Despite being innovative and well-thought out, even the best business ideas will not be realized without financial backing. A lack of capital can kill a startup or stop a second business from growing.
Grants are a great option. Grants are not like traditional loans that you have to repay with interest. You can get the money if you are eligible and don’t have to repay it. Women unable to qualify for traditional funding may be eligible for grant funding. Grant funding allows them to have equal access to funding for their ventures.
How grants work
Since grants are free money, they are preferable to loans. It’s not as easy as just asking and getting. The application process can take a long time and is often lengthy. To be eligible, you will need to fulfill specific requirements.
There are many types of grants, including federal grants, state grants, grants from private organizations, charities, and non-profits. The grantor (the entity that distributes the grant funds), will decide the qualifications and conditions of the grantee (the person/organization receiving the money).
Experts advise that women-owned businesses start looking into grants at the state level. State grants might not have the exact requirements as federal funding. However, there may be more options. Each state will have a website that includes grants available for minority and women-owned businesses.
Grant programs in many states allow women to start businesses in traditionally masculine fields like construction. Start by visiting your state’s website to see what grant programs are available.
Grants for women-owned businesses
As we have already mentioned, many grants can be used at all levels of government and in the private sector. These grants are worth a look. These grants are some of the most effective available, and if you’re eligible, can make a big difference in your company.
- FEDEX SMALL BUSINESS GRANT
FedEx grants up to $50,000 to winners of its annual contest. Gold, silver, or bronze winners are eligible to receive FedEx business products and their prize money. You will need a business plan, a description of your business, and photos (optional) to show the potential business goals.
2.THE AMBER GRANT FOUNDATION
The Amber Grant Foundation was established in 1998 to give grants to women-owned businesses. The Amber Grant Foundation grants a $10,000 monthly donation to one woman-owned business. One of the monthly grant recipients will be awarded a $25,000 grant at the end of the calendar year. to help her start her business.
The board chooses the recipients of the grant. They reward entrepreneurs who show strong entrepreneurial ideas and passion about their business.