Finally, Small Business Grants for Women. Do you have creative and innovative business ideas? Are you looking for appropriate grants to support your business? Do not worry. This article is here to help you out. For ages, women have not been accurately represented in the business world.
However, presently, several organizations and agencies provide financial grants to women to better and fulfill their entrepreneurial dreams. Read on to know about the grants and how to get them.
WHAT ARE THE FINANCIAL GRANTS AVAILABLE TO WOMEN?
1. AMBER GRANT FOR WOMEN
Every month, the Amber Grant Foundation offers $10,000 to a woman-owned small business. At the close of each year, one among the twelve grant winners receives an additional $25,000. The application process is straightforward. The grant applicants only need to explain their industry processes.
Also, you must mention how they would use the grant amount, and submit an application fee of $15. The last day of every month is fixed as the final submission date. The grant is open to all female entrepreneurs of age 18 or above who are residents of the USA or Canada. Website
2. MINORITY BUSINESS DEVELOPMENT AGENCY
This agency offers minority small business grants to institutions operating the minority business centers throughout the USA. Through one of the centers, the selected applicants can receive training on business consulting and procurement matching. Apart from this, financial assistance is also provided to businesses owned by minorities. The agency also provides valuable educational resources to entrepreneurs belonging to the minority sections of society. Website
3. NEW VOICES FUND
The fund’s goal is to give women of color entrepreneurs the tools to achieve the dream of starting and running a business. They support established companies or start-ups. Especially companies that work within the community. New Voices by the owner of SheaMoisture and Nubian Heritage and Sundial Brands, a family-run entity. 100 million dollars fund this grant. Website
4. CARTIER WOMEN’S INITIATIVE
This grant is specifically awarded to promising women entrepreneurs who have the potential to make it big in the business world in the future. Accordingly, as a part of this program, a total of 7 grants are awarded where each grant amounts to $100,000. Additionally, fourteen grants are also offered, amounting to $30,000 each.
The submission deadline of the current financial year was extended to July 31st, 2020. Finally, the authority about applicants who are not selected would be notified about their application status by March this year. The grant is open to revenue-generating, early-stage, for-profit, women-run sustainable company. (Website)
5. DARE TO DREAM
This grant guides Univerity students through development seminars. Here they can understand the dynamics of creating a business through seminars. Also, they are award from $500-$5,000 in grants to individuals and teams. The students are required to show how they would take their business from conception to reality. Website
6. TORY BURCH FOUNDATION – THE FELLOWS PROGRAM
Every spring, around fifty women-owned companies, are selected. This program offers a total of 100 grants worth $5,000 each. The grant amount is only to be used for business education and no other purposes. Every finalist gets a Tory Burch Fellowship for a year.
The small business grants also come with a free five-day trip to the Tory Burch Foundation campus in New Jersey during the summers. The trip includes networking opportunities and a workshop. Ten women also get the golden opportunity of pitching their ideas to a panel of industry experts, among the grant recipients. Website
7. SBA (SMALL BUSINESS ADMINISTRATION)
The SBA is an excellent resource for women looking to start their own businesses. Entrepreneurs can access a wealth of knowledge from retired businessmen and women. The United States Small Business Administration is a source for women entrepreneurs. Before meeting with a sponsor, you must already have a business plan. This shows you have a full grasp of what you want to do and are ready to process your new venture. SBA grant application
8. THE GIRLBOSS FOUNDATION GRANT
This grant, provided twice a year, aims to help female entrepreneurs in their creative endeavors journey. Every grant winner receives an amount of $15,000. All finalists also get exposure through the platform and community of Girlboss. The incentives are specially for women struggling to come up with something unique and extraordinary in art, design, fashion, and music. The subsidy amount received is to be used in a creative project strictly within the upcoming 12 months. Applicants need to apply in June and December for the first and the second cycle of the year. Website
It lets grant applicants search and apply for various federal funding opportunities that are available in the market. It hosts information on over a thousand grant programs spanning all the national grant-making institutions. Candidates who wish to apply for the federal grants should get a unique identification number of 9 digits known as the DUNS number.
