared to 14% of male-owned enterprises. In addition, 80% of female company owners and 80% of male business owners sought Covid-19 assistance funds under the Paycheck Protection Program (PPP).
Women’s business grants might be considered when business loans and equity capital are scarce. Business grants are competitive, but you might get a tax-free financial injection for your firm if you qualify.
Here are 11 popular female business grants.
1. Grants.gov.
Grants.gov is an excellent place to start searching for business grants for women. The website lists federal funding for both women and men. You may also search the database for grants targeted to women entrepreneurs.
Process of Use
First, create a Grants.gov Workspace account. After that, you and your team may amend and finish individual grant applications from the database.
Before you start applying for grants, be sure you or your company qualify. Every funding opportunity on Grants.gov has specified qualifying criteria.
2. Girlboss Foundation Grant
The Girlboss Foundation supports female entrepreneurs. To be eligible for semi-annual funding, you must be a woman-owned firm in the arts, design, music, or fashion sectors.
The award winners get $15,000 for their initiatives. They may also profit from Girlboss.com’s marketing tools like newsletters and social media.
Process of Use
Girlboss gives scholarships to innovative women entrepreneurs twice a year, totaling $130,000 since its inception in 2014. Applying is explained on Girlboss.com.
3. Grant, Amber
Amber Wigdahl died at the age of 19 before she could realize her entrepreneurial goals. WomensNet created the Amber Grant program in 1998.
WomenNet later extended its program to include:
- Marketing
- Various company types
- Grants ($10,000/month) and ($25,000/year)
Every month, the group grants at least $35,000 in grants. Selected women-owned enterprises are eligible for assistance.
Process of Use
Amber Grants applications are online. A single application qualifies you and your company for all awards. Every month, the organization examines the submissions and notifies the monthly grant recipients by the 23rd.
4. Women’s Initiative Award
Cartier Women’s Initiative launched an annual initiative to promote female entrepreneurs in 2006. Women-owned or -led businesses may apply for the prizes, including:
- Ten regional awards Each area receives three scholarships, totaling 30 grants. Each winner earns $100,000, $60,000, and $30,000.
- STI Pioneer Award Les montants sont identiques a ceux des régions.
- D&E&I Award However, the following application session for the Cartier Women’s Initiative will start on May 16, 2022. Sign up for the Cartier Women’s Initiative newsletter to learn more about this prize.
Process of Use
The Cartier Women’s Initiative regional awards application is available online. To be eligible, your company must be owned or led by a woman and have a purpose to influence society or the environment positively. Grant applications for 2023 will be accepted from May 16 to July 15, 2022.
Applicants must also:
- Own or operate a for-profit firm
- Be in the embryonic stage (between one to five years)
- Prove it has been selling products or services for a year.
- Have at least $2 million in financing
- At least one of the UN’s SDGs
5. GrantsforWomen
GrantsforWomen.org was founded in 2000 to assist women entrepreneurs in identifying and exploring grant and scholarship possibilities. The website strives to help women accomplish their business objectives globally.
Process of Use
The grant application procedure varies for each program. GrantsforWomen.org can help you find funds for your company. When you’re ready to apply, you’ll need to follow the specific organization’s requirements.
6. Women’s Business Grant Eileen Fisher
The Eileen Fisher Foundation offers $200,000 in grants to qualified women-owned companies every year. Each scholarship is between $10,000 and $40,000.
Women entrepreneurs in the following fields may be eligible for grants.
- Including women in decision-making (especially those with positive environmental results)
- Women in a sustainable economy
- Education on climate change adaptation and improving present climate change policy for women and girls
Process of Use
When the program is operational, you may access an online application. To be qualified, your company must be a 501(c)(3) nonprofit organization registered with the IRS (or have a fiscal sponsor) and offer direct consumer services. Your application and any follow-up interviews must be completed in English.
