Starting and growing a business can be challenging, especially for women entrepreneurs who often face additional obstacles in accessing funding and resources. Fortunately, there are numerous grants for women-owned businesses that can provide the financial support you need to achieve success. This guide will help you understand the different types of grants available, provide details on some key grants for 2024, and offer tips on how to get a grant for a women-owned business.
Types of Grants
First, it’s important to understand the different types of business grants, regardless of whether or not your business is women owned.
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Federal Grants
Federal grants are provided by the government and can offer substantial funding opportunities for women-owned businesses. Examples include the Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer (STTR) program. These grants are often aimed at businesses involved in research and development.
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State and Local Grants
Many states and local governments have grant programs designed to support small businesses, including those owned by women. These grants can be a great resource for funding business operations and expansion at a local level.
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Private and Corporate Grants
Private organizations and corporations also offer grants to support women entrepreneurs. These grants can come from large companies or foundations and often have specific criteria and application processes.
Key Grants for Women Owned Businesses in 2024
Here’s a roundup of some of the top business grants for women in 2024, including grants for women-owned small businesses, grants for startup women-owned businesses, and grants for minority women-owned businesses.
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Amber Grant
The Amber Grant provides $10,000 to a woman-owned business every month, with an additional $25,000 awarded to two of the monthly winners each year. This grant is open to all types of businesses, and the application process is straightforward, requiring you to explain your business and how you plan to use the grant money.
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IFundWomen Universal Grant Application Database
IFundWomen is a grant marketplace that matches women-owned businesses with grant opportunities from various enterprise partners. By submitting one application, you can be considered for multiple grants, making the process more efficient and increasing your chances of receiving funding.
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Cartier Women's Initiative Awards
The Cartier Women's Initiative Awards provide substantial grants to early-stage women-owned businesses focused on social, economic, and environmental development. First-place winners receive $100,000, second place receives $60,000, and third place gets $30,000. This program also includes executive coaching and training workshops.
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HerRise Microgrant
The HerRise Microgrant, offered by the Yva Jourdan Foundation, awards $1,000 each month to a woman of color-owned business. This grant can be used for various business needs such as equipment, marketing, or operational expenses.
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Dream Makers Founders Grant
The Dream Makers Founders Grant offers $25,000 to five female small-business owners. To qualify, your business must employ between two and ten people, generate revenue between $100,000 and $1 million, and be at least 51% female-owned.
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Tory Burch Foundation Fellowship
This fellowship provides a $5,000 grant to 50 women entrepreneurs each year, along with a year-long program of education and networking opportunities. This grant is aimed at helping women grow their businesses and gain valuable skills and connections.
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Fund Her Future Grant
Fund Her Future offers a $50,000 grant to one grand prize winner, and $12,500 each to four additional winners. This grant is designed to support women-owned businesses nationwide, providing both financial support and a year of free small business services.
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Women Founders Network Fast Pitch Competition
The Fast Pitch Competition awards $25,000 grants to women-owned businesses. To participate, you must pitch your business to a panel of investors and business experts. This competition also provides valuable exposure and networking opportunities.
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BMO Celebrating Women Grant Program
This program awards $10,000 to 15 female entrepreneurs in 24 states. Your business must be at least 51% women-owned, have been operating for at least two years, and generate less than $5 million in annual revenue.
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Texas Rural Woman Grant
The Texas Rural Woman Grant supports women-owned small businesses in rural Texas. This grant is designed to help businesses grow and thrive in less populated areas, providing crucial financial support.
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StartHer Grant
The StartHer Grant, offered by Texas Woman's University's Center for Women Entrepreneurs, awards $5,000 to 25 Texas-based businesses. Your business must be at least 51% women-owned to qualify.
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Galaxy Grant
The Galaxy Grant awards $2,750 to women and minority small business owners. This grant is easy to apply for and provides crucial support for business growth.
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She’s Connected by AT&T
This program offers a grand prize of $50,000, a year of free AT&T service, and a new device to a woman-owned business. Four runner-up businesses receive $5,000 microgrants.
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Giving Joy Grants
Giving Joy awards microgrants between $250 and $500 to women entrepreneurs. These grants can be used to launch or expand a business or nonprofit, making them accessible to a wide range of applicants.
