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Small Business Grants for Women Entrepreneurs: 5 Programs to Try
- Jul 30, 2024
- 3 min read
By Rieva Lesonsky Finance Financing & Credit Staffing & HR Women In Business Jul 29, 2024
If you're a woman business owner looking for financing to start or grow your business, one thing you may be dreaming of (aside from winning the lottery) is getting a grant. Unlike a loan that you have to pay back, or an investment in your business that requires giving up equity, a grant is basically free money that you don't have to pay back.
Of course, that doesn't mean grants are "no strings attached." In fact, most grants typically come with quite a few strings. Similar to scholarships that are given to students to help finance their educations, grants can come from a wide range of sources: from the federal government to a wealthy individual, from a small nonprofit organization to a multinational corporation. What grants all have in common is they're designed to reward organizations that are doing something the grant-giver believes is important. A corporation with a commitment to women might give grants for women business owners, for example.
In order to get a grant, you'll have to go through an application process; this varies depending on the grant. However, your first step is finding grants to apply for. As women entrepreneurs have become a stronger presence in the business landscape, the number of grants specifically limited to women has dwindled. However, there are still a few grant programs that focus solely on women.
1. Amber Grant
Started by WomensNet over 25 years ago, this grant honors the memory of a young woman who died at age 19, before achieving her dream of becoming an entrepreneur. Each month, the program awards a $1,000 grant to one woman business owner; at the end of the year, one of those winners is selected to receive an additional $10,000 grant. Find out more about the Amber Grant and how to apply.
2. Cartier Women's Initiative Awards
This grant for women entrepreneurs is open to women in the initial stages of developing their businesses. They can be based in any country, of any nationality, and operate in any industry. From seven global regions, 21 finalists in total are selected to receive personalized business coaching, entrepreneurship workshops, access to networking events, and a scholarship to attend the INSEAD Social Entrepreneurship 6-Day Executive Programme (provided the business meets INSEAD's eligibility criteria). In addition, each finalist receives prize money: Seven laureates receive $100,000 in prize money, while 14 finalists receive $30,000.
This website offers information about obtaining grants and a database of grants for women. Although the majority of the grants listed are for nonprofit organizations, there are some available to help for-profit businesses.
4. Tory Burch Fellows
Fashion entrepreneur Tory Burch founded the Tory Burch Foundation in 2004 to support women entrepreneurs. Each year, the Tory Burch Fellows program chooses 50 Fellows to receive a $5,000 business education grant, a trip to Tory Burch headquarters for three days of networking and workshops with innovative business owners, and a year of support from the Foundation.
5. Open Meadows Foundation
Open Meadows Foundation gives grants to organizations that benefit women and girls and promote gender, racial, and economic justice. Organizations must be women-led and may not have a budget of more than $75,000; small and startup organizations are given priority. The grants are not open to for-profit businesses; however, if you are running a nonprofit, the program is worth investigating.
Finally, anyone looking for a grant should check out Grants.gov. While it's not specific to women business owners, Grants.gov is the place to go if you're looking for information about federal government grants. These grants are awarded in order to provide public services and stimulate the U.S. economy. In addition to searching for federal government grants, you can use Grants.gov to learn the basics of grants, get tips for applying, and find out how to spot scams. Register with Grants.gov (it's free) to submit your grant applications using the site’s online tool.
I run a small home baking business, so this post really hit home for me because every little bit of funding or support truly makes a difference. When you’re trying to grow and keep costs under control, unexpected expenses can feel overwhelming — like when my old Thermador oven suddenly stopped heating right before a big custom cake order. I seriously thought I’d have to replace it, but instead I called Thermador Appliance Repair, and fixing it cost me a fraction of buying new. It reminded me that sometimes the smartest move in business isn’t replacing everything, but repairing what still has life in it. Posts like this are so encouraging because they show there are practical ways for wome…
Great list! thank you for sharing these grant opportunities! As a fellow small business supporter, it’s awesome to see resources for women entrepreneurs getting spotlighted. Also, random fun thought: after a long day of grinding, sometimes all I want to do is relax in my Real Housewives Of Salt Lake City S6 Meredith Marks Dog Print Pajamas and catch up on some shows comfort and boss energy!