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Small Business Grants For Women: 17 Best Options
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Regardless of the gender or racial discrimination they faced in their quest to start their own business, they prevailed.
In fact, African-American women own a larger percentage of all black-owned businesses than do women of other races.
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Black women own more than 36% of all black-owned businesses, while overall women own only about 19% of all other businesses.
They are the fastest growing group of small business owners with 67% growth from 2007 to 2012 and 50% growth from 2014 to 2019.
To keep this sector of the economy alive, many organizations have begun offering grants specifically for black women entrepreneurs. Others have long-standing scholarship programs for this group.
This grant was created in memory of Amber Wigdahl, a nineteen-year-old black teenager who dreams of starting her own business.
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Amber passed away before she could achieve that dream, but the scholarship in her honor helps many young women achieve their business dreams.
The Amber Grant awards more than $10,000 per month to women-led business proposals they deem worthy, and $25,000 to an outstanding company.
Not only does this organization empower young women to start their own businesses through funding, but they also share a lot of useful information on their blog.
The SoGal Foundation is a global platform whose mission is “Closing the Diversity Gap in Entrepreneurship and Venture Capital.”
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Part of their mission is to provide scholarships to black women so that their dreams of starting a business can become a reality.
SoGal worked with Twilio, Winky Lux, twelve NYC and Bluemercury to determine the winners of their $10,000 and $5,000 grants.
These award winners also have access to an extensive knowledge base and mentors within the SoGal Ventures team.
This team will also help award winners find more funding to grow their business by helping them with the application process from start to finish.
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Each year, the National Black MBA Association (NBMBAA) holds a Scale-Up Pitch Challenge to provide a funding opportunity to its members.
In 2020, all winners were black female entrepreneurs. So get your name and photo on next year’s scholarship list!
IFundWomen has a long list of funding opportunities dedicated to women’s empowerment. Their website even lists various small business grants from other organizations on the Internet.
A great example of grants for black women entrepreneurs is the Visa She’s Next grant program for black women-owned businesses. This grant program provided $10,000 in grants to sixty different small business owners.
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The American Express • IFundWomen of Color 100 for 100 program is another funding opportunity specifically for black women.
This program provides $25,000 in grants to those who come up with smart business plans. In addition, they provide resources to one hundred black companies for one hundred days.
Of course, the association will review the application to determine the need for and potential impact of the grant on the business.
In return, the association requires the recipient to place a NASE badge on its website for one year after receiving the grant.
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As the grants offered by the Minority Business Development Agency (MBDA) vary, it is best to visit their website regularly to find out about current business grant competitions.
To apply for a grant from the MBDA, you must first register your business. You must then download the application from the Grants.gov website.
MBDA recommends that you participate in the pre-application conference call for each scholarship before writing your application. This will help you better understand the eligibility requirements and improve your chances of success.
Essence and PineSol’s Build Your Legacy Grant offers an opportunity to award $100,000 to a Black female entrepreneur.
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This scholarship also includes a six-month business mentorship with successful businesswoman Nicole Walters. In addition, her website offers helpful video courses for any woman who owns a business.
FedEx is a great small business promoter. Among the many scholarships they sponsor with other companies and organizations, they have their own scholarship contest with great prizes.
They award the first place winner of their grant contest with $50,000 for their small business and $7,500 for FedEx printing services.
2nd place winner will receive $30,000 plus $5,000 in FedEx printing services and 3rd place will receive $15,000 with $1,000 in FedEx printing services.
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Many small business owners are so intimidated by the seemingly complicated process of applying for federal grants that they miss out on a lot of financial assistance.
The government must have recognized this timid response from many companies as they have created a wealth of grant writing advice and mentoring in their online learning centre.
You can read articles and even watch Youtube videos to help you understand the process and build your courage to apply for these grants.
The scholarship application process can be long and daunting if you unsuccessfully apply for multiple scholarships over several years.
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It takes determination to get going and the more you apply, the better your chances of winning.
However, you can improve your chances of becoming a grant recipient and getting the funding your for-profit business needs by doing more than just a numbers game.
If you’re looking for scholarship opportunities, you can get a little ahead of yourself and maybe get starry-eyed when you see the grant amount.
However, if you don’t take the time to read the scholarship requirements carefully, you could be wasting your time applying for a scholarship you’re not even eligible for.
Minority & Women’s Business Development
Sometimes you may not qualify at this stage, you just need to become a member of the organization or make a few small changes
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