Business Grants for Women
By: First Union Lending
Tags: Women, Business, Women In Business

While traditional business funding for women-owned companies is certainly a good option when it comes to helping companies get the working capital they need, there are several grant opportunities available to women as well. Many are exclusive to women-owned businesses while some are for both women and men. Doing a bit of research as far as grants go, might turn up some promising options. A grant after all is essentially free money, in that unlike with a loan, you do not have to pay the funds back. That said, because of the nature of grants, the competition can be pretty fierce as numerous business owners apply for them. In this article, we look closer at some specific grants that are available to women business owners.

Grants.gov

As far as government-backed grants go, the best place to start would be Grants.gov. Federally backed grants are generally for both women and men, so if you’re looking specifically for grants geared toward women then this may not be the best place to begin your search. That said, however, this particular site does have some good resources when it comes to small business grants. You will likely need to apply relevant filters when searching on the site as there are many grants listed here.

Eileen Fisher Women-Owned Business Grant Program

Eileen Fisher is a fashion designer who started this particular grant program in 2004. Each grant recipient receives a maximum amount of 40k. They give out up to 200k annually. Eileen Fisher is interested in granting money to nonprofits that in some way impact the environment and also tackle the challenge of women’s rights. They are looking for organizations that train women/girls in terms of climate change, sustainability, and decision making as far as women are concerned.

Amber Grant

Launched by Womensnet.com in 1998, the Amber Grant was created in memory of a woman named Amber. Amber died before she could achieve her entrepreneurial dreams. The grant is meant to help women reach their own goals of starting and running a business. The award consists of a 10k grant to a woman business owner and is given out monthly. While the amount is on the smaller end, it can be helpful especially for those in the early phase of their company. The application requires that you tell your story.

Cartier Women’s Initiative Award

This grant is awarded once per year to a total of 21 women entrepreneurs from around the globe. This is also meant for those in the earlier stages of their business’s life cycle (the company must be between 1 and 3 years old). The company does not have to be turning a profit but should ideally be bringing in some revenue. The top seven grant winners each receive 100k as well as a mentorship experience with a relevant industry expert. The remaining finalists each get 30k.

GrantsforWomen.org

As far as resources for finding women-specific grants, Grantsforwomen.org is a great place to start the search. There are also several scholarship opportunities listed on the site. It is a comprehensive database that can guide you toward the types of grants for women you might be looking for.

FedEx Small Business Grant

While this isn’t geared to women only, the FedEx Small Business Grant has awarded many women-owned businesses grant money over the years and actively encourages women to apply. Beginning in 2013, the FedEx Small Business Grant has awarded more than 250k to small businesses throughout the US. Annually, they award ten entrepreneurs; the winner gets 25k and the runner up receives 15k. The remaining finalists each get 7500.00. All winners also are awarded free FedEx services.

The Halstead Grant

Beginning in 2006, the Halstead Grant is awarded to women-owned businesses within the jewelry niche. The business has to be less than 3 years old, and the award itself focuses on women jewelry designers. The application consists of elaborating on overall business goals and strategies. And winners of the Halstead Grant receive 7500.00 in cash plus an additional 1000.00 to be applied to Halstead jewelry supplies; not to mention, they get publicity within their respective industry, which can be incredibly helpful for a jewelry designer just starting.

Open Meadows Foundation

This grant is for women backed projects, such that promote equality and social justice. The business must be one that has an impact on the lives of women and/or girls. And the business must also be woman-owned and operated. Winners will receive 2000.00 for any eligible project that also demonstrates financial need. So for example, those companies that have less than 75k in resources are eligible to apply for this grant opportunity.

37 Angels

This isn’t necessarily a grant program for women per se, however, it is a viable funding option for those in the early phase of their business. This is for startups seeking investors. And while they don’t exclusively deal with women businesses, they do strongly encourage more women-owned companies to apply. Once you’ve applied, if there is interest, you will then pitch your idea to their network of investors. Generally, funding decisions come in about 4 weeks. They will fund companies up to 200k depending on the pitch and need.

Visa Everywhere Initiative

This is a grant for businesses owned by men and women. There is however an offshoot of this grant opportunity called the Women’s Global Edition which awards two women 100k each. The companies must be involved in the fintech sector as well as be working on projects that have a social impact. There are several components to this grant, however, the payoff could be big.