Capital raising is crucial to the success of numerous firms. But, female-owned businesses are not as successful in securing investment and financing for their businesses. In spite of the fact that women-owned over 40% of companies within the U.S. by 2019, nearly 98 percent of venture capital funding for new businesses was given to male founders by 2020.
Female business owners have a difficult time being eligible for business loans in a higher percentage in comparison to male counterparts. Only 12% of female business owners reported receiving the entire amount of financing they needed through lenders by 2021, compared with 14% for businesses owned by males as per the 2021 Federal Reserve Small Business Credit Survey.
It’s important to know that 82% of female entrepreneurs and 82% of companies that were owned by males sought relief funds from Covid-19 by way of this program. Payment Protection Program (PPP) in the year.
When equity financing is difficult to find, Female entrepreneurs should also consider the possibility of business loans for women. The competition for business grants could be fierce, however, in the event that you are eligible, you may be able to receive a cash infusion to your business that you will never need to pay back.
Here are 11 of the most popular business awards for women.
The first source that you can look through if you’re searching for business grants specifically for women is Grants.gov. It has a listing of grants offered by the Federal government to both men and women. It also allows you to use the search function on the database to search for grants created specifically for female entrepreneurs in mind.
Also, read 8 Best Grants For Black Women
In the beginning, you’ll need to register for first a Grants.gov Workspace account. After that, you, along with others on your team, can edit and submit individual grant applications accessible through the database.
Be sure that your company or you are qualified for grants prior to beginning your application process. Each grant opportunity that is listed within the Grants.gov database includes specific information about the eligibility requirements.
2. The Girlboss Foundation Grant
The Girlboss Foundation offers grants for women who are creative entrepreneurs. In order to be eligible for the semi-annual grant, you’ll have to be a female-owned company that is involved in the design, arts, and fashion, or music industries.
The winners of the grant get the sum of $15,000 to fund their projects. They also enjoy marketing benefits through newsletters and social media content from Girlboss.com.
Girlboss gives grants to innovative women entrepreneurs twice a year. It has given out grants of $130,000 since it was established in the year 2014. Learn more about how you can apply for grants on Girlboss.com.
3. Amber Grant
At the age of 19, Amber Wigdahl passed away before she was able to make her business-related goals into reality. In 1998 WomensNet created its Amber Grant program in the hopes of the budding entrepreneurs’ honor.
Then, WomenNet expanded its program to include grants to:
- Different business types
- Each month ($10,000) as well as the year-end grant ($25,000)
The foundation awards a minimum of $35,000 in grant dollars every month. The grant money is awarded to women-owned businesses with a female-owned business whose applications are noticed by the committee of selection.
The application process to apply for Amber Grants online. One application is accepted for all grants your company, and you can be eligible for. The organization evaluates the applications received each month and announces its monthly grant winners on the 23rd of each month.
Also, read 17 Facts About Men’s Bodies Most Women Like
4. Cartier Women’s Initiative Award
In 2006 Cartier Women’s Initiative founded an annual program that has the aim of supporting women entrepreneurs. Companies that are owned by women or led by women are eligible for the awards, such as:
- Awards were distributed across the 10 areas. A total of three grants are granted per region, which amounts to 30 grants. First-place winners receive $100,000, each second-place recipient receives $60,000, and each third-place recipient gets $30,000.
- Science & Technology Pioneer Award. The award amounts are the same for regional awards.
- The Equity and Inclusion Award. Cartier Women’s Initiative has not yet announced the amount of this grant, however, the next deadline for applications will be open on May 16, 2022. Sign up for newsletters on the Cartier Women’s Initiative website to learn more about this award.
Download an Application to apply for Cartier Women’s Initiative regional awards on the internet. In order to be eligible, you’ll have proof that your company is run by women or owned by women and aims to create a lasting and sustainable contribution to society or the environment. The application for the 2023 grant will be accepted on the 16th of May, 2022 and close on the 15th of July, 2022.
Grant applicants that are eligible must:
- Manage or operate for-profit businesses
- Are you in the beginning phases of your development (between one and five years)
- It should be able to prove that it has earned revenues through sales (goods or services or goods) for at least one year.
- Have attained a minimum of $2 million in capital
- Reach at minimum one of the UN’s Sustainable Development Goals
In 1999, GrantsforWomen.org provides an online resource for women entrepreneurs to locate and explore a range of scholarship and grant opportunities. The site aims to help women across the globe to realize their business goals.
The grant application process differs from one grant program to another. GrantsforWomen.org will assist you in locating grants that could be the right fit for your company. Then, you’ll have followed the guidelines that are provided by these organizations when you’re ready to apply.
The Eileen Fisher organization–a women’s clothing brand that was founded more than 30 years ago, awards $200,000 worth of grants each year to eligible women-owned businesses. Individual grants can range between $10,000 and $40,000 for each grant.
Entrepreneurs from women who work in these areas could be eligible for grant funding.
