Starting a new business is always hard, especially if you’re a woman. Unlike male entrepreneurs, females have much more trouble securing bank loans. To make matters worse, even when they receive a loan, it tends to be much lower compared to what men are getting.
Luckily, there are a few ways to remedy the issue. Many women nowadays turn to small business grants to fund their new companies. In some cases, you just need to answer a few questions to get full financial support.
In this article, we’ll outline some of the best small business grants for women entrepreneurs and how to get them.
1. Amber Grants
WomensNet introduced Amber Grants back in 1998. It is one of the oldest programs of its kind, created in memory of Amber Wigdahl, a young female entrepreneur who died before realizing her business dreams.
Each month, the organization gives out three grants to women of at least $10,000 per grant. They also offer three grants of $25,000 at the end of the calendar year. The application process is rather straightforward; just describe your business and how you’re going to spend the money and pay a $15 fee.
2. FoundHer Accelerator Program
FoundHer Accelerator Program is a location-focused program aimed at the NHPIAA group (Native Hawaiian, Pacific Islander, and Asian American). Participants who are chosen will benefit from $20,000 grants and a $4,000 care stipend. They’ll also gain access to workshops, networking retreats, and monthly learning.
To apply for financial aid, your business has to be in its earliest stages. The company needs to have a 51% NHPIAA ownership and to be for-profit.
3. IFundWomen Grant
IFundWomen works as an online “matchmaking” platform, connecting established businesses with young female companies. The platform matches grant-givers’ criteria with applicants’ requirements, ensuring that the small business receives assistance according to their current needs
The best thing about the IFundWomen grant is that you can always apply for it. Leave your business details and requirements and wait for the right grant-giver to come around.
4. Ignite: A WBDC Grant
These grants are provided by the Women’s Business Development Council and are suitable for all Connecticut companies that have more than 51% female ownership. The organization gives grants of $2,500 to $10,000 to selected applicants for well-defined projects meant to have a specific impact on the company’s growth.
In other words, you can’t use these grants to fund your daily operations, cover past costs, or invest in property. You must prove that you’ve invested at least $2,500 in your business in the last month.
5. HerRise Micro-Grant
These grants are provided by the Yva Jourdan Foundation and are geared toward female entrepreneurs of color. Every month, a lucky winner will get a minor financial support of $1,000, as well as training and coaching.
As with other female-oriented grants, your business must consist of 51%+ women of color. It also needs to have gross revenue of less than $1 million. These grants can be used for just about anything, from investing in marketing to renting offices, creating a company website, or buying equipment.
6. EmpowHER Grants
Boundless Futures Foundation is eager to assist female-owned companies that emphasize social impact. The organization prioritizes businesses whose policies are meant to help the local community and bring tangible social change. Boundless Futures Foundation also focuses on brands that assist the poor and hungry while employing environmentally friendly solutions.
The grants are only eligible to women who are 22 years or older and have registered the company in the last three years. According to the grant’s conditions, you’re able to get a $25,000 reimbursement for various business expenses.
7. Galaxy Grant
Besides supporting female businesses, these grants are also accessible to minorities. The application process is rather straightforward, and you can get several thousands of dollars if you’re accepted.
Each week, the company updates its grant list, offering new opportunities for applicants. Aside from grants, the website puts you in touch with investors and various loan providers.
8. She’s Connected by AT&T
AT&T’s grants are available to all female applicants running businesses with less than 51 employees. An excellent thing about this program is that you’ll get a new device and a free year of AT&T service on top of a $50,000 grant. Your business will also be featured as a part of the “She’s Connected” series.
9. Cartier Women’s Initiative
Cartier provides support to three female-owned companies every year. The company chooses applicants from 9 global regions focusing on brands that tackle various environmental, developmental, and socio-economic issues.
The first-placed applicant will receive $100,000 assistance, while the second and third-ranked companies will get $60,000 and $30,000. Cartier also helps these businesses by giving them access to training workshops and tailor-made coaching.
Conclusion
Whether you’re looking for a quick micro-grant or a sizable financial aid, you can get it by applying to various programs. The best thing is that most of these organizations require just a few basic information about your business, making the application process a breeze.
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