Many women want to expand their business or start a business, but cannot afford to do so. If you are a woman with entrepreneurial goals, getting a small business loan is an option for you. Another is to apply for business grants to fund your efforts. Some grants are available specifically for women-owned businesses and entrepreneurs. Below are details of some of the grants.
What is a grant?
A grant is funding given to an individual or business by another person, organization, nonprofit, or business. Unlike loans, grants do not have to be repaid. Individuals, businesses, or organizations must apply for a grant.
The grant-awarding organization collects the applications and decides how to award the funds. The path to winning a grant can be competitive. Grants can be a great way for businesses to take themselves to the next level, or to support individuals or organizations in starting a business.
If you are looking to grow your business or need financial assistance with the operating costs of starting your business, consider applying for a grant. It is important to ensure that you meet the eligibility requirements before filling out the application.
Here are some grants to support women-owned businesses and entrepreneurs.
1. Amber Grant
The Amber Grant was founded by WomensNet, one of the first organizations to award grants to women-owned businesses. The organization currently awards three her $10,000 grants each month and three her $25,000 grants each year. If you are an adult and operate a business in the United States or Canada that is at least 50% women-owned, you are eligible to apply for an Amber grant.
2. Her Sweet Spot
HerSuiteSpot is a small grant program available to women business owners of color. Yva Jourdan Foundation has partnered with HerSuiteSpot to offer HerSuiteSpot Microgrants of $1,000 per month. Eligible women can submit one application each month. Your business is eligible to apply if it is 51% owned by a woman of color, currently registered in the United States, and has less than $1 million in gross revenue.
3. Galaxy Grant
Another option is Galaxy Grants provided by Hidden Star. The nonprofit Hidden Star supports underprivileged, low-income, and minority entrepreneurs in the United States. Women- and minority-owned businesses can apply for Galaxy Grants. The winner will receive a $2,750 grant. Applications will be accepted until March 31, 2024.
4.EmpowHer subsidy
Another grant resource for women entrepreneurs to consider is EmpowHer Grants. These grants are available to women who run early-stage businesses focused on social change. Grants of up to $25,000 will be awarded quarterly.
This subsidy is available to female business owners over the age of 22. Businesses must operate in the United States, address a social issue, and be less than three years old. Applicants can request up to $25,000 in business support. This grant is awarded as reimbursement for business-related expenses.
Applications must include a business plan and detailed budget. To receive funds, applicants must self-report their credit score and consent to a third-party background check. Applications for this quarter will be accepted until March 31, 2024.
5. IFundWomen BOTOX Cosmetics Grant
IFundWomen and BOTOX are partnering to support women leaders and close the confidence gap. Through the IFundWomen BOTOX Cosmetics Grant Program, 20 female business owners will receive her $25,000 grant, one-on-one coaching and mentoring.
Business owners, regardless of gender, can apply. Applicants must be legal residents of one of the 50 states or the District of Columbia, a business owner operating a business in the United States, and at least 18 years of age. A business operator cannot be a multi-level marketing company or a franchise. Applications are being accepted until March 19, 2024.
Find ways to fund your business goals
Business grants can help provide funding to start a new business or improve your current one. Stay on the lookout for grants that can help take your business to the next level.
Alternatively, if your financial situation is holding you back from growth, consider exploring other ways to finance your small business. One option is to take out a small business loan.
For additional guidance on money issues important to business owners and entrepreneurs, check out our free small business resources.
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