Many people consider grants to be “free money,” and that’s essentially what they are: money you do not have to repay (unlike loans). Grants require preparation if you want to receive one, but they enable many people to pursue projects they would not have the opportunity to pursue otherwise.
How Grants works
The fact that grants are essentially free money makes them preferable to loans. Obviously, it is not as easy as requesting and receiving. The application process can be lengthy and arduous, and is frequently accompanied by a lengthy waiting period. In order to qualify, you must also meet certain criteria.
There are numerous types of grants, including federal grants, state grants, and grants funded by private organizations, non-profits, and charitable foundations. The grantor (the entity distributing the grant funds) will establish the grantee’s qualifications and conditions.
Numerous specialists advise women-owned businesses to investigate state-level grants. There may be fewer restrictions and more options associated with state grants than federal funding. Each state will have a website with a section on available small business grants for women and minority-owned businesses. Additionally, many states offer grant programs for women-owned enterprises in traditionally male industries, such as construction. Check out the available options on the website of your state’s government.
Here Is a List of Ten Grants for Women-Owned Businesses.
1. FEDEX SMALL BUSINESS GRANT
Several winners of the annual FedEx Small Business Grant are awarded grants of up to $50,000. There are gold, silver, and bronze prize winners, who also receive additional FedEx business products. The application for the grant money requires a business plan, a business description, and photos and videos (optional) of the intended business goals.
Through the FedEx E-Commerce Learning Lab, Accion Opportunity Fund also partners with FedEx. The program is intended to assist diverse small business owners, primarily women and people of color, who want to develop or expand their e-commerce operations as they continue to adapt their business models in response to COVID-19. To support their e-commerce expansion plans, grantees receive a $5,000 business grant. In addition, they gain access to intensive e-commerce courses and workshops, coaching from industry professionals, networking opportunities with other entrepreneurs, and online sales support and order fulfillment assistance.
2. THE AMBER GRANT FOUNDATION
The Amber Grant Foundation was founded in 1998 with the purpose of awarding grants to businesses owned by women. Each month, the Amber Grant Foundation now awards a $10,000 grant to a woman-owned business. At the end of the year, one of the monthly grant recipients will receive a larger grant (up to $25,000!) to fund her business.
The board selects the grant recipients and rewards those who demonstrate both strong entrepreneurial ideas and a passion for their business plans.
3. NATIONAL ASSOCIATION FOR THE SELF-EMPLOYED GROWTH GRANTS
The National Association for the Self-Employed (NASE) is a non-profit organization whose mission is to provide tools and resources to entrepreneurs seeking assistance in operating their businesses successfully. In addition to a vast array of member-only resources, NASE offers up to $4,000 in business development grants, known as Growth Grants. These grants may be used for “marketing, advertising, hiring employees, expanding facilities, and other business-specific needs.”
To apply for a NASE growth grant, you must be a member in good standing, demonstrate that the grant could fulfill a business need, provide a detailed explanation of how you would use the grant funding and how it would increase the success of your business, and submit supporting documentation.
4. CARTIER WOMEN’S INITIATIVE AWARD
The Cartier Women’s Initiative is an annual international entrepreneurship program founded in 2006 with the intention of empowering female entrepreneurs. The program is open to women-owned and -operated businesses from any country and industry that are concerned with sustainability and/or the environment.
There are three grants awarded per region in each of the 10 regions. First place receives a prize of $100,000, second place receives $60,000, and third place receives $30,000. In addition, winners receive one-on-one coaching from an expert, business workshops, and media coverage.
The Cartier Women’s Initiative has awarded grants totaling $6,440,000 to fellows from 62 countries. To qualify for this award, you must own or manage a for-profit business in its early stages of development (between one and five years) and meet at least one of the United Nations Sustainable Development Goals.
5. TORY BURCH FOUNDATION
The Tory Burch Foundation administers an annual Fellows program for women business owners. The 50 chosen fellows receive a one-year fellowship, which includes a $5,000 grant to further their business education, access to an online community to connect and collaborate with other founders, and a trip to the Tory Burch offices in New York City.
In addition to being majority-owned by women, eligible businesses must be based in the United States, for-profit, in their early stages (1 to 5 years), and generate a minimum of $75,000 in annual revenue. There is no application fee and applications are accepted beginning in the fall.
6. SOGAL BLACK FOUNDER STARTUP GRANT
While Black women founders are the fastest-growing segment of entrepreneurs in history, they are also the group most likely to encounter funding obstacles. The SoGal Black Founder Startup Grant aims to change the fact that Black women entrepreneurs receive only 0.5% of venture capital funding.
In collaboration with Winky Lux, bluemercury, twelveNYC, Twilio, Walmart.org’s Center for Racial Equality, and other sponsors, the SoGal Foundation provides Black women and non-binary entrepreneurs with several $10,000 and $5,000 cash grants.
For eligibility, a founder must:
Identify as a Black woman or non-binary Black entrepreneur (inclusive of multiracial Black women and multiracial Black non-binary folks).
Have a business that is legally registered.
Plan to seek investor funding for expansion, either immediately or in the future.
Have a scalable, high-impact idea or solution with the aspiration of becoming the next billion-dollar company.
7. VISA GLOBAL SHE’S NEXT GRANT PROGRAM
The Visa Global She’s Next Grant Program is a collaboration between Visa and IFundWomen that provides access to funding and education for women-owned small businesses worldwide. Throughout the course of the year, numerous global or regional programs are launched, the majority of which offer financial grants, mentoring, and memberships. Through 149 business grants and 159 coaching grants, the program has awarded $1.6 million to women business owners to date.
8. FEARLESS FUND
The Fearless Fund’s mission is to “close the gap in venture capital funding for women of color building scalable, growth-oriented businesses.” Fearless Fund is built by women of color for other women of color. The Fund’s grant programs for women include the following:
Fearless Strivers Grant Contest: This grant is offered in collaboration with Mastercard and provides Black women-owned small businesses across the country with $10,000 grants as well as digital tools to help them get their business online and sustain it. This grant has an open-ended deadline.
Women of Color Grant Program: Created in partnership with the Tory Burch Foundation and Goldman Sachs’ investment initiative One Million Black Women, this program awarded between $10,000 and $20,000 to 150 small businesses.
9. DREAM BIG AWARDS
The U.S. Chamber of Commerce presents the Dream Big Awards to honor and recognize the best small businesses in the United States. The winner of the Dream Big Small Business of the Year award receives a $25,000 cash prize, a one-year Chamber of Commerce membership, a promotional video about their business, and a feature article in CO magazine. Additional awards include the Minority-Owned Business Achievement Award, the LGBTQ-Owned Business Achievement Award, the Woman-Owned Business Achievement Award, and the Community Support and Leadership Award.
To be eligible, applicants must be for-profit businesses that have been operating for at least one year, primarily in the United States, and have fewer than 250 employees or gross revenues of less than $20 million for each of the two previous years.
10. WOMEN FOUNDERS NETWORK FAST PITCH COMPETITION
Every year, the Women Founders Network Fast Pitch Competition is open to early-stage, women-owned companies with high growth potential. The company must have a female founder/co-founder/CEO, or it must be majority-owned by a female. In addition, the business must be headquartered in the United States and have no more than $750k in external funding, including personal cash funds. The judges choose the top five finalists, who pitch their businesses to Angel and VC investors for the chance to win over $55,000 in cash prizes and over $100,000 in professional services.