Key Insights
- Women running businesses frequently encounter more obstacles than men when seeking financial backing.
- Funds earmarked specifically for women-owned enterprises can offer crucial monetary assistance.
- State and municipal programs also represent viable grant sources for female business proprietors.
With roughly 14 million women-led enterprises across the United States—accounting for 39.1% of all businesses—they collectively generate an impressive $2.7 trillion in revenue and provide employment to 12.2 million individuals.
Despite their substantial impact, women entrepreneurs often grapple with greater difficulties securing capital compared to their male counterparts.
The availability of grants aimed at female entrepreneurs helps to balance the scales, offering essential funding to fuel business growth. Numerous agencies, corporations, and organizations now tailor grant programs explicitly for women, enhancing access to the financial resources needed to flourish.
Bankrate Perspective
Data reveals that 42% of women-owned businesses experienced revenue boosts over the past year, while a hopeful 64% anticipate further growth in the upcoming 12 months.
Below, explore a curated selection of 17 grant programs designed for women entrepreneurs, along with additional tools and resources to launch or scale your enterprise.
Federal Grant Avenues for Women Entrepreneurs
Grants.gov
Acting as a vast repository of federal funding opportunities, this platform lets you filter grants tailored for small businesses. Keep a lookout for initiatives like the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, both pillars under the SBA’s umbrella.
How to Apply
Submitting an application involves following precise federal guidelines and meeting eligibility criteria outlined on the website.
Private Sector Grants Aimed at Female Entrepreneurs
Many grants funded privately—whether by foundations, corporations, or individual donors—are often the most straightforward way to obtain capital. These private grants frequently prioritize women as recipients. Here’s an overview of several such grants:
1. Amber Grants
Named in honor of the late entrepreneur Amber Wigdahl, these monthly grants dole out $10,000 awards, with two annual grand prizes of $25,000 each bestowed upon former monthly victors.
How to Apply
Applicants must complete an online application form through the grant’s platform, matching business details against grant criteria to determine eligibility.
2. Universal Grant Application
This handy online marketplace connects women entrepreneurs with numerous grant possibilities, each varying in requirements, amounts, and deadlines. Using your business data, it highlights suitable funding matches and notifies you accordingly.
3. NASE Growth Grants
The National Association for the Self-Employed offers grants up to $4,000 to members in good standing. These funds can’t cover debts or rent but must be accompanied by documentation showing their usage.
How to Apply
- Submit a detailed application and intended grant usage statement online.
- Applications are assessed quarterly, based on submission month:
- Jan-Mar reviewed in April
- Apr-Jun reviewed in July
- Jul-Sep reviewed in October
- Oct-Dec reviewed in January
4. Freed Fellowship Grant
This grant couples $500 in funding with free mentorship and entry into an annual $2,500 prize draw. Recipients gain membership in a supportive community that fosters collaborative growth and strategic development.
How to Apply
Applicability extends to all genders, with monthly awards offered. Applications are submitted through Freed Studio’s official channels.
5. HerSuiteSpot Grant for Women of Color
Administered by the Yva Jourdan Foundation, this micro-grant of $1,000 supports women of color entrepreneurs in acquiring equipment, marketing, website development, and more.
How to Apply
Fill out the application on the foundation’s website, showcasing your business need and impact.
6. AT&T Women-Owned Business Grant
This program focuses on women-led enterprises with fewer than 50 employees registered in the US, supporting businesses that champion gender equality and empowerment.
How to Apply
Applications were open from March 31 to July 10, 2024, requiring essay submissions detailing business missions aligned with AT&T’s core values.
7. Galaxy Grant
Conceived by the nonprofit Hidden Star, this $4,250 award targets women or minority entrepreneurs. Referral entries double your chances as winners are selected both among applicants and their invited friends.
How to Apply
The deadline is September 30, 2024. Apply via the official Galaxy Grant online portal.
8. The Halstead Grant
This annual grant supports silver jewelry designers with a $7,500 grand prize and $1,000 gift card, plus $1,000 and $250 gift cards for finalists, pushing creative careers forward.
How to Apply
Respond to a detailed questionnaire regarding your business as part of the application process.
9. Cartier Women’s Initiative
Providing up to $100,000 in capital, intensive coaching, media coverage, and access to an exclusive global network, this fellowship selects women-led businesses in early stages (1-6 years) with substantial revenue.
How to Apply
Submission includes a resume, pitch deck, business registration, and a concise video. Winners are announced each spring from nine worldwide regions.
10. Fearless Fund Grant
In partnership with the Fearless Fund, up to 75 grants between $10,000 and $20,000 support Black women-owned businesses that’ve been operating 1-5 years with at least $100,000 annual revenue.
How to Apply
Use the online portal featuring a “funding finder” tool to see your eligibility and submit your application.
11. Pitch Competitions
Annual contests offering cash prizes, coaching, and business services. Applicants attend a live event and must meet eligibility criteria.
Application Timeline
- Applications open: July 29, 2024
- Deadline: September 23, 2024
- Event date: November 14, 2024
12. Fearless Strivers Grant
Partnering with Mastercard, this initiative awards $20,000 grants and mentorship to four Black women-led small businesses with annual revenue below $3 million.
How to Apply
Applications open multiple times yearly. The current cycle began August 1, 2023, with no announced closing date.
