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Small Business Grants For Women

By Caitlin Mazur - Mar. 9, 2023
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Summary. There are a wide variety of grant programs specifically designed to support women who are running small businesses. These include the Amber Grant, 37 Angels, and Visa’s She’s Next program.

It’s an unfortunate truth that women often have a harder time getting approved for small business loans and other funding than men do. To combat this, many organizations have started grant programs designed to support women’s entrepreneurial efforts.

In this article, we’ll go over what small business grants are, who offers them, and where you can find them. We’ve also compiled a list of ten grants specifically designed for women that you can see if you qualify for.

Key Takeaways:

  • Small business grants do not have to be repaid as loans do.

  • Grants can come from the government as well as private organizations and businesses.

  • Three of the top business grants for women are the Amber Grant, 37 Angels, and Visa’s She’s Next program.

What Is a Small Business Grant?

A small business grant is a sum of money that is given for the purpose of funding a small business. Unlike loans, grants don’t require repayment.

Grants can come from a variety of sources:

  • Federal government

  • State government

  • Local/city government

  • Individuals

  • Private businesses and corporations

  • Foundations

To obtain a grant, small business owners usually have to apply and convince the grant givers to give the money to them over other applicants. This can be an intense process, as there is usually a list of qualifications applicants have to meet, and usually, the grants are only offered to a few applicants at a time.

Typically, grants are given for very specific purposes, so grant recipients have to be careful to use those funds exactly as they were intended to be used. Otherwise, they could face legal ramifications.

Types of Small Business Grants for Women

There are both privately funded grants and government-funded grants that you can access for your women-owned small business. You usually aren’t limited to just applying for one grant, so check out your options in the private sector as well as in the local and federal government.

  1. Private small business grants. Private small business grants are offered by private companies, individuals, or foundations – in other words, anyone who isn’t a government entity. The grants available from these sources are numerous – it might just take some legwork to find the ones you best qualify for.

  2. State and local small business grants. These grants come from state and city governments. You might be surprised at the number of grants available to female small business owners in your area, so make sure you do some digging to see what your options are.

  3. Federal small business grants. The federal government has a variety of grants available to women who are small business owners. There can be a lot of competition since women from across the country can apply, but don’t shy away from applying and do some digging to find as many options as possible.

The 9 Best Small Business Grants for Women

  1. The Amber Grant

    Named after a young woman who passed away before her entrepreneurial dreams could be realized, the Amber Grant awards a $10,000 grant to a female business owner every month. At the end of the year, one of the 12 winners will receive an additional $25,000.

    To apply, all you have to do is pay the $15 application fee and tell your story.

  2. 37 Angels

    37 Angels is a group of female angel investors who are passionate about seeing women-owned businesses succeed. In addition to providing loans, this group offers grants that are up to $150,000 in value.

  3. She’s Next

    Visa awards this grant to Black women who own their own businesses. Applicants’ businesses must have been in business for two or more years, be B2C (rather than B2B), and have a minimum revenue of $24,000. There are also some location restrictions, so pay attention to those before you apply.

  4. Comcast RISE

    At several times throughout the year, Comcast offers grants to women and people of color who own their own businesses. Each grant offered targets different cities, so keep an eye out and be ready to apply whenever your location is up.

    Comcast also offers non-cash marketing and tech service grants, so consider applying for those as well.

  5. Cartier Women’s Initiative Awards

    Each year, Cartier offers three grants to female-owned businesses that are focused on social, economic, or environmental development around the world.

    Since this is a global grant, the competition can be fierce. If you’re one of the three winners, however, you get up to $100,000 as well as the opportunity to receive coaching and attend training workshops.

  6. SoGal Black Founder Startup Grant

    While many grants are awarded to relatively established small businesses, the SoGal Foundation focuses on offering startup grants. Black women who are in the early stages of starting a business can apply for one of these $5,000 or $10,000 grants, which also come with fundraising advice.

  7. Fearless Fund

    Mastercard partners with the Fearless Fund to offer grants to Black women who own small businesses. Grant winners receive $10,000, access to a small business mentor, and digital tools to help them with putting their businesses online.

