Grants for Women-Owned Businesses You Need to Know About

There are many ways of funding your start-up business. One of these ways is by applying for grants from the state governments or private organizations. Contrary to popular belief, the federal government doesn't offer grants to any businesses, even for companies owned by women or minorities. The only entities that can access grants from the national government are universities and other non-profit institutions.

Because they are not meant to be repaid, grants are hard to get. Very few organizations offer grants to businesses owned by women and even the few that have this form of funding place very strict conditions for qualification. That said, if you are a woman, this can be a good way to fund your company. If you meet the requisites, you should apply for these funds and see whether your proposal will go through.

You can start by checking whether your state government offers grants for women and minorities. Many states provide these funds for women-owned businesses. If your state does not offer such funds, there are still some private organizations that you can turn to.


Here are some private grants for women-owned businesses that you need to know about:

1) The Eileen Fisher Women-Owned Business Grant Program

Eileen Fisher, a famous fashion designer, launched this program back in 2004. It awards over $100,000 in grants every year, and the businesses that receive the amounts must be completely owned by women. Your company must also be made up of at least 51 percent women, and must be led by women. The maximum amount that can be granted to a single recipient is $10,000. A maximum of ten companies can access this grant every year.

To qualify for this grant, your firm must have a positive impact or goal with regard to the society and the environment. Also, you have to be beyond the start-up stage. Specifically, your company must have been in business for a minimum of three years and must have the necessary financials. The grant is not awarded to companies that bring in more than $1 million in revenue per year. Women running non-profit organizations are also not eligible for the grants.

Everyone who receives this grant is invited to New York for two days.

2) The Amber Grant

This grant was founded in 1998 by Womens Net and aims at helping young women realize their entrepreneurial dreams. The grant was founded as a commemoration of a young woman named Amber who died at the age of 19 and was, thus unable to actualize her goals. It is meant to help young women achieve what she was unable to.

Every month, WomensNet offer a grant of $500 to businesswomen. At the end of the year, one of these women will be awarded a grant of $1,000. The annual winner is selected from the monthly recipients of the funds. To apply, you only need to send them your story and pay a fee of $7.

3) Huggies MomInspired Grant Program

This grant is awarded for innovations that are inspired by the experience of motherhood. The organization offers up to $15,000 for 12 moms and the products designed must be intended for business. They should also be able to ease the stresses of motherhood. To apply, you have to be 21 years and over and must be a resident of the USA. If you meet these qualifications, you can submit your business plan to their website HuggiesMomInspired.com.

Some of the innovations that have qualified for this grant include a wall-mounted baby diaper and wipe dispenser, an online coaching program that helps mothers train their babies to sleep well, a tool that interprets the cries of babies, magnetic baby clothing for easy changing, and a baby carrier with automatic massaging. Many other inventions have led to the winning of this grant.

The winners are invited for business coaching from female entrepreneurs, and this can considerably increase their chances of making their enterprises profitable.

Conclusion

Women have a hard time accessing loans from banks and other traditional financial institutions. This is regardless of the fact that women-owned businesses are rapidly growing in number. Women have an ability to run profitable businesses and can make a big impact in the society if given a chance. If you run a business as a woman, you should consider these grants as funding options for your company.






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