Six Grants You Need to Know About for Your Woman-Owned Business

Dec 03, 2020

Six Grants You Need to Know About for Your Woman-Owned Business

Did you know that there are more than 13 million women-owned businesses in the USA? These businesses generate more than $1.9 trillion in revenue annually! According to the 2019 State of Women-Owned Businesses Report, 40% of first-time entrepreneurs in the U.S. are women, and the number of women-run businesses in the U.S. is growing at twice the rate of businesses owned by men. Although these numbers are impressive, women founders received only 2% of venture capitalist funding.

Women-owned businesses seeking start-up capital have been looking elsewhere for money to launch and expand their businesses. Many apply for loans, but an increasing number are using business grants for women. Thankfully, as the number of female entrepreneurs continues to grow, more funding is becoming available to help them. These grants are specifically for women who are starting small businesses or launching startups, and they can be used for anything from creating a product to purchasing a building for a brick and mortar space.

Why do women need grants?

So, you came up with an innovative idea, this idea is life-changing, but, it may never come to fruition unless you secure adequate financial backing. Lack of capital can result in the immediate failure of any new business venture. It can also prevent a sophomore business from scaling. Studies show that women entrepreneurs may have difficulty qualifying for traditional small business loans, and if they do, the funding is typically 31% less than that received by their male counterparts.

With the disparities so prevalent, women are seeking grants to launch and expand their businesses. With a traditional loan, you are required to repay it with interest. Grants on the other hand are “free money“, You do not need to repay a grant. Grant funding can also be a great opportunity for women who have challenges qualifying for traditional funding. Grant funding levels the entrepreneurial playing field.

woman in black blazer holding smartphone
Photo by Anna Shvets on Pexels.com

Grants for women-owned business

Here are 6 grants that women entrepreneurs should apply for today. (Please note, if you are reading this after some of the application dates has passed for these grants, you may find others at the following link  https://www.grantwatch.com/cat/39/women-grants.html.)

  1. This $20,000 grant is open to USA businesses in rural communities for financial assistance during the Coronavirus (COVID-19) health crisis. Funding is intended to support small businesses that have been impacted by the pandemic, particularly those in underserved communities, including entrepreneurs of color, women- and veteran-owned businesses that often lack access to flexible, affordable capital.

  2. Businesses that demonstrate a high degree of positive impact should apply for this grant of up to $50,000 to USA business owners to support business growth. The majority of grants will be allotted to businesses owned by underrepresented (women) entrepreneurs.

  3. This grant of $10,000 and a grant of $25,000 will be awarded to USA and Canada women-owned businesses and nonprofit organizations to achieve entrepreneurial or organizational goals. Get application details here.

  4. This micro-grant ranging from $100 to $500 is for USA, Canada, and International women entrepreneurs for business development. Funding is intended to allow businesses to improve, expand, increase, and strengthen. 

  5. If you have a women-owned business in Tempe Arizona that was negatively impacted by the Coronavirus (COVID-19) health crisis, then you should apply for these Grants of up to $10,000. Funding is intended to assist local businesses that have been negatively impacted by the pandemic and to help them meet their expenses and retain or hire employees.

  6. If you are a woman entrepreneur that has been shut out of government loans and other funding, then you should apply for this grant of up to $1,000 to mitigate financial losses due to the Coronavirus (COVID-19) pandemic. Funding is intended for entrepreneurs in all industries that have been shut out of government loans and other funding.
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