    Applicants must have fewer than 50 employees and have earned $3 million or less in revenue in the past year.

  8. The Ms. Foundation

    This foundation offers several grant awards, and in addition to money, each award also comes with access to a mentor, networking, and training. To qualify to receive a grant from the Ms. Foundation, businesses need to be owned by women and work to advance women and girls.

  9. Tory Burch Foundation

    The Tory Burch Foundation runs a program called Foundation Fellows, which 50 women business owners get to join each year.

    Every Fellow receives a $5,000 grant to be used for their business education as well as access to networking opportunities, professional development courses, and the opportunity to present to potential investors.

    To qualify, women must be majority owners (or equal partners) of for-profit businesses that have earned at least $75,000 in the last year.

  10. Open Meadows Foundation

    For women who are running organizations or projects that support gender, racial, and economic justice, the Open Meadows Foundation offers $2,000 grants to help fund those projects. Applicants must have $75,000 or less in resources for the project before applying, so this is a great fit for new startups.

Where to Find Other Grants

If you’re looking for additional grants to apply for, check out one of these resources. There are some that exclusively list opportunities for women business owners, while others list grants available to all genders.

  • GrantsforWomen.org. This database contains grants of all kinds for female business owners and entrepreneurs in a variety of industries.

  • IFundWomen. This organization’s website contains information on and applications for a wide variety of grants for women-owned small businesses. It also has its own grant program you can apply for.

  • Grants.gov. This is a database of federally sponsored grants, which includes grants for female small business owners. It’s a great place to find government grants that fit you and your business best.

  • Small Business Development Centers. You likely have a local Small Business Development Center that has access to the small business resources and funding opportunities available in your area. Contact them to learn more about local grants that you can apply for.

  • Program for Investors in Microentrepreneurs (PRIME). The Small Business Association (SBA) can’t directly give money to small business owners, but they do provide funding to the PRIME program. This program empowers organizations to offer financial and advisory assistance to small business owners.

Additional Ways to Raise Money for Your Business

While grants are a highly effective way to raise money for your small business, there are other options as well.

  • Crowdfunding. You might be surprised at how willing your future customers are to fund your business before it’s up and running. There are a variety of crowdfunding platforms you can use to tap into the power of social media and raise money for your business, usually via preorders.

  • Credit Cards. While credit cards can’t usually carry the same weight as a loan or grant, they can help you purchase the supplies you need to get your small business up and running. Plus, most also have rewards programs that give you deep discounts or cash back.

  • SBA Microloans. The Small Business Association offers loans to eligible small business owners. A non-profit intermediary lender usually handles these loans, so look into the options in your area. (Your local Small Business Development Center can help you with this.)

Small Business Grants for Women FAQ

  1. Is it easy for a woman to get a small business loan?

    No, it isn’t easy for a woman to get a small business loan. Women are still less likely to be approved for a small business loan than men are, but there are grant and loan programs specifically designed for women that are trying to correct that.

  2. How do I find my local grants?

    You can find your local grants by talking with a Small Business Development Center in your area or by using an online database like Grants.gov or GrantsForWomen.org.

    Small Business Development Centers are usually up-to-date on all of the grant programs available in your area, and online databases often allow you to search for options specific to your area.

  3. Do grants need to be paid back?

    No, grants don’t need to be paid back. Unlike loans, grants are usually considered gifts and don’t need to be paid back. However, they usually come with stipulations on how they’re to be used, so they aren’t just free money.

Final Thoughts

Women-owned small businesses are vital to the U.S.’s economic health, but unfortunately, it can be much more difficult for them to access funding. In response to this problem, many government agencies and private organizations have created grant programs designed specifically for women and minorities.

It will take a little digging and legwork to find and apply for the grants, but these opportunities can be vital to helping your business succeed.

References

  1. U.S. Small Business Association – Women-Owned Businesses

Author

Caitlin Mazur

Caitlin Mazur is a freelance writer at Zippia where she has written 140+ articles that have reached over 1 mil viewers as of June 2023. Caitlin is passionate about helping Zippia’s readers land the jobs of their dreams by offering content that discusses job-seeking advice based on experience and extensive research.

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