It is critical to raise capital for your business and its success. But it has been observed that there are unequal challenges that women entrepreneurs face in setting up and running their businesses. Data reveals that although women-owned 40% of businesses in the United States as of 2019, by 2020, the percentage went up to 98% of venture capital for male entrepreneurs.
If women find it difficult in business and equity financing, grants for female business owners can come to the rescue. More about grants for women starting a business below.
Grants for women starting a business – small business loans options
Check out the following women entrepreneur grants. In 2021, 80% of the female entrepreneurs and 82% of male business owners sought relief funding for Covid-19 through the PPP or the Paycheck Protection Program. Always remember to find out before you initiate the application process whether your business is eligible for a particular grant or not.
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Grants.gov
This is one of the resources you can check out if you are looking for grants for women business owners. The portal offers grants for women and men alike. You must sign up for a Workspace account with Grants.gov, and then individual applications can be processed by the members.
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The Girlboss Foundation Grant
This grant is offered to female creative entrepreneurs. Your business niche area must be arts, fashion, music, or design to be eligible for the grant. It is a semi-annual grant, and you receive a grant of $15000 for projects.
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GrantsforWomen.org
Set up in 2000, it is an online platform that extends aid to women business owners to find and research a wide array of scholarship and grant opportunities. The platform helps women across the globe to achieve their goals.
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Eileen Fisher Women-owned Business Grant
The Eileen Fisher organization is a clothing brand for women established almost 30 years ago. It awards $200,000 in grant funding annually to eligible women entrepreneurs. As far as individual grants for women business owners are concerned, the amount ranges between $10,000 and $40,000 each.
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Tory Burch Foundation
It is another fashion brand that extends entrepreneur grants for women. Aside from offering $5000 towards business education grants, it aids in promoting women-owned businesses through the initial stages of the following-
- To get access to business capital.
- Peer-to-Peer networking to connect and collaborate with other female entrepreneurs.
- On-demand and live expert-led workshops.
Aside from the above, as a women entrepreneur, you can access the following entrepreneur grants for women. These are as follows-
- The Halstead Grant
- Cartier Women’s Initiative Award
- Amber Grant
- SoGal Startup Grant
- FedEx Small Business Grant Contest
- National Association for the Self-Employed Growth Grants
Government versus Corporate Grants – How to select?
While the application process for corporate grants and eligibility conditions are lenient, you might also face tougher competition due to the process being lenient and hassle-free. For government grants, the application process might be cumbersome. But here, the number of applicants might be few, which improves your chances of qualifying for the grants.
It is really essential for a woman to consider the above-given options in order to raise capital for their business.