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EmpowHER Grants
EmpowHER Grants provide up to $25,000 to female entrepreneurs in the U.S. who are at least 22 years old. These grants are awarded as reimbursement for business-related expenses and come with access to a network of business advisors.
How to Get a Grant for a Woman-Owned Business
Finding and applying for business grants for women can be a competitive process, but with the right approach, you can increase your chances of success. Here are the steps to guide you through the process:
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Researching and Identifying Grants
Start by identifying grants that are specifically tailored for women-owned businesses, including grants for startup women-owned businesses. Utilize resources like Grants.gov, IFundWomen, and other grant databases. Carefully read the eligibility criteria for each grant to ensure your business meets all the requirements before investing time in the application process. Make a list of potential grants, noting the deadlines and specific requirements for each, to stay organized and ensure you don’t miss any important opportunities.
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Preparing Your Application
Once you’ve identified suitable grants, gather all the necessary documentation such as financial statements, business plans, tax returns, and any other required information. Clearly explain your business, your mission, and how you plan to use the grant money. Be specific about the impact the grant will have on your business and highlight any unique aspects of your business that align with the grant’s objectives.
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Submitting Your Application
Ensure you follow all submission guidelines carefully, including adhering to word limits, format requirements, and submission deadlines. Whenever possible, submit your application well before the deadline to give yourself a buffer in case there are any technical issues or last-minute changes needed.
Benefits of Grants for Women-Owned Small Business
Securing a grant can provide you with the financial support needed to grow your business. Here are some key benefits:
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Financial Support for Growth
Small business grants for women provide the necessary funds to invest in new equipment, cover operational expenses such as rent, utilities, and salaries, and support expansion opportunities by entering new markets, launching new products, or increasing your marketing efforts.
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Increased Credibility and Visibility
Many grants come with networking opportunities, connecting you with other successful entrepreneurs and potential mentors. Also, some grant programs provide media exposure, which can help raise your business’s profile and attract more attention from potential customers and investors. For women doing it on their own as business owners, news, advice, and a sense of community can be instrumental for their growth.
Conclusion
Finding a grant to fund your women-owned business can catapult your growth and provide much-needed financial support without the burden of repayment. These grants can help you invest in new technology, expand your workforce, or enter new markets. By securing grant funding, you can focus on scaling your business and achieving your long-term goals with greater confidence and stability.
Frequently Asked Questions
1. What types of grants are available specifically for women-owned businesses?
Grants come from federal, state, and local governments, private corporations, and nonprofits. They can be general business grants, industry-specific, or targeted at startups and specific demographics like minority or veteran women entrepreneurs.
2. How do I find grants that my women-owned business is eligible for?
Search online grant databases like Grants.gov and IFundWomen. Check with local economic development agencies, women's business centers, and industry organizations. Networking with other entrepreneurs can also help you discover available grants.
3. What is the application process for securing a grant?
Identify relevant grants, ensure your business meets the eligibility criteria, gather required documentation, and craft a compelling narrative about your business and how you plan to use the grant money. Submit the application according to the grant's guidelines and deadlines.
4. What documentation do I need to apply for a grant?
Common requirements include your business plan, financial statements, tax returns, and a detailed explanation of how the grant funds will be used. Proof of your business's ownership may also be required.
5. How competitive is the grant application process?
The process can be highly competitive. To increase your chances, ensure your application is thorough, well-organized, and compelling. Highlight what makes your business unique and how it aligns with the grant's goals.
6. How can I improve my chances of being awarded a grant?
Research each grant's requirements, follow the application instructions meticulously, and ensure your narrative is clear and compelling. Feedback from mentors or professional grant writers can also enhance your application.
7. What are the benefits of receiving a grant for my women-owned business?
Grants provide financial support without the need for repayment, allowing you to invest in equipment, cover operational expenses, or expand your business. They can also boost your business's credibility and visibility.
8. What should I do if my grant application is rejected?
If rejected, review any feedback to understand where your application fell short. Use this information to strengthen future applications. Continue researching and applying for other grants, and consider seeking advice from mentors or professional grant writers.