From the below statistics, we can conclude that women entrepreneurs have tremendous potential to develop the business landscape of small businesses. However, they still face the same obstacles as their male counterparts, such as competition, and growth. And also, other sexism that works against them.
From 1997 to 2014, there was a 68% increase in women-owned businesses by 9.1 million. This growth exceeded the average growth of the u.s. National companies by 1.5 times.
Take, for example, the shock rate at which banks reject businesswomen when applying for small business loans.
Despite this lack of support from traditional money lending institutions such as banks, women entrepreneurs still have great options. Most of them they drive by technology disruptions in sources of financial lending.
These options include online loans, crowdfunding and peer-to-peer loans. The u.s. The government also issues grants to women entrepreneurs. This option is not standard because many people don’t know about it.
The problem with most employers is that they do not fully understand what the grant entails. The budget is basically ‘free money, but it comes with terms and conditions. Navigating the path to an appointment is very complex.
- You will have to look and find the grant you’re eligible for.
- You must understand and abide by the guidelines of the application process
- you’re in direct and fierce competition with other companies for the same grant.
- You must devote your time and energy to the lengthy application process.
Represent Your Business in the Best Possible Way
To get your budget, you need to perform the application process perfectly and make sure you represent yourself and your business in the best possible way. It’s easy to misunderstand all ads about free federal funds for startups.
The federal government often provides many grants for medical research, technology, science and education. However, there are no such federal grants for women-owned companies. There may be grants for women’s empowerment initiatives, but these funds people usually target nonprofits and not-for-profit companies.
If you’re looking for grants that specifically mean women-owned companies, you should start at the state level. Many states offer appointments to somewhat women-owned companies; all states have websites with a business department where they develop information about grants and funding available to women and minority-owned companies.
For example, the new york state website has included all available incentives. And also, programs to enable business. You should look at your state’s website and see what they have to support local companies.
Another source of federal funds is the Minority Business Development Agency (MBDA), a U.S. Department of Commerce agency. It helps minorities and women to start and develop their businesses. You can search for grants and links to state agencies that work with women-owned companies to get funding opportunities on the site. You can view all state agencies across the United States by clicking here.
Special Grants for Women-Owned Companies
Here’s a list of special grant links that meet the needs of women-owned companies that you may be interested in as an entrepreneur.
Eileen fisher-owned commercial grants program: this program offers five grants per year. Qualified businesses must be 100% women-owned companies and have a mission of social awareness, sustainability and innovation. In addition, companies should be able to progress to the next stage of development. In 2014, this program awarded grants of $125,000.
Hedges brand – inspiring mom grants: this program has been awarded grants of up to $15,000. Grants have been awarded to develop innovative products that promote the enjoyment of motherhood.
FedEx Think Bigger – Small Business Grants Program: Applicants must share their views and get a chance to win part of a $75,000 grant. Moreover, Applicants will also be screened by the public, who will vote for the finalists.
Consequently, applicants will promote their work during a campaign for public votes.
Small business idea grant: this is a free portal to host various assignments on their sites. The latest grant is a 16x small business cash grant which awards a grand prize of $1,000 to a company that offers the most innovative idea.
InnovateHER 2015 Innovating for Women Business Challenge: This is a commercial challenge sponsoring the Office of Small Business Administration (SBA) for business ownership. Three winners will be particular from the competition and awarded $30,000 because they significantly impact changing women’s lives. But, at a similar time, you may want to know about recent fraud allegations about SBA.
Mission’s Main Street Project: Technology giant Google has partnered with Chase to award $3 million in grants. The previous winner in 2014 was awarded $150,000 to boost their business to the next level of growth. The winners also got the opportunity to visit Google’s headquarters and other prizes such as a Chromebook laptop and a $2,000 voucher to study market research using Google Consumer Surveys.
More Businesses Owned by Women
Small Business Technology Transfer Program (STTR): This program retains a certain percentage of federal research and development funding and uses this money to finance other R&D companies.
Women’s Entrepreneurs Competition (WVEC) Small Business Competition: This is a competition organization by Capitol One in partnership with Adani to achieve women’s economic independence. The contest allows women to submit a two-minute presentation and the opportunity to participate in the nine-month business acceleration program.
Small Business Innovation Research (SBIR): This grant program involves different federal agencies and provides incentives for small businesses to explore their technological potential.
Wal-Mart Economic Empowerment Initiative (WEE): This program is part of Wal-Mart’s massive initiative to create opportunities for U.S. And also, global companies