Grants for Women Starting a Business – Overview
According to the 2019 State of Women-Owned Businesses Report, the number of women-owned businesses has increased by 21%, with over 13 million female entrepreneurs.
The report also shows that the revenue of women-owned enterprises has also grown to an astonishing US$ 1.9 trillion, between 2014 and 2019.
Various studies have shown that women-owned businesses are succeeding rapidly. The studies estimate the number of successful women business owners to grow rapidly shortly too.
Just like any other business, women-owned enterprises also need capital to start. If you are a woman who is planning to launch your own business but needs capital then you’ve come to the right place.
In this article, we will check some of the best sources to secure grants for women starting a business.
Importance of Business Grants for Women
Even the best-planned commercial idea needs sufficient financial backing to become a successful business. Lack of capital is one of the main reasons why startups crash quickly and sophomore businesses are prevented from taking off.
Studies have also shown that women business owners face significant difficulties when applying for conventional business loans from banks and other lenders.
Besides this, even if they do succeed in securing funding, the total amount is noticeably less than the funding received by other business owners.
This is where grants come in extremely handy. When you apply for and receive a conventional business loan you are responsible for paying the entire amount back, with interest.
However, grants are more like financial gifts or assistance.
Eligible applicants can receive grant money and do not have to worry about repaying the amount. Thus, grants for businesses are extremely helpful for women entrepreneurs.
Grants for Women Starting a Business
Now that you know the importance of business grants, let’s take a close look at the top 5 sources, where you can apply for grants for women starting businesses, starting in the United States:
1 – 2021 FedEx Small Business Grants
FedEx offers grants ranging around US$ 50,000 to multiple eligible applicants each year through their annual contest.
The winners are classified as “gold”, “silver” and “bronze”. These winners also receive several FedEx business products to supplement prize winnings.
You will need to create a solid business plan, describe your business plan well with images and videos of your intended goal for the business.
To learn more about this contest, such as specific eligibility criteria and application process, feel free to visit their official website at – https://www.fedex.com/en-us/small-business/grant-contest.html.
2 – The Amber Grant
Amber Grant Foundation was started in 1998 in memory of Amber, a budding female entrepreneur who passed away before she could fulfill her dreams of establishing her own business.
Now, the Amber Grant Foundation is engaged in offering financial aids to similarly-positioned women entrepreneurs across the United States.
The foundation offers up to US$ 10,000 in grant money to a single women-owned business every month. A lucky awardee is also offered a larger grant amount, up to US$ 25,000, as additional funding at the end of the year.
The foundation’s board members select the lucky winners of the grants from the hundreds and thousands of applications they receive every month.
The decision to offer a grant is based on the applicant’s strong entrepreneurial ideas and passion for business.
To learn the details of eligibility criteria and know the application process, feel free to visit the foundation’s official website at – https://ambergrantsforwomen.com/
3 – Grants.gov
Grants.gov is an extensive database of every federal and state source that offers grants, for business and other purposes.
This website lists numerous government agencies, departments and nonprofit organizations and institutes that offer opportunities to secure grants and funding.
Although the government does not have too many initiatives that support startups financially, there are sources on the list where you can apply for grants for business development.
Feel free to browse through the extensive list of resources and find the best-suited grants for women-owned business startups by visiting this link – https://www.grants.gov.
4 – National Association for the Self-Employed Growth Grants
The NASE (National Associated for the Self-Employed) is a nonprofit organization that provides tools and resources to startup owners in need.
This organization aims to help new business owners to run their businesses more efficiently.
Apart from various members-only resources, the NASE also offers grants for business development, called “Growth Grants”, which can range up to US$ 4,000 per selected applicant.
These grants are extremely useful for new businesses to conduct marketing, hiring employees, business promotion, expanding operations and other specific business-related requirements.
To be eligible for this grant for women starting a business startup, you will need to be an upstanding member of the NASE.
Besides this, you should display the ways that the grant money can help boost your startup business. Make sure to attach all relevant documents at the time of application for this grant.
To learn specific eligibility criteria and know the entire application process, feel free to visit their official website at – https://www.nase.org/become-a-member/member-benefits/business-resources/growth-grants.
5 – Small Business Development Centers (SBDC)
The US Small Business Administration (SBA) operates Small Business Development Centers (SBDC) all over the United States. This is a great way for entrepreneurs and startup owners to search for the best-suited grant source.
Although the SBA is not directly engaged in providing grants, the website offers ways to meet your local advisors who are experts in local and national grants.
For more information on the latest resource that offers grants for women’s small business start, you can visit the official SBA’s SBDC website at – https://www.sba.gov/local-assistance/resource-partners/small-business-development-centers-sbdc.
These are the top five sources to find grants for women’s small business startups. These resources have helped thousands of startups to get launched, make progress and turn into highly successful enterprises all across the United States.
For additional resources of grants, you can also perform a simple Google search and find the nearest and most convenient source to secure funds for launching your small business initiative.