Initiatives such as the Amber Grant, Galaxy Grants, and EmpowHer Grants are driving the growth of women-led businesses and entrepreneurship. These grants, and others like them, offer both financial resources and support through mentorship, training, and networking opportunities, not just for new businesses, but also for the improvement and expansion of existing ones.
Further, securing such grants marks a vote of confidence in the awardee’s capabilities and innovative potential by the grantors. However, the competition for these grants is fierce, and the application process rigorous, often requiring a viable business plan and adherence to specific eligibility criteria. Success depends on researching the options thoroughly, understanding the eligibility criteria, and presenting a unique, compelling proposal.
Among these grants, the Amber Grant by WomensNet grants three monthly amounts of $10,000 and a year-end grant of $25,000. To qualify, women must own at least 50% of a U.S. or Canadian business. The funds from these grants can be used for operations, marketing, product development, or any area of the business that needs support.
The Yva Jourdan Foundation in partnership with HerSuiteSpot offers microgrants of $1,000 to uplift women of color in business. To be eligible, the business must be majority women-owned, officially registered in the U.S., and have annual revenues under $1 million.
Galaxy Grants by Hidden Star, available till March 31, 2024, offer $2,750 to disadvantaged, minority, and low-income business owners, including women. The grants are intended to help these businesses overcome economic hurdles. The selection process focuses on the business plan’s viability, the entrepreneur’s commitment, and potential for social impact.
EmpowHer Grants focus on women-led businesses with a social mission. These grants offer up to $25,000 quarterly to businesses that are under three years old, have a social mission, and are U.S.-based. Unlike other grants, applicants can request the entire grant as in-kind business support.
With these grants, women entrepreneurs are heralding a more diverse and inclusive business world, overcoming challenges and barriers one grant at a time.
