Historically, female entrepreneurs often hit roadblocks in accessing capital, mentorship opportunities and networks. Even 50 years ago, it wasn’t easy to be a women-owned business – and it certainly wasn’t easy to find women-owned business grants. 

That’s part of the power behind women-owned business grants: they aim to challenge this historic status quo by creating a new narrative of possibilities. They embody a commitment to leveling the playing field and provide a springboard for women to realize their entrepreneurial dreams on their own terms. Let’s explore opportunities for women-owned businesses in accessing grants. 

Understanding Women-Owned Business Grants

For a moment, think of grants as bridges. Women-owned business grants are financial resources specifically tailored to support female entrepreneurs on their journey to success. They aim to bridge the gender gap, provide opportunities, and empower women to achieve their entrepreneurial dreams. 

The purpose of women-owned business grants is multifaceted. Oftentimes, these grants aim to address gender disparities, fuel innovation, and empower growth. Though eligibility criteria may vary, common requirements include:

• Business ownership and management by women
• Industry focus or alignment with grant goals
• Business size (usually categorized as small or micro-businesses)
• Innovation and impact of the business idea
• Financial stability and potential for growth

The application process, too, may vary. However, for many grants, expect to spend time gathering the necessary documents (think: proof of ownership) as well as added time to write a proposal. One thing that often helps? Having your own website, as well. 

Advantages and Opportunities for Women Entrepreneurs 

According to the National Association of Women Business Owners (NAWBO), women-owned businesses generated $1.9 trillion in revenue in 2020. But sometimes, you need a little helping hand to get your business off the ground. That’s where grants come in.

Why should you consider one of the women-owned business grants? 

1. Tailored Support: Women-owned business grants are designed to address the specific challenges faced by women entrepreneurs. They provide resources, mentorship, and networking opportunities that cater to your needs.
2. Breaking Down Barriers: Access to capital is essential for business growth – and remains one of the key barriers for women starting their own business. Women entrepreneurs historically face challenges in securing funding, but grants serve as a solution, offering a lifeline to launch and expand businesses.
3. Boosting Visibility and Credibility: Being a grant recipient adds credibility to your business and enhances your visibility within your industry. It’s not just about financial support; it’s about gaining recognition and standing out.

Women-Owned Business Grants

Women-owned business grants are not just financial resources; they are pathways to unlocking unique advantages that can catapult your entrepreneurial dreams. Let’s explore some of the grants:

• Amber Grant: The Amber Grant Foundation offers monthly grants to women-owned businesses to help them take their ventures to the next level. Each month, one recipient is awarded a grant of $10,000. 
• Eileen Fisher Women-Owned Business Grant: Eileen Fisher, a women’s clothing brand, provides grants to women-owned businesses that are working to create environmental and social change. The grant awards up to $200,000 to selected recipients. 
• Cartier Women’s Initiative: This global competition offers grants, mentoring, and networking opportunities to women entrepreneurs who are leading socially responsible and innovative businesses. Winners receive cash prizes and ongoing support. 
• Women’s Business Enterprise National Council (WBENC) Student Entrepreneur Program: This program provides grants to female student entrepreneurs in college or university who are actively involved in a women-owned business. The grants aim to help students grow their ventures. 
• Idea Café Small Business Grant: Idea Café offers grants to small business owners, including women entrepreneurs, to support their business growth and development. Grant amounts can range from $1,000 to $100,000. 
• FedEx Small Business Grant Contest: While not exclusively for women, this contest is open to small businesses, and female entrepreneurs have a chance to win grants ranging from $15,000 to $50,000 to help grow their businesses.

Challenges and Solutions in Accessing Grants

Accessing financial grants to fuel your dreams can be a game-changer, but it’s not without its hurdles.

Challenges in Accessing Financial Grants

• Gender Bias: Unfortunately, gender bias persists in the business world, impacting women entrepreneurs’ access to grants. A report by the Boston Consulting Group found that women-led startups received less than 3% of venture capital funding. This bias can extend to grant selection processes, making it harder for female entrepreneurs to secure the support they deserve.
• Lack of Proper Awareness: Many women entrepreneurs are simply unaware of the grants available to them. Awareness is the first step! When women entrepreneurs are unaware of the financial options available to them, it can hinder their ability to apply and access funding opportunities tailored to their business needs.
• Complex Application Processes: The red tape can feel overwhelming. Grant applications can be elaborate and extensive, demanding time and resources that female entrepreneurs might not readily have. Navigating the bureaucratic paperwork can be overwhelming – and it may lead to missed opportunities. 

Solutions for Accessing Grants

• Educate Yourself: The first step is knowledge – and knowledge is power. Before you start the process, sit down and research available grants and funding opportunities for female entrepreneurs. Seek out industry-specific grants, government programs, and private initiatives that align with your business goals and values. 
• Find Your People: Networking is invaluable, especially for those seeking women-owned business grants. Seek out mentors, fellow entrepreneurs, and industry associations that can help guide you toward grants suitable for your business. Organizations like Women’s Business Centers and local chambers of commerce can offer support and resources.
• Look for Gender-Neutral Grants: Looking for women-owned business grants can be great, but sometimes, it’s just as beneficial to explore opportunities that prioritize merit and innovation over gender. There are numerous organizations committed to fostering diversity – and they offer grants based on the quality of your business proposal.
• Look Online: Utilize online platforms that aggregate grant opportunities. Websites like Grants.gov and Women-Owned offer comprehensive databases of grants, making it easier to find the ones that align with your business.
• Seek Out Help: Consider partnering with consultants or experts who specialize in grant applications. They can guide you through the process, ensuring your application is compelling and meets all requirements.

Power of Supportive Networks and Communities 

Imagine having a circle of like-minded individuals and fellow entrepreneurs who cheer you on, provide guidance, and celebrate your successes. That’s the spirit behind supportive networks and communities for women entrepreneurs. They’re not just extracurriculars – these communities empower, uplift, and transform women during some of the most challenging and exciting times. In fact, Harvard Business Review research shows that businesses run by women who have a supportive network are more likely to thrive and achieve higher levels of revenue growth.  

So where can you find these communities and networks? 

1. Industry-Specific Groups: The first place to look? Industry-specific groups. These networks bring together women within the same industry, facilitating knowledge-sharing, mentorship, and collaboration. 
2. Local Chambers of Commerce: Have you checked with your local chamber of commerce? Many chambers host women-focused events, workshops, and networking sessions.
3. Online Communities: Try social media groups, forums, and platforms like LinkedIn to seek out virtual spaces to connect with women entrepreneurs globally. If you have your own content creation process in place, writing about the topic, too, might help. 
4. Accelerator Programs: Entrepreneurial programs designed for women, such as accelerators and incubators, provide a great place to network. 

Future Outlook: Empowering More Women in Business

Let’s remember: every success story, every stride made by female entrepreneurs, adds to a legacy of empowerment. The future is yours to shape and mold however you want – and with  determination, resilience, and the support of a growing ecosystem, you have the power to surpass barriers and achieve greatness.