Government Grants For Women To Start A Business – Small Business Grants: 21 Options to Apply for Free Funds for Your Business by Siege Media, Associates
No matter what type of small business you own, there are grants to help your business grow. Read on for details on the 21 grant options and databases.
Government Grants For Women To Start A Business
Small business grants offer funds to grow your business in a variety of ways. In many cases, you can use grants for things like operations, marketing, or expanding your team. Before you can start applying, it’s crucial to know what you’re eligible for.
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In this article, we’ll cover the basics of grants and give you tips on how to get more of them.
Small business grants are amounts of seed money given to entrepreneurs to build their business. The grant money is considered a “gift” and you are not required to pay it back. Sometimes you may have to pay tax on the amounts received, so please consider this and speak to a tax professional.
Tip: Search grant databases, such as GrantWatch, to find available grants in your industry. GrantWatch is an online hub for more than 26,000 grants in the United States and Canada where you can easily view different funding opportunities by filtering your specifications.
A loan is financing that you have to pay back to the creditor who loaned you the money. In contrast, a grant is “gifted” money that you don’t have to pay back.
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You will need to apply for both grants and loans, but the loan application takes into account your ability to repay the money, while the grant application takes into account your credit as it applies to the grant rules.
Grants of many types are available to small business owners and are grouped into four main categories. Your eligibility for these grants will depend on your products and services, how you own your business, and your business’s mission.
There is a lot of grant money available to entrepreneurs. Look for funding from the following sources to help your business. These grants were available at the time of publication and may not yet be available.
The US Department of Health and Human Resources created Grants.gov in 2002. It is an e-government program administered by the Office of Management and Budget. The program provides resources and assistance to grant seekers to find and receive funding.
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The website allows you to search for federal grants and check your eligibility before applying for them. You can also track your grant applications after you’ve submitted them.
Although some grants have stipulations such as industry, type of business, size and location, your local chamber of commerce should be able to connect you with grants that fit your situation. Their team can also provide you with small business financing services, advice and resources.
The Small Business Innovation Research (SBIR) program is a competitive grant program for small businesses. This program helps finance entrepreneurs in the research and development industry to support scientific and technological innovation.
A solid business plan is a must before you apply. The plan will clarify the direction of your business and how it can benefit your community.
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Technology transfer programs for small businesses are similar to SBIRs, but are focused on the technology industry. This grant is given to companies in the technology industry.
FedEx hosts small business grant competition to provide funding for aspiring entrepreneurs. The competition is fiercely competitive, with nearly 18,000 applicants for the tenth annual grant in 2022.
This grant is open to small business models with a story “worth telling,” so if you plan to apply, identify what makes your business unique.
The National Association for the Self-Employed (NASE) Growth Grant was established in 2006. Over the years, NASE has awarded entrepreneurs approximately $1,000,000 to help grow their small businesses.
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You must be a NASE member to apply for this grant, but winners can receive up to $4,000 for marketing, team development and other needs.
Several small business grants are available exclusively to women, and more are emerging each year to address funding inequities.
WomensNet established the Amber Grant Foundation in 1998. Its mission is to help aspiring small business owners fund their dreams in honor of Amber Vigdal, the grant’s namesake.
On the first Sunday of each month, $10,000 is awarded to a woman pursuing her entrepreneurial passions, from “scientific inventors to bakers,” according to the WomensNet website. At the end of each year, he also gives one woman $25,000.
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Each year, the Live Your Dream Foundation awards $2.1 million in educational funds to women on behalf of Soroptimist International. This foundation focuses on women who have survived sexual violence or other traumatic events.
The Live Your Dream Foundation offers programs and resources to help women build confidence, advance their careers and overcome unexpected situations. Although prize money ranges from $1,000 to $10,000, becoming an international finalist allows winners to receive a maximum of around $16,000.
This grant program targets green and sustainable women-owned businesses around the world. Cartier offers three types of funding: Regional Awards, Diversity, Capital and Inclusion Awards and Science and Technology Pioneer Awards.
The American Association of University Women not only offers academic and research grants, but also career development grants for women looking to change careers or re-enter the workforce.
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In addition to grants for individual career advancement, AAUV also awards funds for projects that encourage and advance the careers of young women in technical fields.
Staci’s Snacks is a women-led brand that launched Project Rise to help women grow their businesses in the food industry. The project offers funding in addition to mentoring and community and networking opportunities.
Designer Tory Burch has a foundation with the goal of teaching and uplifting women entrepreneurs in all walks of life.
In addition to a financial grant, the Fellowship program offers a year-long education model with mentoring tailored to your needs. The foundation also offers a peer network of other recipients and travel to Burch’s office in New York.
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Many small business grants celebrate this diversity by offering grants specifically for minorities to help you and your business grow.
MBDA offers business centers across the country that offer “high-quality, technical assistance to minority business enterprises,” according to its website. Entrepreneurs can get mentorship, advice and help with financing and growth.
Sephora is a makeup retailer that launched its Accelerate grant program to empower minority business leaders. Each fall, this program helps fund and mentor entrepreneurs in the beauty industry.
Although the awards for this grant are not monetary, they include a huge financial advantage. Winners get access to a six-month boot camp and have the right to launch their products directly with Sephora.
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The Minority Supplier Development Council is a premier corporate membership organization that offers business services and networking opportunities to connect you with investors and build your practice.
While grant opportunities run the gambit, access to NMSDC’s roster of community-based small business mentors and advisors is top notch.
The SBA grant program offers several funding options — research and development, export, and associate awards. Grants vary by age, and eligibility may vary for each grant offer.
The SBA also offers Veterans Business Outreach Center services for veterans to assist with operations, financing and other business needs.
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The mission of the Second Service Foundation is to inspire and support military entrepreneurs. It awards funding to businesses, shares educational content, provides mentoring and coaching, and hosts networking events.
Since 2016, the foundation (formerly The StreetShares Foundation) has built a strong community of over 85,000 members and helped more than 5,000 entrepreneurs build their businesses.
If you’re a disabled veteran with an entrepreneurial passion, consider VR&E’s Self-Employment Track Program. This program helps coordinate services to build your business – starting with your business plan. Team members assist with small business, marketing and finance.
Although the program is not a cash grant, the resources provided to recipients are valuable for planning and scaling a business as a veteran.
Transition To Scale
In all likelihood, you will need funding to take your business model to the next level. Instead of taking out a business loan, consider these startup grants.
The Build to Scale (B2S) program seeks to build regional economies by funding scalable startups through various grant competitions. Total funding is in the millions, with $45 million in federal funding available to startups in 2022.
Has supported small businesses with $6 million in grants and services in the NBA, WNBA and NBA G League.
Small business grants come in many forms and have different requirements. While there is nothing you can do to guarantee that you will receive a grant, there are some things that can increase your likelihood of being selected for one.
How The Grant Process Works
Nationwide grants can be attractive because of the large awards. Before spending countless hours preparing grant submissions across the country, consider starting locally.
Look for any small grants offered by your town or city. Then branch out to the national and regional level. These grants may not be as large as some of those offered nationwide, but you will also be competing against a smaller pool and have a better chance of receiving funding.
If you’ve found a grant that seems like a good fit for your business, do a little digging and see who the previous recipients have been. Note any patterns you see between businesses.
Seeing what types of businesses receive a particular grant can help you narrow down whether your business is a good fit, what you might do