- Facilitating women’s participation in decision-making processes (especially those that yield positive environmental benefits)
- Promotion of female participation in a sustainable economic
- Women and girls are taught how to adjust to climate change or how to influence climate change policies to a more favorable
Even though the program is temporarily suspended and then reactivated, you can access the application online. To be eligible, your company must be a 501(c)(3) non-profit organization that is registered with the IRS (or have an authorized financial patron) as well as be able to demonstrate that it is able to provide the services directly to clients. Also, you should be able to complete your application and subsequent interviews in English.
Companies that have ties to certain religious groups or political parties cannot be eligible to receive grants. The same is true for capital campaigns of academic institutions, event sponsorships, and groups run by people not identified as female.
7. Tory Burch Foundation
The Tory Burch Foundation is another famous fashion brand that offers grants to women entrepreneurs. In addition to its grants of $5,000 for business education, the foundation also strives to encourage women-owned businesses at their beginning stages by:
- Access to capital for business
- Workshops led by experts (live as well as on-demand)
- A peer-to-peer community (with the opportunity to collaborate with female founders)
The Women of Color Grant Program (sponsored by both The Tory Burch Foundation and the Fearless Fund) is available to female entrepreneurs of the color of their skin. Businesses with a need for funding can be eligible to receive grants ranging from $10,000 and $20,000 under this program.
Every year, every year the Tory Burch Foundation chooses 50 female entrepreneurs from its list of applicants to be Fellows in the annual program. To be eligible for grant funds, you must be a woman with the most stake (at minimum 51 percent) in the company she operates. Fill up and then apply online through this foundation’s site.
8. The Halstead Grant
If you’re a designer of silver jewelry, you may want to apply for a Halstead Grant award. It was established in 2006, and the Halstead Grant provides the newest silver jewelry makers–women as well as men–the chance to apply for an initial grant of $7,500 and additional benefits to increase their profits. Semi-finalists (up to five people in all) could receive cash awards in the amount of $250 or $500 and expert assistance with the marketing of their business.
Download and fill out an online application to apply for Halstead Grant on the internet. The application is comprised of 15 questions related to business that you have to answer. After you have completed the application, you need to submit your application and photos of your portfolio by the August 1 deadline in order to be considered for this year’s award.
9. SoGal Startup Grant
This SoGal Startup Grant is a program that seeks to assist Black female entrepreneurs. Even though this group is the fastest-growing segment of entrepreneurs (at any time in recorded time), Black women founders are not receiving more than 0.5 percent of venture capital funds.
The winners who are awarded SoGal’s SoGal Startup Grant receive a cash prize in the amount of $5,000 or $10,000 in startup capital. They also receive guidance from a professional to assist them in their way through the funding process. This benefit aims to even the playing field for business by providing a fair chance for women of color to grow their businesses.
In order to be eligible for a SoGal Startup Grant, you must be a Black woman or a non-binary business owner (multiracial applicants who fall into these categories could be eligible). In addition, you must have a legally registered business and have a strategy to solicit capital from investors and also share your business plan–one that could become a billion-dollar enterprise.
10. National Association for the Self-Employed Growth Grants
The National Association for the Self-Employed (NASE) has been providing Growth Grants to its members since. The program grants cash awards of $4,000 to both men and women entrepreneurs with small businesses. The winners can use the grant money to pay for one of the following purposes:
- Marketing and advertising
- Facilities are expanding
- Employees who hire
- Other business expenses
Before you are eligible to apply for the NASE Growth Grant, you must first join NASE, which is the National Association for the Self-Employed. The type of membership you choose will determine if you are eligible to apply as soon as you are eligible (e.g., Annual Members and Veteran Members, Silver Members with Annual Fees, as well as Gold members) or if you’ll need to wait until 90 days after applying (e.g., Monthly Silver Members and Members Paying monthly fees).
The grant committee reviews proposals at least once every quarter.
11. FedEx Small Business Grant Contest
FedEx created The FedEx Small Business Grant Contest to provide a means to aid U.S. small businesses that were affected by the Covid-19 virus. Grant winners receive checks of $50,000 (grand prize winner) and additional credits (up to $7500) to be used in FedEx Office for business printing services.
The applicants must be U.S.-based small-sized firms (for-profit) that have less than 5 million dollars in sales per year and have shipped products within the last 12 months. Eligible businesses can open an account with a FedEx account and participate in the contest for grants 2022 until February 28th, 2022. The period of voting and the time the date that FedEx declares its top 100 prize winners takes place from March 22 to 31, 2022. The winners will be announced on May 4, 2022.
How to Choose the Right Business Grant
There are two kinds of grants that are available to small business owners: government as well as corporate grants. For corporate grants, it is generally simpler to meet. However, you might face more competition from other applicants as because of the more relaxed selection requirements.
The application process can be a bit cumbersome when it comes to government grants. In the end, the applicant pool could not be as extensive, a fact that can increase your chances of being awarded the cash prize.
In the case of any grant, you must examine all conditions for eligibility before applying. It’s not a good idea to spend the time (or the time of the selection committee) applying for grants which aren’t open to you. Your time could be better spent looking for grants you’re eligible to receive instead.