Grants for Women-Owned Businesses You Need to Know About

More and more women launch their own business. In 1997 5.4 million women were company owners. In 2017 this number is more than twice as big, 11.31 million. It shows that ladies have a tremendous impact on the small business all over the U.S.

Yet, if they want to continue developing and to be competitive, they have to look for investment into their business. These are women, who often get a refuse when applying for a small business loan. Thanks to the development of technology there are other ways to gain financial support. Also, there is one more method of getting funding – obtaining a grant. It is a bit more complex, so let us get all ducks in a row.

What Is a Grant?

Grant is an amount of money that is provided to you by any organization for the implementation of a project. Unlike small loans, a grant is free of charge and should not be returned later. The only condition is that you have to accept all the terms stipulated by the grantor. The process of looking for a grant is quite time-consuming.

How to Get a Grant?

1. Find suitable grants
There are billions of dollars, available for grants. But it is not easy to find the appropriate grant. On the one hand, the amount of the grant and the conditions of receiving it should be appropriate for you. On the other hand, you should be a promising candidate, whose business is worth investing.

2. Write an application
The majority of applications are drawn up in accordance with a firmly established formula:
• introduction;
• the reason why you are the person who should get a grant;
• description of the project;
• a detailed description of the budget;
• conclusion.

After you write several grants according to the standard pattern (create a general scheme for yourself), the work will get into a rut. Grant organizations distribute guidelines for writing such applications free of charge. In the guidelines, they indicate all the necessary items and questions to be answered. Soon you will not have to think about how to issue this particular document. All such documents are drawn up in the same manner. The task will be reduced to answering all the questions posed and highlighting items, that will advantageously distinguish your project from others similar to it. Carefully gather information.

3. Apply for as many grants as you can

4. Wait for a decision

Federal Grants

There is a lot of information about federal grants. They invest money into technology, education and science development. But this is not the best place to find money for a woman-owned business. There are some grants for women empowerment. But they are mostly given to non-profit organizations or corporations. The best option is to look for a grant on a state level. Visit the website of your side and check business section to find investment option for women-owned business.

Private Grants

Here is some information about private grants to make your search more simple.

1. The EILEEN FISHER Women-Owned Business Grant

Eileen Fisher is a designer, who launched grants for women in 2004. Nowadays she gives $ 10 000 to ten companies, owned by women every year. Startups are not included in this sum. To get a grant initiative should be environmentally and socially useful. If you have been working in this business three or more years, you have a right to apply.

2. Huggies Mom-Inspired Grant

Judges will evaluate all submissions and appraise their quality and value. The decisions are made exceptionally by the agents of Kimberly-Clark Corporation. The amount awarded is $ 15 000. It takes approximately six weeks to decide on the winner. If you are accepted into the second round, you will have a quick talk via phone with the judges. Once commission makes a decision, you will be informed whether you have won or not.

The winners will have to inform about their working process every three months and should contact Huggies® if you plan to get rid of your business. After this discussion grant receiver will look for a buyer.

3. Idea Café Small Business Grant

This grant awards $1000. It is created not only for women, but the winners are mainly businesswomen. This grant is perfect for you if you have only started launching your startup.

4. Amber Grant

Womenset.com launched the Amber Grant Foundation the following in 1998. It is commemorated to a young lady Amber. She had business dreams but died too early. So this grant is given two women that have the same dreams as Amber had. This grant is given once a month to one women-owned company. It comprises $500. At the end of the year, one of twelve ladies will be given $1000 more. To apply for this grant one should pay $7.

5. Women Veteran Entrepreneur Corps (WVEC) Small Business Competition

“Capitol One” together with “Count Me in for Women’s Economic Independence” organizes business accelerator program, which lasts nine months. To take part in it, one should make a two-minute presentation.

6. InnovateHER

The Small Business Administration (SBA) together with the Sara Blakely Foundation started this initiative in 2015. It continues to empower women in business today. This grand comprises $ 70 000. This sum is given to ladies, who develop services and products, that somehow influence families and women and who want to give their
activity commercial character.

The first stage is a local competition. There are many partners, hosting them: accelerators, some universities, scale-up communities and others. If you have won both local and semi-final competition, you will make a presentation on the national level.

7. Small Business Innovation Research (SBIR):

If you have a great idea, that will satisfy the market demands, you can apply for the grant from this company. To reach the goals of development and research, your organization may get $150 000. If you prove that your goals are reachable, you can get $ 1 million next two years.

Thanks to Helen Hepburn

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