According to the 2024 Wells Fargo Impact of Women-Owned Businesses report, 39.1% of all U.S. businesses are women-owned. However, women entrepreneurs face more obstacles than men in getting financing to start or grow their businesses. These challenges are even greater for minority women. To help reduce this gap and level the playing field, some corporations and foundations offer small business grants for women. Unlike loans, these grants are not debt-based: once you receive them, the money is yours—no need to pay it back. Plus, many organizations provide extra support like guidance and resources, aside from financial funding. Here are 16 small business grants for women to consider:
1. Amber Grant
The Amber Grant, provided by WomensNet, offers three $10,000 grants each month to women-owned small businesses. One grant is for general small businesses, another for startups, and the third for a business in a specific field. Categories change monthly. At the end of the year, the three monthly grant winners are eligible to receive the Annual Amber Grant of $25,000.How to apply: Fill out and submit the application form on their website and pay a $15 application fee.
2. Cartier Women's Initiative
This initiative funds early-stage women-led and women-owned businesses annually. It offers three grant opportunities:
Regional Awards: Winners from nine regions receive awards of $100,000, $60,000, and $30,000.
Diversity, Equity, and Inclusion Award: Open to all genders, supporting underrepresented or underserved communities.
Science and Technology Pioneer Award: For women entrepreneurs in scientific and technological innovation. How to apply: Applications open once a year, typically between May and July.
3. IFundWomen
IFundWomen is an online platform connecting business owners with partners like Unilever and American Express. It matches applicants with various grants they may be eligible for. How to apply: Fill out the IFundWomen’s Universal Grant application.
4. Dream Makers Foundation Grant
This grant supports Black and BIPOC women entrepreneurs, offering $25,000 to five women entrepreneurs annually. How to apply: Businesses must be part of the Fifteen Percent Pledge's Business Equity Community and meet other criteria.
5. Women Founders Network Fast Pitch Competition
This competition awards $25,000 grants in two categories: Tech/Tech-enabled and Consumer/CPG/Other Non-Tech. Finalists receive mentoring, professional services, and pitch coaching. How to apply: Check eligibility criteria and fill out the application form. A $50 fee is required at submission.
6. Giving Joy Grants
These microgrants up to $500 are great for women startups and must benefit the community socially. How to apply: Women from anywhere in the world aged 18 or older can apply. Applications for the fall round open on June 1st.
7. Women of Color Grant Program
The Tory Burch Foundation's program selects 75 women of color-owned businesses to receive grants ranging from $10,000 to $20,000.How to apply: Businesses must be for-profit and currently operating within the U.S.
8. High-Five Grant for Moms
This grant supports mothers with awards ranging from $2,500 to $10,000, chosen by public vote. How to apply: Applications are currently closed, but information is available on The Mama Ladder website.
9. HerRise Microgrant
This grant provides $1,000 monthly to women of color entrepreneurs. How to apply: Applications are accepted on a rolling basis through the HerRise Microgrant website.
10. Publish Her Business Impact Grant (BIG)
This grant, in partnership with BankCherokee, provides $5,000 to women of color business owners or authors. How to apply: Review eligibility criteria on the Publish Her Business Impact Grant website.
11. FoundHer Accelerator Program
This program supports women-led businesses in Hawaii with $20,000 grants, networking retreats, and educational workshops. How to apply: Visit the FoundHer website for application details.
12. BMO Celebrating Women Program
BMO Banking offers $10,000 grants to women business owners in eligible states. How to apply: Application details are available on the BMO website.
13. NASE Growth Grant
The National Association for the Self-Employed (NASE) offers $4,000 grants to its members for business growth. How to apply: Membership is required. Details are available on the NASE website.
14. Halstead Grant
This grant supports small business owners in the silver jewelry industry with a $7,500 startup grant. How to apply: Download the application form and submit a design portfolio.
15. Grants.gov
This federal database offers a variety of grant opportunities from federal agencies. How to apply: Access detailed application information on the Grants.gov website.
16. Small Business Innovation Research and Small Business Technology Transfer (SBIR/STTR)
These SBA programs provide grants for businesses focusing on research and development. How to apply: Visit the SBIR website for application instructions.
Alternatives to Small Business Grants
Since grants can be competitive and come with specific requirements, consider these alternatives:
Small Business Loans: Apply through banks, credit unions, and online lenders.
SBA Loans: SBA Microloans offer $50,000 or less with competitive terms.
Business Line of Credit: Ideal for covering gaps in cash flow with rotational access to funds.
Business Credit Cards: Use for covering expenses with benefits like cash back and loyalty points.
How Women Business Owners Can Find Resources
In the U.S., state and municipal support is available for women-owned businesses. Here are some examples:
Women's Business Centers: 100 centers across the country offering resources.
Small Businesses Development Centers (SBDC): Counseling and training for small business owners.
Minority Business Development Agency Centers (MBDA): Helps minority business owners secure financing and develop strategies.
State Chamber of Commerce (COC): Provides grant opportunities for small businesses.
The "Ready? Set? Dream!" Project
Are you teaming with entrepreneurial spirit but find yourself grappling with the intricacies of refining your business plans? Maybe you have a brilliant idea but lack the strategic blueprint to turn it into reality. The journey to entrepreneurship can be both thrilling and challenging. The "Ready? Set? Dream!" Project at the Women's Opportunity Center aims to guide individuals wanting to start their own business to success through mentorship. The project consists of several stages: Support Services Setup, Marketing, Intake, Pre-Mentorship Assessment and Coaching, Mentorship Matching, and Ongoing Support.
Conclusion
Starting or growing a business as a woman entrepreneur comes with its unique challenges, but numerous grants and resources are available to help you succeed. Whether you’re just beginning or looking to expand, explore these opportunities and take advantage of the support available to turn your entrepreneurial dreams into reality. Ready for the challenge? Ready, set, dream!