They should register for doing business with the government of the USA. They need to access the System Award Management website, go to Grants.gov, and create an account. Website
10. 37 ANGELS
Technically speaking, angel investment is not any grant. However, angel investing is the right choice for startups that require some direction to progress. Women owning startups might also benefit from angel investment in terms of the required funds and industry expertise.
37 Angels, based in New York City, aims to narrow and close the gender disparity in the field of angel investing. The selected finalists are given a chance to pitch their companies to a team of investors based in New York. In the case of seed funding, around $50,000 to $100,000 is given as grants. Website
11. THE HALSTEAD GRANT
These annual grants are offered to emerging designers in the field of metal jewelry. The grant provides $7,500 as startup capital. The winners are also gifted Halstead merchandise worth $1,000. The last date of submission every year is the 1st of August. The grant is open to US-based silver jewelry designers who have taken up jewelry designing as a career.
And they have been in the industry for 3 to 5 years. Here, jewelry designing should not be a part-time job or a hobby. The application procedure is relatively easy. Candidates need to send their jewelry collections along with grant applications. Website
12. OPEN MEADOWS FOUNDATION
These grants concentrate on political change, activism, and empowerment. You can receive $2,000 to project. Women who conduct different projects focusing on gender, race, and economic justice are eligible to apply for these grants. The foundation is primarily looking for projects that are beneficial for women and young girls. The foundation offers more favor to startups and small organizations. To qualify for these small business grants, a project needs to have a limited fund amounting to less or $75,000. Website
13. EILEEN FISHER GRANT – SUPPORTING WOMEN IN ENVIRONMENTAL JUSTICE
This grant is sponsored by Eileen Fisher, the popular and famous retailer of women’s clothing. Every year, ten business women receive these grants that amount to a total of $100,000. The amounts of grants given may vary between $5,000 to $30,000. To be eligible for this grant, you need to have at least 51% of the business’ leadership and ownership. Your business should be operating for a minimum of three years. Its annual revenue must have been lesser than $1 million. Also, your business needs to be based on environmental or social change. Website
WHAT ARE THE STEPS OF GETTING A SMALL BUSINESS GRANT?
UNDERSTAND THE PROCEDURE WELL
- The procedure for applying for a financial grant is quite lengthy. Before delving into the actual task of applying, at first, you should have a clear idea about the grant. However, you need to find out if you are an eligible candidate. After that, you need to go through all the available funding options to find the most suitable one for your business’s growth and future.
- You need to record the business outcomes and draw up detailed reports showing how the grant money was used and its impact on the growth and expansion of the business. CHECK YOUR ELIGIBILITY
- Before you start applying for a small business grant for women, check whether you are eligible to receive a particular grant. Therefore, while applying for a state grant, you need to meet specific qualifications. Federal funds are offered to startups that aim to bring social welfare. Non-profit organizations, educational institutions, etc., are eligible to apply.
CONDUCT THOROUGH RESEARCH
The next thing you need to do after finding out your eligibility is to find a proper source of grant funding. At first, be sure about the mission, vision, and objectives of your business. Then, look for funders whose vision and interests match with those laid down by you.
Companies focused on churning alternatives for green energy, actively welcoming veterans to the workforce, developing business opportunities in the rural areas, etc., are at better chances of obtaining grants successfully. In for-profit businesses, they can try their luck in accessing grants through private organizations and on the state level.
GATHER THE APPLICATION MATERIALS
Drafting a grant proposal is a difficult and time-taking task. You need to compile all the application materials and sort them into separate sections. You would need information regarding your business. Following this, you should mention your need and how you are thinking of solving it.
Talk about how you would be monitoring the impact of the funding on your organization. There should be a detailed budget showing the fund allocation within the project. Add documents such as tax details, personnel qualifications, or certifications if required.
SUBMIT THE PROPOSAL TIMELY
Always submitted on time. Check all the submission guidelines as provided by the concerned authority. Make a note of guidelines related to things such as the length and formatting of the proposal. If the grant proposal requires supporting materials, arrange them neatly at the back of your proposal. Remember to attach the signatures of the board members or the owners if required.
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