While starting a small business, there’s a single resource you require more than any other thing: finances. Nevertheless, getting this most important resource for your startup has never been simple for anyone, especially if you’re a woman.
A Crunchbase report indicates that in 2019, women entrepreneurs only received 2.8% of the total small business investment capital in the U.S. Therefore, as a woman, to source finances for your small business, you must consider several funding avenues. One such source for small businesses is finding and applying for grants for women entrepreneurs.
If you’re searching for the best small business grants for women, consider the following:
1. The Amber Grant Foundation
Inaugurated in 1998, the Amber Grant Foundation aims at supporting women-owned small enterprises by offering them grants. Currently, the Amber Grant Foundation provides a monthly $10,000 grant to a single women-owned enterprise. Additionally, the grant offers one of the monthly grant awardees a bigger grant amount (up to $25,000) as further funding for her (their) small enterprise.
The Amber Grant Foundation board often chooses grant winners by identifying women who manifest strong entrepreneurial innovations and passion for their business plans. Therefore, if you’re searching for small business grants for women entrepreneurs, the Amber Grant Foundation could be useful.
2. Grants.gov
Are you a woman entrepreneur looking for grants to fund your small enterprise relocation costs? Grants.gov is the best place to search and apply for government grants for business relocation. On this platform, you’ll find grants traverse various organizations and provide several opportunities.
However, it may be somewhat difficult for you to find small business grants through the government. Despite that, it’s worth perusing through the available grants to establish if you may qualify to apply for some. You never know, it may be your lucky day!
3. Women Founders Network (WFN)
The Women Founders Network is an NGO that offers women entrepreneurs training on matters of entrepreneurship in addition to investing in girls and women. Women Founders Network’s Fast Pitch competition provides business sponsorships, mentoring, and coaching as part of the overall program.
Besides the $40,000 in cash grants that WFN offers women-led businesses, there’s a cash investment opportunity for investors participating in the event. You should sharpen your pitching skills to appeal to potential investors.
4. FedEx Small Business Grant
If you’re lucky with your application for the FedEx small business grant, you stand a chance to receive, alongside other winners, a grant amounting to $50,000 through their yearly competition. The contest categorizes awardees as either gold, silver, or bronze winners – who also get different FedEx business products to complement their award-winning. To compete for the grant reward, you require a comprehensive business plan, photos and video (optional) of your intended business objectives, and a business description.
5. IFundWomen Universal Grant Application Database
IFundWomen is a crowdfunding platform that offers women-led enterprise owners an opportunity to access capital through small business grants and crowdfunding. They provide different types of grants, including crowdfunded grants and small business partnerships. Therefore, take time to check for active grants and eligibility requirements.
IFundWomen has a universal grant application database that is unique and avails grant offerings directly to you. Your business plan is included in their database as soon as you submit your application, and when a matching grant is brokered, you’re invited to apply.
6. Small Business Development Centers (SBDC)
Searching the web to find potential grants you can apply for can be overwhelming. Fortunately, you no longer have to encounter such difficulties, thanks to SBDCs, which can assist you in figuring out what grant opportunities are available for you to apply for. Whereas the SBDC doesn’t provide grants, it facilitates meetings with local advisors who have a thorough knowledge of the grant within your locality.
Traditionally, small businesses are funded through business loans from lenders. But why should you opt for a loan while you have a chance to receive a grant that you don’t have to repay, particularly if you’re a woman? Besides, today, many agencies and government initiatives are looking for women-led businesses to fund. Therefore, if you’re a woman entrepreneur, try the above six options to find grant opportunities that can fund your small business.
