In the world of entrepreneurship, funding is a vital source of growth. However, for many, if not most female entrepreneurs, it’s also a major obstacle. As a matter of fact, one third of the world’s female entrepreneurs face gender bias when attempting to raise capital for their businesses, according to HSBC Private Banking’s research. Women face the most gender bias in the UK, the United States and Singapore. Further research shows female-led ventures are at a greater disadvantage when raising funds for businesses in male-dominated fields as opposed to female-dominated ones.
As the COVID-19 pandemic has resulted in a large number of businesses created by women entrepreneurs, it has also predominantly negatively affected the latter. Faced with the scarcity of funding opportunities for women entrepreneurs, several lenders and corporations are lending a hand to help reduce disadvantages experienced by women entrepreneurs. As such, these organizations are offering help and support to female entrepreneurs by making these 15 small business grants available:
This business grant program through Visa is dedicated to Black women-owned businesses. In order to qualify for this grant, applicants must be Black women business owners for at least two years, be a business-to-consumer company, and reach a minimum revenue of $24,000. Specific location restrictions also apply.
This grant is directed at female entrepreneurs planning to start a local small business. To apply for this grant, all that is required is for the applicant to explain their business’ purpose. One women-owned business is selected each month to receive a $10,000 grant. In addition, one of the monthly winners is then selected at the end of the year to receive a $25,000 grant.
Through this initiative, FedEx engages the public to vote for the business of their choice. Candidates who receive the most vote win a $75,000 grant. To sweeten the pot, the winner also benefits from free exposure through FedEx’s media outlets.
This grant allows prospective women-owned businesses to be eligible for a federal government grant for research and development needs. In order to qualify, female-led businesses must employ fewer than 500 employees. Eligible businesses can receive over $750,000 if the research produces positive outcomes.
Speaking of research and development needs, the Small Business Innovation Research grant applies to female-owned businesses boasting cutting-edge ideas. Eligible companies can earn a $150,000 grant, and can receive up to $1 million in the span of two years
For any women-owned businesses whose mission is focused on furthering the cause of women and girls, grants are made available from the Ms Foundation for Women. Examples of businesses who have benefited from these grants include businesses advocating for affordable childcare, against domestic violence, and for reproductive health, to cite a few examples.
The Cartier Women’s Initiative Award is bestowed upon 21 female entrepreneurs each year by Cartier. As a prize, winners get one-on-one expert coaching, media coverage, as well as business workshops, in addition to other rewards ranging from $30,000 to $100,000.
These 7 business grants for women entrepreneurs, among others, are a good start to begin the process of helping women-owned businesses overcome the barriers in their way.
The Corporate Sister.
