An array of grants to address economic hurdles faced by women-led businesses has been introduced. Provided by various individuals and organizations, these grants do not require repayment and can significantly boost business growth. They can be used for business expansion, research, and development. Eligibility criteria, determined by the grant providers, often include a demonstration of business growth potential. Various factors like innovation, impact on local community or economy, and financial need are considered. In addition to financial support, some grants provide mentorship, training, and networking opportunities.
Prominent grants available for women-run businesses
Prominent grants available for women-run businesses include the Amber Grant, Galaxy Grants, and EmpowHer Grants. These grants, although beneficial, come with challenges, primarily an extensive and competitive application procedure. However, securing these grants considerably outweighs the hurdles encountered during the application process.
The Amber Grant targets small female-led businesses. It not only provides financial support but also recognition for the business idea. The Galaxy Grants offer a broader range of financial assistance, not just for startups but also for businesses focused on tech innovations. The EmpowHer Grants are noteworthy as they provide strategic and operational support for women entrepreneurs.
Women’sNet, the organization behind the Amber Grant, requires the business to be at least 50% women-owned and operate within the U.S. or Canada. Grants of $10,000 monthly and $25,000 yearly are offered. HerSuiteSpot, in association with the Yva Jourdan Foundation, provides microgrants to women of color who own businesses. Eligibility requires at least 51% female ownership by women of color.
The Galaxy Grants, managed by the non-profit organization Hidden Star, aim to support underprivileged, low-income, and minority entrepreneurs, offering an award of $2,750 along with mentorship and guidance. The application process emphasizes the applicant’s business vision and potential impact on their community.
EmpowHer Grants target female business owners over 22 years old in the U.S, whose businesses are less than three years old and provide societal services. These grants aim to bolster the efforts of ambitious women who are making a significant difference in society through their business ventures.
Each of these grants has unique eligibility criteria designed to benefit the most suited businesses. Understanding each grant and verifying eligibility before applying is crucial for a potentially successful application.
