Grants for women in business: How it works
A common question these days, is where can American female entrepreneurs find women in business grants?
A great idea can only turn into a business if it is funded. One can either self-finance or get a loan but then when it comes to women and money, females get less loan approval than men. Luckily, there is plenty of financial support for women in business, one of them being grants. Grants are free financing therefore entrepreneurs don’t need to pay back. Naturally, competition for women in business grants is fierce and they take a lot of time and effort to win.
Why do women need business grants?
Women are still disadvantaged in many ways and women in business grants give them an edge to succeed.
Which are the best grants for women in business in the U.S.?
Here are the best grants for women in business that can help them to finance their businesses.
Amber Grant for Women
The Amber Grant for Women has been giving women in business grants since 1998. The organization selects one winner for every month for $2,000 so 12 women benefit every year. At the end of each year one of the 12 funded women-owned businesses is voted for to win an additional $25,000.
Application requires personal name, business name, website, email, business purpose, what motivated her to start, how she started, vision, and current business challenges. The entry fee is $15. The deadline for 2019 is December 31st.
Cartier Women’s Initiative
The Cartier Women’s Initiative was started in 2006 by Cartier, the jewelry powerhouse. It provides grants for women in business for those who have already started and made a profit.
The applicant should have an established and functional business model and have generated revenue for 1 year. The business should be majority owned by the founders, should not have more than $2 million in dilutive funding, should meet sustainable development goals and should have female leadership including the CEO. The owner/director must own the largest portion of the business, must be over 18 years old, and be proficient in English.
The Girlboss Foundation
Since 2014, the Girlboss Foundation has been providing $15,000 biannually to female entrepreneurs in fashion, arts, design and music. The entrepreneurs must be creative, innovative and understand business. The winners of the grant receive exposure through the online community of like-minded women. The applicant must prove that she is a woman, over 18 years old, a U.S. resident and owns a creative business.
The application requires basic contact information, the name and description of the project, vision and goals for the future, and any additional information that the applicant considers important.
Tory Burch Foundation Fellows Program
The Tory Burch Foundation Fellows Program offers entrepreneurial education, mentorship and grants for women in business since 2009. Fifty fellows receive $5,000 grant, workshops at the Tory Burch offices and one-year free access to an online network of women entrepreneurs. Some of the fellows are selected to pitch their business to industry experts.
The applicants must be female, legal residents of the U.S., be over 21 years old and own a majority stake in the business. The application requires a business plan, a resume, a personal statement, vision, and proof of social responsibility.
Eileen Fisher Award
The Eileen Fisher Award provides $5,000 to $30,000 per business to environmentally conscious female entrepreneurs, totaling $200,000 per year. They support women who can help other women in a number of ways. The applicants, who should be non-profits, should aim to increase the participation of women in decision making, train girls and women in climate change advocacy, adaptation and mitigation, and persuade women to be interested in creating a sustainable economy. There must be sufficient proof of this.
The application must prove that the organization provides direct services, focuses on women, has female executives and has been generated or co-designed by the community it serves. The applicant must be proficient in English and must provide financial statements for one full year of operations.
More information about women and money
These are just a few of the many grants for women in business. Grants are also available from the federal government and state government and other private sources. The good news is that a lot of general information and help for women in business is available.