Launching and growing a business requires grit, determination, and money. However, for women entrepreneurs, accessing that money can seem like a losing battle. Traditional avenues of borrowing tend to have some difficulties, and getting venture capital feels like an invitation-only event. But cheer up! Numerous initiatives aim to support women-owned businesses, and small business grants for women are a great start.
Grants as an alternative funding source do not have to be paid back ever, making them a great way of getting a ‘free model’ that helps you realize your entrepreneurial dreams. Those at the start of their business or wish to extend their existing business most likely know how useful grant funding can be in such a quest.
Reasons Why Small Business Grants for Women Are Important
Before exploring the great possibilities available, let us state why the grant is especially important to women-owned businesses.
• Bridging the Gender Funding Gap: The funding gap is especially experienced by women entrepreneurs compared to men and women-owned enterprises. Grants help close this as they avail funding that would otherwise be hard to obtain.
• Promotion of new businesses: With this funding, women owners of sympathies can do research and foster new inventive processes & production activities & sell these new ideas & products & services in the market.
• Economic empowerment: The benefits of promoting women-owned enterprises extend beyond the basic economics. Employment opportunities are created. Local economies grow. Women’s place in business gets better.
Grants for business worth pursuing: Key to your ambition
It is always widely acceptable that “it is free money,” but this is a grant, so it is better to sit down and apply wisely. Below are some of the tips that may improve the outcome:
• Take time and do due diligence: Find out the eligibility, funding priorities, and application process for any awards you want to apply for.
• Frame a Business Case: The grant application must narrate the business – the problem it solves, its market, and what it would attain with the money sought.
• Support Firm Decision: It is okay to ask the Small Business Administration or the SCORE for help with the application and more assistance.
20 Small Business Grants for Women to Watch in 2024
The information below does not represent all the funds available, but many of them are available for you to search for. Remember to corroborate all information concerning eligibility and deadlines from the respective awarding centers.
General Business Grants:
1. Amber Grant: Grants $5000 every month to a woman-owned business, and at the end of every year, one of the women who has been granted throughout the year receives $25000.
2. FedEx Small Business Grant Contest: This funding and resource assistance also exists to permit small businesses to develop and expand.
3. Growth Grants for the Self-Employed by the National Association: Provides a total grant of about 4,000 USD to the NASE members.
4. Visa She’s Next Grant Program: This program supports women-owned small businesses with funding and mentorship.
5. Walmart Community Grants: Help organizations develop the community and even switch it around to help women entrepreneurs.
Grants for Minority and Underserved Women:
6. IFundWomen: Include grants, coaching or training programs, and resources targeting diverse women entrepreneurs.
7. Minority Business Development Agency Grants: Offers a wide range of fund opportunities for minority-owned businesses, including women-owned.
8. SoGal Black Founder Startup Grant Program: Funds and Support for Black Women non-binary founders.
9. Tory Burch Foundation Fellows Program: Provides Women Entrepreneurs with grants, mentorship, and networking opportunities.
10. Women’s Business Enterprise National Council Certification Grants: Grants for WBENC certification to women-owned businesses that need the funding.
Industry-Specific Grants:
11. National Institutes of Health Small Business Innovation Research and Small Business Technology Transfer Grants: Designed to facilitate the research and development under health and life science industries.
12. National Science Foundation SBIR/STTR Grants: Provides grants in relation to research and development of SCIENCE and ENGINEERING.
13. Small Business Innovation Research and Small Business Technology Transfer Grants: Provides investment opportunities in technology-driven companies in various sectors.
14. U.S. Department of Agriculture Grants: Gives financial assistance to enterprises engaged in agriculture, food, and rural businesses.
15. U.S. Department of Energy SBIR/STTR Grants: Finances R&D work mostly concerning the energy industry.
Grants for Specific Business Needs:
16. Grants.gov: Full-service databases of federally funded grant programs, which include small business grants.
17. Kiva: Provides small loans and donations to create and develop business projects and pays particular concern to females and deprived groups.
18. Patagonia Corporate Grant Program: Provides financial assistance towards projects that promote environmental sustainability and even those of small businesses
19. Small Business Administration Grants: Offers a wide range of financing alternatives for the growth of small businesses, such as grants for women-owned businesses, disaster relief funding, etc.
20. State and City Grant Programs: Many states and cities have set aside grant programs for several types of businesses, including women-owned businesses. Could you contact the local Chamber or economic development agency to explore what is on offer in your region?
Step Up To The Marks, Do It Now!
Obtaining small business grants for women in the U.S. is a turning point toward an entrepreneur’s dreams. These grants provide funds, confidence, guidance, and a group of people with similar aspirations.
As a reminder, this is an application with a competitive threshold, and it requires thorough research, good storytelling, and a proper proposal. There’s nothing wrong with asking for help from SBA or SCORE or using your resources.
The next big thing in business is women; with proper assistance, your entrepreneurial ambitions can come true. Start looking for these grants today and unlock the potential that they offer!
