Top 3 Small Business Grants for Women Entrepreneurs to Apply for Today
The modern woman plays a substantial role in shaping the business landscape. Women have become more involved in entrepreneurship, resulting in productivity surges, enhanced innovation, and economic growth.
Statistics indicate that more than 40% of businesses are owned by women today. Yet, in stark contrast, only 2% of startup venture funding is awarded to women.
Too often, women face inordinate challenges in qualifying for business loans and other forms of financing compared to their male counterparts. With stereotyping and social-economic factors like running a business, making deals seen as male territory.
Where is this money, and how can women ensure slightly fair distribution?
Considering the difficulties of accessing loans and other investment financings by women, they can look into grant awards.
This article seeks to bridge that gap by empowering and enlightening you on the top three grants in the U.S. that women can apply to obtain funds for their businesses.
If you are a female entrepreneur running a startup or thinking of setting up one, find out if you qualify for a business grant. There are several small business grants specifically for women entrepreneurs.
But before we dive in, let us first answer the question: what is a grant?
A grant is essentially free money that you do not have to pay back. Sounds pretty great, right?
Grants can come from the government, local organizations, corporations, or foundations. They are typically awarded based on need or merit.
Below are three small business grants for women entrepreneurs that you can apply for in 2022:
The Tony Burch Foundation Grant
First on this list is the grant by the Tory Burch Foundation. The foundation offers an annual program for women entrepreneurs in early-stage companies, a business education grant, and access to capital.
The Tony Burch Foundation, in partnership with the Fearless Fund, promotes black women-owned businesses through business capital, workshops, and peer-to-peer networking.
Inside the program is an online community of peers to collaborate and engage in workshops with expert instructors according to individual business needs.
The applicant criteria dictate that eligible candidates must be women in a qualifying business that is 51% or more owned or controlled by women. They must also be 21 years old, proficient in English, and legal residents of the United States. The candidates who qualify for the program get a $5000 grant to advance their business education alongside a highly educational one-year fellowship and a trip to the Tory Burch Foundation offices in New York. Amazing, right?
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The Black Founder StartUp Grant
The second grant is the Black Founder StartUp Grant which provides $10,000 and $5000 to black women and nonbinary entrepreneurs.
Applicants must be black women or black non-binary entrepreneurs running a legally registered business. One must also plan to seek investor funding to grow and have a scalable, high-impact solution that has the potential to become the next billion-dollar. The application process involves filling and submitting an online form, after which the vetting and selection of the applicants happen.
The Amber Grant
The third grant is the Amber Grant by WomensNet. Amber Grant was set up in 1998 to honor the memory of a young woman, Amber Wigdhal, who died before realizing her business dreams.
The application process is simple since it involves sharing about one’s business irrespective of the niche or sector. The selection and judging criteria consider the woman behind the enterprise.
So, it counts to build a solid profile for your business. Women whose applications stand out to the selection committee receive an award of a 35,000 dollar grant. The good news is this award is usually up for grabs every month.
A few Pointers That Can Help Women Entrepreneurs Ensure Funding
Although grant awards are purely on a merit basis, there are a few things women entrepreneurs can do to increase their chances of winning grant money.
First, it is essential to understand the process and requirements for grants in your specific industry.
Second, create a well-thought-out and professional business plan that outlines your business goals and how you plan to achieve them.
Lastly, put together a strong team of experts who can help you with everything from developing your proposal to marketing your business. By following these tips, you will be well on your way to winning the funding you need to help grow your business.
There are plenty of small business grants available for women entrepreneurs seeking financial help to get their business off the ground. We’ve outlined three great options for you to consider, but these are by no means the only ones out there. So don’t hesitate to do your research and see what other opportunities might be a good fit for your small business.
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