Certain political groups or faiths are not eligible for grant support. Academic institutions, capital campaigns, event sponsorships, and organizations managed by men are not either.
7. Tory Burch\
The Tory Burch Foundation also offers grants for female entrepreneurs. In addition to $5,000 business education awards, the foundation seeks to support young women-owned enterprises by:
- Capital for business
- Masterclasses (live and on-demand)
- P2P network (with the chance to collaborate with other female founders)
The Tory Burch Foundation and the Fearless Fund jointly support the Women of Color Grant Program. This program offers subsidies from $10,000 to $20,000 to eligible firms.
Process of Use
The Tory Burch Foundation selects 50 women entrepreneurs as Fellows each year from a pool of applications. To be eligible for a grant, a woman must own at least 51% of her company. You may apply online at the foundation’s website.
8. Grant of Halstead
If you manufacture silver jewelry, you could be eligible for the Halstead Grant. The Halstead Grant was established in 2006 to provide emerging silver jewelry artists (men and women) with a $7,500 start-up grant and additional advantages. Semi-finalists (up to five) may earn lesser financial awards of $250 or $500, plus professional marketing advice.
Process of Use
You may apply for the Halstead Grant online. The application includes 15 business-related questions. To be eligible for the current year’s prize, you must submit your application and design portfolio photographs by August 1.
9. SoGal Grant
The SoGal Startup Grant supports Black female entrepreneurs. Despite being the fastest-growing cohort of entrepreneurs ever, Black women founders earn less than 0.5 percent of venture capital investment.
The SoGal Startup Grant awards $5,000 or $10,000 in startup investment. They also get expert aid with fundraising. This benefit intends to level the playing field for black female entrepreneurs and help them expand their firms.
Process of Use
A Black woman or nonbinary entrepreneur may apply for a SoGal Startup Grant (multiracial individuals in these categories may also apply). You must also hold a legally registered firm, have a strategy to raise investor funds, and communicate your business concept with the world.
10. NASE Growth Grants
Growing Grants have been given to members of the National Association for the Self-Employed since 2006. The program provides $4,000 cash scholarships to women and men entrepreneurs. Winners may utilize award money for:
- ad and marketing
- Increasing capacity
- Hiring workers
- Expenses of business
Process of Use
First, you must join the National Association for the Self-Employed to apply for a NASE Growth Grant. Depending on your membership category (Annual, Veteran, Silver, Gold, etc. ), you may apply immediately or wait 90 days (e.g., Monthly Members and Silver Members Paying Monthly Fees).
The grant committee meets every quarter.
11. FedEx Small Business Grants
With the help of the Covid-19 pandemic, FedEx created the FedEx Small Business Grant Contest. Grant winners get $50,000 (grand prize winner) and $7,500 in FedEx Office business printing credits.
Process of Use
Entrants must establish a FedEx account before February 28, 2022. The voting session starts March 22-31, 2022. Finalists will be revealed on May 4, 2022.
The Best Business Grants
Small company operators may apply for government and corporate funding. Requirements for business grants are usually easy to meet. Due to the more permissive selection criteria, you may encounter greater competition.
Government grant applications may be cumbersome. As a result, the application pool may be less, increasing your chances of winning the cash prize.
It’s critical to check all qualifying conditions before applying for an award. Avoid wasting your (and the selection committee’s) time applying for grants you can’t get. Your time would be better spent looking for gifts that you qualify for.
Alternatives for Women-owned Businesses
Aside from incentives, women-owned firms might qualify for business funding via No Credit Check called Payday Now to help them achieve their objectives.
- Micro-loans
- Business credit lines
- Business cards
- Equity capital
- Crowdfunding
- Buying a business loan
- SBA Loans
In Brief
Many company owners like the idea of getting free money. This implies that applying for business funding may be difficult.
There’s nothing wrong with applying for business grants. If you can’t get enough grant money to fulfill your company objectives, you may want to look into alternative business finance or fundraising opportunities.