Grants for Small Businesses
Grants are an excellent option for financing your small business because they don’t need to be repaid, unlike lines of credit or loans. Grants.gov is a great starting point, with a vast number of grant opportunities available. Women and minority business owners have access to various grants to help finance their businesses, but despite improvements, there is still a significant gap in financing for women-owned businesses.
Grants vs. Other Financial Options
Business credit cards, loans and other lines of credit are viable options, but they must be repaid, and the interest can impact your books. Grants, on the other hand, are scholarships for businesses. If you qualify, you receive the money, and there is no repayment required.
Top Small Business Grants
1. Grants.gov
Grants.gov is the most comprehensive database for small business grants and offers tools and resources for finding, applying for, and using small business grants.
2. WomensNet Amber Grants
This organization focuses on helping women entrepreneurs and offers a wide range of grant opportunities throughout the year, including monthly and annual grants, as well as non-profit and business category grants.
3. Tory Burch Women of Color Grant Program
The Tory Burch Foundation selects 75 women-owned businesses of color to receive grants of $10,000 and $20,000.
4. High Five Allowance for Moms
This grant program is designed specifically for women entrepreneurs who are also mothers, with three winners each year receiving grants of $5,000 to $25,000.
5. Cartier Women’s Initiative
This initiative offers regional awards, Science and Technology Pioneer awards, and Diversity, Equality and Inclusion awards for women-owned businesses.
6. Black Founder Start-up Scholarship
These grants are open to black women and non-binary black entrepreneurs who want to scale their businesses, with amounts ranging from $5,000 to $10,000.
7. Comcast Rise Scholarships
This program offers 500 grants, each worth $10,000, to eligible minority business owners. Eligibility requirements are broad in terms of women and POC ownership but are strict for geographical location.
Fine Print
Each grant program has its specific requirements, so it’s crucial to read the rules and requirements carefully before applying. Alert experts warn that using the wrong credit or debit card could be costing you a lot of money. There is a top pick featuring a 0% introductory APR through 2024, a cashback rate of up to 5%, and an annual fee of $0.
Expanding on Small Business Grants
Grants are not only a great way to finance your small business, but they are also an opportunity to invest in your business growth. Applying for grants can be a long process, but the rewards can be significant. There are grants available that cater to specific groups, such as women and people of color. These types of grants recognize the significant barriers these groups face, such as limited access to funding and lack of financial support, which impact their ability to grow successful businesses.
Expanding on Grants.gov, the website offers various grants that cater to small businesses. The site provides useful resources on how to apply and utilize the funds to ensure the best possible outcomes. Some of the grants available target businesses operating in specific industries, such as the arts or agriculture. Knowing which grant is best suited for your business can be challenging, but with careful homework, businesses can improve their chances of success.
In conclusion, grants are an excellent way to finance your small business, but they require time and effort. Business owners must research the various grants available to identify those suited to their needs. Additionally, it’s vital to read the fine print and be aware of the requirements and deadlines to submit a successful application. Ultimately, grants can provide businesses a financial boost and an opportunity to thrive.
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Key points
- Grants are a great way to help finance your small business because they don’t have to be repaid, unlike lines of credit or loans.
- Grants.gov is a great place to start, as this database includes a large number of grant opportunities.
- You can find a variety of grants open to all minority business owners, including both women and business owners of color.
Not too long ago, women couldn’t even apply for business financing without having a male cosigner. Today, women make up about 20% of small business owners, which equates to more than 1.1 million businesses.
While the number of women-owned businesses has grown substantially, there is still a significant gap in financing businesses for women. Besides, business credit cards, loans and other lines of credit must be repaid. So even if they approve it, it will still have red on it. your books.
Small business grants, on the other hand, are like scholarships for businesses. If you qualify for a grant, you get the money, no repayment required. Even better, there are several small business grants designed specifically for women who want to build or grow their businesses.
1. Grants.gov
This huge database is the most comprehensive resource for business owners seeking grants. Not only does it provide information on hundreds of grants, but it also offers tools and resources for finding, applying for, and using small business grants.
More information: grants.gov
2. WomensNet Amber Grants
This wonderful organization focuses on helping women entrepreneurs. Offers a wide range of grant opportunities throughout the year, including:
- $10,000 monthly Amber Grant (one winner each month)
- Annual Amber Grant of $25,000 (two winners each year)
- $10,000 Startup Grant (one winner each quarter)
- $10,000 Non-Profit Grant (one winner each quarter)
- $10,000 Business Category Grants (one winner each month)
In addition to monetary grants, there is also an annual marketing grant that includes strategic counseling sessions with members of the Advisory Board and support from professional agencies.
More information: amber scholarships
3. Tory Burch Women of Color Grant Program
The Tory Burch Foundation selects 75 companies majority-owned (at least 51%) by women of color to receive grants of $10,000 and $20,000. Recipients also have access to education and community partnership with the Fearless Fund.
More information: Tory Burch Foundation
4. High Five Allowance for Moms
Run by The Mama Ladder, this grant program is designed specifically for women entrepreneurs who are also mothers. Each year, the program selects three winners, who receive:
- First place: $25,000 grant
- Second place: $10,000 scholarship
- Third place: $5,000 scholarship
Virtually all mothers will qualify, including new mothers, mothers of adult children, step-mothers, and adoptive mothers. Unfortunately, only mothers of human children are allowed; pet parents will not qualify!
More information: High Five Grant
5. Cartier Women’s Initiative
The Cartier Women’s Initiative offers a variety of awards for women-owned businesses, including:
- Regional Awards: These grants are awarded to women around the world spanning nine different regions, from North America to various regions of Africa.
- Science and Technology Pioneer Award: This grant is awarded to women entrepreneurs working on disruptive solutions based on technological or scientific advances.
- Diversity, Equality and Inclusion Award: This grant is awarded to entrepreneurs working on solutions to close access, outcome, or opportunity gaps for underserved communities.
More information: Cartier Women’s Initiative
6. Black Founder Start-up Scholarship
These grants are open to black women and non-binary black entrepreneurs who want to scale their businesses. Amounts range from $5,000 to $10,000, and applications are accepted on a rolling basis.
More information: Black Founder Startup Scholarship
7. Comcast Rise Scholarships
This program offers 500 grants, each worth $10,000, to eligible minority business owners. This includes both women and people of color. While the eligibility requirements are broad in this regard, it has strict geographic requirements. Only businesses in these areas are eligible:
- Chicago, IL (Cook County)
- Miami, FL (Miami-Dade and Broward Counties)
- Oakland, CA (City of Oakland)
- Seattle, WA (King and Pierce Counties)
- Washington, D.C. (Districts 1-8)
Up to 100 scholarships will be awarded in each city.
More information: Comcast Increase Grants
Be sure to read the fine print
Each grant program has its own specific requirements, so it’s important to read the rules and requirements carefully before applying. This includes taking note of important expiration dates so you don’t miss them.
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