In the United States, women make up around 40% of all new entrepreneurs. However, men are still receiving substantially more venture capital funding and get more access to small business loans than women. Therefore, it is no surprise that business grants for female entrepreneurs are quite high on the agenda. In this article, you will find some of the world’s best business grants for women.
The Best Business Grants Available for Women
- Cartier Women’s Initiative Awards: Cartier awards 21 female entrepreneurs with grants every year. Fourteen of the contestants are awarded $30,000 each, while the seven winners receive $100,000 per person. The 21 winners will also receive other benefits such as mentorship, media exposure, and much more.
- FedEx Small Business Grant: Entrepreneurs who apply for the FedEx Small Business Grant can win as much as $50,000 along with FedEx services worth $7,500. Grants are awarded to several winners. In order to apply, you must submit your business description and business plan along with photos and video content of your company’s target.
- Girlboss Foundation Grant: The Girlboss Foundation Grant is one of the best business grants for women. The foundation awards two grants annually. Each grant constitutes $15,000. To be eligible for the grant, your business must operate within a creative area.
- National Association for the Self-Employed Growth Grants (NASE): NASE can award you with grants of $4,000. To qualify for the Growth Grant, you must first be a member. Secondly, you are required to submit your business plan and demonstrate how the grant would help you attain your company’s goals.
- Grants.gov: This site is a database, making it easy to find various government grants. It’s considered the number one tool for finding government-funded support.
- GrantsforWomen.org: This organization is similar to Grants.gov. It does not provide any funds itself but makes it easy to find grants in various fields.
- IdeaCafe Grant: The IdeaCafe awards $1,000 to each winner. While this grant is not only available for women, it certainly seems to favour female entrepreneurs. The grants awarded are not the highest available; however, IdeaCafe stands out due to the simplicity of the grant application. The criteria are also easier to achieve.
Do you need business funding fast? These days, there is no shortage of funding options, even for women. It’s worthwhile taking some time to explore what business funding you may be entitled to before applying for grants that can be a much longer and time consuming process.
Small Business Help for Women
- SBA District Office Programs: These programs provide access to capital, training, and federal contracts.
- Women-Owned Small Businesses Federal Contracting Program: This program aims to help women obtain federal contracts.
- Women’s business centres: The centres can support businesses in multiple ways. Their purpose is to even out the field and assist women with the obstacles that men don’t encounter to the same degree.
- National Women’s Business Council: This council is an independent government branch focused on helping female entrepreneurs. Its work is intended to manage economic obstacles and the problems that women can face in the business world.
Small Business Loans for Women
While there are many business funding possibilities, none of them is solely business loans for women, and some loans can be better options than others. For example, there are venture capital firms and angel investors who focus more on women-owned businesses. Click here to find out more business funding options that you may be entitled to.
- SBA loans: An SBA loan may be the best possible loan for an entrepreneur. Since interest rates are low and payment schedules are advantageous, these loans are advisable for any business owner.
- Bank loans: Like SBA loans, bank loans are available for both men and women. However, these loans can be an excellent option due to their low-interest rates and flexible repayment schedules.
- VC firms for female entrepreneurs: An alternative to a loan would be an investor. If you are willing to provide ownership in your company, you can obtain funds from a venture capital firm.
- Angel investors for women-owned businesses: Just as a VC firm, an angel investor can provide you with some capital in exchange for equity in your business. Some angel investors specifically seek women-owned businesses.
Women-Owned Business Grants
- Amber Grant: This foundation awards women-owned businesses with grants every month. The winner will get a lump sum of $4,000. There is also a yearly grant of $25,000, which is awarded to one of the awardees of that year.
- Eileen Fisher Women-Owned Business Grant Program: This grant is also one of the best business grants for women. Each year, the program spends $100,000 on grants for women-owned businesses. The grants are awarded to several awardees (maximum ten). The $100,000 is split between the winners.
Grants for Women Starting a Business
Startup grants are available for all entrepreneurs. However, the grants below may be particularly favourable for women.
- Jack Daniel’s Pitch Distilled: The purpose of this grant is to inspire the founding of new businesses. You can win $5,000 along with counselling.
- Fundera’s Zach Grant: This grant is also available for any entrepreneur hoping to start a company. In this case, you can be awarded $2,500.
- 4.0 Schools Fellowship: If your business idea is related to education, the 4.0 Schools Fellowship Grant is for you. The smaller grant can award you $600, while the larger provides $10,000.
Sometimes women entrepreneurs find it easier to get a loan to buy a business click here to find out more about how these loans work.
The Bottom Line
As a female entrepreneur, you may have faced an uphill battle of some sort. Whether the challenges are related to gender or not, there are plenty of resources available to support you on your journey. The best business grants for women may not remove all obstacles, but they can certainly make your work a lot easier!