Women owned businesses are booming in the United States, and there has never been a better time for a lady to begin their own business. By 2023, 11.6 million companies were of women, and employed nearly 9 million people. Altogether, women-owned businesses generated $1.7 trillion in sales. Women own 39% of all companies in America.
And there are so many opportunities for ladies right now, as evidenced by all of the grants readily available for woman-owned businesses. They are available in the government (state and federal), non-profits, as well as private companies. So the real question is not “can I actually start a business?” but “how do I obtain a small company grant for ladies?”
There are three steps to apply for a small company grant for ladies: seek information, do your set-up, and apply.
What Grants Are for sale to Small Businesses Owned by Women?
Depending on whether you're starting a brand new business or growing a current business, you'll want to try looking in different places. If you're starting a brand new business, many government and companies offer grants anywhere from $100 to $4,000 or more. If you are growing a current business, and also have been in business for 3-5 years, the us government offers grants up to $5,000.
Government Grants for Women-Owned Businesses
Although the government has a lot more than 900 federal grant programs, they do not have one especially for small businesses of women. There are many opportunities for grants for non-profit enterprises of women, however.
Either way, you have to make Grants.gov your friend while you begin this search. This database will help you find grants based on your company and industry type, looking through their massive lists of available grants.
You'll should also look into state-supported grants, by contacting the Women's Business Center for the state. This organization is managed by the Sba and could have information specific for your state.
Some of the best opportunities for grants for women are in the non-profit sector, especially for a business that's been operating in the community and supporting women's needs for 3-5 years. There's also many grants to be found if you're starting a technology-based business, with the Small company Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. Finally, a high level minority, the Minority Business Development Agency, part of the Department of Commerce, has information about both grants and loans open to you.
Most states have business programs that offer grants, available using that state's website. States grants in many cases are targeted toward specific industries, or causes. In case your company is promoting an ecologically-friendly service, for example, there may be additional grants that you can find.
Many states in addition have a Minority and Women-Owned Business Lending Program, which, whilst not grants, offer many opportunities that are not open to the public in particular, especially for those who have been not able to secure funding through traditional means.
Private Grants for Small Businesses Owned By Women
A great place to obtain a start may be the Small Business Administration Office of Women's Business Ownership. As the Sba does not itself offer grants to women, it has many resources available for women seeking to open businesses, especially connecting them with the InnovateHER Business Challenge, a grant competition for women business people.
The Women's Funding Network has a lot more than 100 funds. They are not all for starting businesses, however the funds and foundations have collectively raised $400 million since its inception, all in support of womens' causes.
Another excellent resource is the Woman-Owned Grant Database and Membership. This website provides you with access to thousands of grants from businesses assuring growth programs. There's a membership fee, but the information and opportunities allow it to be worth it.
Corporate and Organizations
Individual corporations offer grants through their very own websites. A good example is the Eileen Fisher Women-Owned Business Grant Program, started by fashion designer Eileen Fisher. The company awards as much as $10,000 per woman, by having an annual total of $100,000.
The Amber Grant premiered by Womensnet.com in 1998 to honor a woman (Amber) who died before she was able to reach her entrepreneurial dreams. The grant provides $2000 each month, as well as an additional once-a-year grant of $25,000.
The Girlboss brand provides a $15,000 grant and exposure on the Girlboss website, just for women who start businesses in design, fashion, music, or art.
There are literally a large number of grants such as these that you could find by doing research, especially with the databases mentioned above.
Preparing Your Application
Every grant application will probably be different, just like a resume, you want to make sure that you build your application round the grant's requirements–don't just send out exactly the same generic application to everyone. But generally, fundamental essentials things you will need:
Business Plan
Your business plan is much more than only a description of your business, or perhaps a illustration showing your product. Whenever you make a strategic business plan you want to sell the grant foundations in your idea, almost as though you're trying to get them to invest in it–because that's what they do! They're investing in you.
You want the plan to include a description of what you're offering–products and services–and the way your business is different than what is already on the market. You want to show why is you unique and why someone would pick you over your competitor. You also want to show how you will manage your company: how will you find customers? How will you produce your product? How will you find employees? What is your arrange for growth?
A strategic business plan also needs to incorporate a budget, including an estimated Profit-and-Loss document. And every business plan needs a marketing plan.
But remember that you need to focus on the requirements of each application. If one foundation wants to understand how you'll be environmentally-friendly, make sure you bring that. If another really wants to understand how you'll support other women, let them know. Be as specific as possible for each grant are applying to.
Letters of Recommendation
Not every grant requires recommendations, however it can't hurt to have them inside your back pocket just in case someone asks. Good individuals to get letters from include former employers, co-workers, along with other professional partners. A professor could be good if you're coming right out of school, and also the occasional personal reference letter can be used whether it pertains to the application–but ensure that it does.
For example, if your certain grant is targeting women who originate from underprivileged backgrounds who have overcome great hardship, then you might want a community leader or perhaps a church leader to create the letter for you. However with very few exceptions, this isn't the kind of thing you ask your mom or friend to create.
Women Owned Small company (WOSB) status
This isn't a requirement of every grant, but when you do qualify then it definitely can't hurt to incorporate it in your application. To qualify for WOSB status your business must:
- Be at least 51% owned and controlled by a woman or more than a single woman
- Be “small” based on the Small company Administration's definition
- Have filled out the form SF424 (R&R) which can be found at grants.nih.gov
Apply for that Grant
Now that you have everything prepared, you can make an application for the particular grants. Make sure you follow the guidelines of each grant. Remember that some grants get a lot of applications when you do not follow the requirements towards the letter, the application may get trashed without anyone even looking at it.
Make sure that all things have been proofread and double-checked. You only acquire one chance each and every grant.
Then mail or submit the application electronically. Good luck!
How Small company Funding Can Help
Applying for any grant is a superb option, but trying to get a grant does not guarantee that you will be the select recipient. If you'll need a business loan or funding option and don’t want to wait for the grant process or in the event you get turned down for the grant, you can apply for funding by completing our online funding application.