13. High Five Grant for Moms
Since 2018, this grant program supports caregiving women entrepreneurs, including foster moms, with $72,000 awarded to date. Eight businesses compete, with public voting deciding top winners receiving $10,000, $5,000, and $2,500.
How to Apply
Applications open September 1, 2024, and close September 30, 2024, via The Mama Ladder’s website.
14. Backing the B.A.R. Grant
Targeting Black-owned businesses in hospitality and beverage sectors, this effort by NAACP and Bacardi has disbursed over $350,000 in grants, mentoring, and educational support.
Eligibility
- Business must be 51% Black-owned
- Must hold or be seeking a liquor license
How to Apply
The 2024 cycle closed May 24.
15. Comcast RISE Grant
Designed to uplift diverse small businesses, Comcast awards 500 grants of $5,000 each, alongside personalized consulting, mentoring, and tech upgrades.
Eligibility and Timeline
- Businesses must operate minimum 3 years with fewer than 100 employees
- 2024 application window: May 1–31
- Eligible locations: Atlanta, Houston, Jacksonville, Richmond, Southern Colorado
- Winners notified in August; 2025 dates TBA
16. Beyond Open Small Business Grant
Administered by FFTC Partners and supported by Wells Fargo, this program allocates $15 million in total grants to businesses led by women, minorities, veterans, LGBTQ+, or disabled owners within Charlotte’s Opportunity Corridors.
Award amounts range from $10,000 to $150,000 per round, usable for inventory, equipment, real estate, and technology, excluding operational expenses.
Application Window
Round 2 closed August 2023; Round 3 opens August 5, 2024, closing August 30, 2024. Notifications available upon registration.
17. Fund Her Future Grant
Block Advisors by H&R Block backs this grant as part of a pledge to support half a million U.S. small businesses by 2025. One winner will receive $50,000, while four runners-up earn $12,500 each. Winners also gain a year of advisory services covering taxes, bookkeeping, payroll, and business structure.
How to Apply
Eligibility requires 51% female ownership, owners aged 18+ residing in the U.S., and a business plan to continue operations for at least one year post-award. Applications closed May 26, 2024.
Supplementary Tools for Women Entrepreneurs
Since federal grants tend to be ultra-competitive, exploring funding offered through local and state channels may yield more approachable opportunities.
1. State Chambers of Commerce
Engaging with your local chamber can connect you to grant opportunities often reserved for minority and women business owners. Building relationships here can unlock additional support avenues.
How to Begin
Reach out to your state or regional chamber office to inquire about female-focused grants.
2. Women’s Business Centers (WBCs)
Supported by the SBA, over 100 WBCs exist nationwide to coach and assist women entrepreneurs through counseling, training, and federal contacts, smoothing the path toward funding.
How to Access
Use the SBA locator tools online to find the center nearest your zip code and tap into local grant resources.
3. SCORE
As a nonprofit SBA partner, SCORE offers mentorship and free workshops spanning diverse business topics to nurture your entrepreneurial journey.
4. Community Development Financial Institutions (CDFIs)
These lenders—often banks, credit unions, or online platforms—offer loans up to $5 million supporting growth, operations, inventory, or real estate purchases. Terms and rates vary by lender.
Additional Financing Options:
- Business credit cards: May require personal guarantees.
- Business lines of credit: Flexible funds accessible as needed, ranging from $500 to $50,000, suitable for expansions or expenses.
Winning Strategies for Small Business Grant Applications
- Scout appropriate grants: Focus on those aligned with your industry, business size, and values.
- Craft a compelling application: Express clear business goals, metrics, and detailed budgets to strengthen your case.
- Apply early: Avoid last-minute pitfalls and meet deadlines with well-prepared submissions.
- Engage with grant officers: Seek clarifications to prevent misunderstandings and gain valuable tips.
Decoding Eligibility Criteria
Each grant sets its own bar, but common considerations include industry type, business scale, geographic location, fund usage intentions, and mission alignment.
Mastering Your Business Narrative
You’re the foremost expert on your venture—make sure your application vividly communicates its mission, core values, objectives, and real-world impact. Detail precisely how grant monies will advance your company’s trajectory.
Grants vs. Loans: Key Differences
While often confused, grants and loans serve distinct purposes. Grants provide funds with no repayment obligation—think of it as risk-free capital—though use restrictions and criteria apply.
Loans necessitate reimbursement, generally with interest, but offer wider flexibility in fund allocation, suited for various business expenses.
Repayment and Tax Considerations
Grants don’t require payback, but funders may request periodic progress reports. Failure to comply can result in funding termination.
Grant money might be taxable income; however, certain federal or state exemptions could apply. Confirm eligibility details with the granting organization to avoid surprises.
For entrepreneurs willing to be patient and present a strong business case, grants represent a potent, non-dilutive capital source fueling growth without the burden of debt.
Before diving into applications, ensure you thoroughly understand and meet the grant’s specific requirements to maximize your success chances.
Frequently Asked Questions
How can women entrepreneurs secure funding?
Grants targeting women-owned businesses are one route. Other funding options include loans, lines of credit, and microloans.
What qualifies a business for a small business grant?
Criteria vary widely by grant. Some require only applications; others entail interviews or presentations. Always review specific guidelines carefully.
Are there downsides to grants?
Limited availability and fierce competition are common challenges. Additionally, grants don’t aid in building credit and often cover only part of the funding needed.