SuGrants for women owned businesses are available from various sources. However, you can’t find a specific government grant for this cause. In general the Federal grants are only given under strict rules, and they are commonly unavailable for personal use (unless you have utmost financial need). What they do provide are federal loans that’s usually comes with reasonable interest rate. In general, almost all of the grants for this cause are provided by non-profit or philanthropy organizations.
In this post you will learn several grant possibilities to expand or start your women-owned business. We encourage you to apply for these grants that target women entrepreneurs! Check out the list below:
List of Grants for Women Owned Businesses
Here are the available options if you need grants for women owned businesses:
American Association of University Women
It’s one of the largest and oldest foundations that encourage women empowerment. Currently they are providing various types of grant, which also include support for women entrepreneurs. The grant is between $2,000 and $30,000. You can get more information about what the AAUW support in their official page available at our reference section.
Amber Grant for Women Business Owners
The Amber grant provides a small amount of money that doesn’t have to pay it back. The grant amount is somewhere between $500 and $1,000, and it is aimed to support women who are trying to start a small business online or offline. Business starters understand that even such amount of money can be crucial for your newly born business. Visit their official site to learn more about this opportunity.
Company Corporation Business Plan Contest
Although this one is not specifically for women, the grant is perfect for those who have a creative and innovative business plan. If you’re confident that you have that “wow” factor, you should submit your one page business plan, and you may get that $1,000 grant award.
Daring to Dream Grant
Another grant that can help you start your business is the Daring to Dream Grant. Much like the Company Corporation Business Plan contest, you must provide your business plan with some detailed information needed (which includes sustainability and feasibility). The grant award amount ranges from $500 to $5,000.
PRIME
The Program for Investors in Microentrepreneurs (PRIME) was established by Congress in 1999 to allocate funding for community-based organizations that support the growth of small businesses, particularly in disadvantaged communities. In the year 2023, it is set to distribute $8 million to local organizations.
The application process for PRIME grants does not involve a direct transfer of funds to businesses. Instead, these grants are intended for organizations such as small business assistance centers and tribal nations, allowing them to invest in their respective communities. To access this grant funding, individuals would need to contact one of the organizations that has been awarded a grant, and a list of these entities can be found on the Small Business Administration’s (SBA) website.
SBIR and SBTT Programs
Congress initiated the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (SBTT) programs, providing billions in annual grant funding. These programs aim to facilitate collaborations between small businesses and research institutions, fostering the development of advanced technology products like novel pharmaceutical drug delivery systems or environmental monitoring devices.
While these programs do not have a specific focus on women (with women comprising 7% to 22% of grantees, depending on the program), there is a congressional mandate to encourage women’s participation. To pursue a grant, individuals should connect with a government agency currently accepting funding proposals aligned with their business concepts.
Other Resources
There are many other grant opportunities, but it is impossible for us to list all of them here. You can actually use the Woman Owned grant database and membership as your tool to search grants for women owned businesses. Check out the reference section and you can go from there. In their site, you can search based on keywords and the states you are in.
We did mention that the government doesn’t provide grants for personal or business use, but they do have several support programs to encourage women entrepreneurs. The SBA’s Women in Business program provide counseling, education, inspiration and encouragement for new women entrepreneurs to help them develop and expand their businesses.
If you’re stuck and can’t find any grants for women owned businesses, you may want to try visit the Office of Entrepreneurial Development. There, you can ask whether there are programs or loans with low interest rate for you.
Choosing the Right Business Grants for Women
To select an appropriate business grant for women, consider the following steps:
1. Distinguish Between Grant Types: Understand the differences between government and corporate grants. Corporate grants might have simpler requirements but higher competition, while government grants may involve a more intricate application process with potentially less competition.
2. Assess Eligibility Criteria: Thoroughly examine the eligibility criteria for each grant to ensure alignment with your qualifications. A targeted approach increases your chances of success.
3. Explore Government Opportunities: Investigate government grants, acknowledging potential complexity in the application process. However, a less saturated applicant pool may enhance your odds of securing funding.
4. Research Corporate Grants: Look into corporate grants with more accessible requirements, but be mindful of increased competition due to broader eligibility criteria.
5. Align with Business Goals: Choose grants that align with your business objectives. Tailor your selections based on industry specificity or the nature of your business.
6. Understand Application Procedures: Familiarize yourself with each grant’s application process, anticipating potential paperwork and documentation requirements. Efficient completion enhances your chances of success.
7. Seek Professional Advice: If necessary, seek guidance from professionals or organizations experienced in grant applications. Their insights and assistance can prove invaluable throughout the process.
8. Stay Updated: Regularly check for updates on available grants, as new opportunities may emerge. Staying informed ensures you remain aware of potential funding sources.
Summary
Many business owners have a big attention on the idea of accessing non-repayable funding through business grants. However, it’s essential to acknowledge that the appeal of grants often leads to significant competition during the application process.
While applying for business grants is a legitimate strategy, it’s crucial to explore alternative financing or fundraising options. This consideration becomes particularly important if the grant funds you secure are insufficient to meet your business goals. Diversifying your approach to funding can provide additional avenues for supporting and growing your business.
For Muslim, we don’t recommend you using loans or anything related to Riba. It is prohibited in your belief!
References :
- Educational Funding and Awards : aauw.org/what-we-do/educational-funding-and-awards
- Amber Grants : womensnet.net
- Business Plan Contest : incorporate.com/business_plan_contest.html
- Dare to Dream Grants : zli.bus.umich.edu/events_programs/dream_grant.asp
- Grant Money for Women Business Owners : womanowned.com/features/grants-and-funding.aspx
- Office of Women’s Business Ownership : sba.gov/womeninbusiness
- Image: buylocalfood.org
