Top 6 Free Grants for Women Entrepreneurs
You are not alone if, as a woman, you feel that starting a small business presents too many difficulties. Despite having the capacity to run a successful business, women throughout the world have struggled. Underestimation, discrimination, and unfair business practices are all issues that women entrepreneurs frequently report.
However, more women are competing with the difficulties they confront due to changing circumstances and rising knowledge. Additionally, there has been a noticeable increase in the proportion of women who can obtain funding for their enterprises.
Women have shown a bright future as company owners; in recent years, they have made up over 40% of business owners, yet just 2% of them have obtained startup funding. Women later turned to small businesses or free grants for women to make up for the difference of not obtaining the total amount they requested from their lenders, such as loans and equity funding.
We will discuss in this post what these grants are and how they might aid women entrepreneurs in starting successful businesses.
What are grants for businesses?
A business grant is a sum of money given to a small firm by the government, trusts, foundations, or other organizations to aid in the achievement of business objectives. Grants do not have to be returned, and the firm is not expected to provide stock in exchange, in contrast to many other forms of finance that do, usually with interest.
Is your company eligible?
Unfortunately, because they are associated with US government agencies with specific goals, most small firms might need help to be able to apply for the awards. At the state level, grants are typically matched and connected to pressing social or economic needs. Grants, known as matching grants, require the applicant to provide funds in proportion to the grant amount. This suggests that you have to contribute money equivalent to the loan.
Small company awards are less expensive than federal or state incentives and less competitive. If your business is helping the local area or the wider public, this might be a great source of investment.
There are several grant types, and they may be divided into the following categories:
- Government grants
- Grants for immigrants and minorities
- Grants for veterans
- Grants for women
Which Free Grants for Women Are the Best?
If securing company loans and equity financing proves difficult, female business entrepreneurs may want to consider business grants for women. It might be frightening to apply for business grants, but if you are successful, you may obtain ready cash or income for your company that you would never have to pay back. You can go and check freewomengrants.org page that can assist you in your quest of finding out the grants that are suitable for you.
Here are some of the top grants available to female entrepreneurs.
1. Amber Grant
Each month, the $10,000 Amber Grant is given out. It’s also feasible to provide additional, lesser grants. One of the 12 winners will receive a second $25,000 year-end reward in December. This prize was founded to honor the efforts of the ambitious businessperson in memory of Amber Wigdahl, a 19-year-old who went away in 1998 before achieving her entrepreneurial aspirations. The award will help women accomplish that same goal in her honor.
A WomensNet judging team chooses the winners from applications submitted by women on the Amber Grants for Women website.
The application process for the Amber Grant is simple. The website asks for information about your business and what you plan to do with the financing. The specifics of how the funds will be used must be provided. Although you can request a waiver, there is a $15 application fee for grants.
Any of the numerous grants offered by government agencies, including the Departments of Agriculture, Justice, and Defense, among many others, may be found by searching.
Awards.gov provides a database of government-backed incentives, including small business grants. Even though these prizes aren’t only for women-owned businesses, this database is a great place to start if you’re seeking free financing.
Verify that you or your business are qualified for the awards before you begin the application process. Comprehensive information on the qualifying requirements for each funding opportunity is available in the Grants.gov database.
An account on Grants.gov Workspace must first be created. After that, you may finish your application by providing the necessary information about your company. When viewing the results on the left side of the screen, use the “eligibility” filter only to display grants available to small companies.
3. The Girlboss Foundation Grant
The Girlboss Foundation gives grants to creative female company entrepreneurs. Recipients of grants receive $15,000 to put toward their initiatives. They may also gain from the advantages that Girlboss.com’s newsletter and social media platforms offer in terms of promotion.
Verify the requirements for the grant by doing so. The semi-annual stipend is only available to women business owners who work in the arts, design, music, or fashion industries.
You may access the application via the website, which offers a complete explanation of the information necessary to direct you and provide further guidance on the application process.
Girlboss awards grant twice a year to businesspeople who have shown inventiveness. Scholarships totaling $130,000 have been given out since the company’s launch in 2014, significantly impacting several young aspirants’ lives.
A person must identify as female, be able to prove domicile in the United States, and be 18 years of age or older by the conclusion of the submission period to be eligible to receive the funding.
4. Women’s Initiative Award from Cartier
The Cartier Women’s Effort started an annual initiative in 2006 to support female entrepreneurs. Applications from businesses operated or controlled by women are accepted for the awards. These include the Diversity, Equity, and Inclusion Award, the Science & Technology Pioneer Award, and Awards in 10 areas.
Award winners from eleven regions: Three monies are distributed to each region for thirty awards. So, the first-place winners each get a reward of $100,000, with the second-and third-place winners receiving $60,000 and $30,000, respectively.
Award for Science and Technology Pioneers: The award amounts are the same as those for regional recognition.
Online downloads of the Cartier Women’s Initiative regional awards application form are easy for aspiring entrepreneurs. However, you must be sure to meet a few prerequisites before applying.
Applicants must also meet the following requirements for qualifying grants:
- They must be owners or managers of for-profit businesses.
- The business should be between one and five years into its developmental cycle.
- They must unequivocally show that the business has been profitable from selling products or services for at least a year.
- They must demonstrate they have at least $2 million in cash.
- Finally, they must have at least one UN-mandated Sustainable Development Goal that has been accomplished.
You must first demonstrate that your business is run or controlled by a woman for us to determine your eligibility. The objective must then be demonstrated to have a favorable, long-lasting impact on society or the environment. It’s crucial to include these facts in your application to increase your chances of success. Subscribe to the Cartier Women’s Initiative newsletter to learn more about the prizes.
This organization provides a multitude of funding options for female business owners. They have partnered with businesses including Visa, Neutrogena, American Express, and Caress to give female entrepreneurs more options for debt-free financing. They also provide a year-round Universal Grant application that is accessible.
You should study each grant’s terms and conditions since they give a detailed breakdown of eligibility. Understanding which grants you qualify for and which ones you do is essential.
6. FedEx Small Business Grant Contest
FedEx established the FedEx Small Business Grant Contest to assist American small businesses impacted by the Covid-19 epidemic. Grant candidates get cheques totaling $50,000 from grand prize winners. Additional credits up to $7,500 are now available at FedEx Office for business printing services.
Small, for-profit businesses with annual sales of less than $5 million based in the United States and have delivered goods during the last 12 months are needed to apply. FedEx permitted qualified businesses to register a FedEx account and take part in the award competition for 2022 until February 28, 2022.
Therefore, the modern woman embodies a way of thinking that equips her to make the right and reasonable adjustments in her own life and the lives of others around her. These elements working together have increased the number of awards available to women. These incentives are designed to provide women entrepreneurs the chances they’ve been looking for to broaden their horizons in business.