Top 5 Grants for Women-Owned Small Businesses in the US
Starting and growing a small business can be a stimulating attempt, but it can be even more so for women entrepreneurs. In the United States, there are numerous resources available for grants for women-owned small businesses that help women-owned small businesses thrive.
In this article, we will explore the top 5 grants for women-owned small businesses in the US. These grants can offer much-needed financial help, letting women entrepreneurs to attain their business goals and make a significant impact in their industries.
1. The Amber Grant
What is the Amber Grant?
The Amber Grant is a renowned grant program that has been supporting women entrepreneurs for over two decades. Founded by WomensNet, an organization dedicated to helping women achieve their entrepreneurial dreams, the Amber Grant provides financial assistance to women-owned businesses.
This grant is a tribute to Amber, a young woman who died before fulfilling her entrepreneurial aspirations.
How Does It Work?
The Amber Grant is one of the grants for women-owned small businesses because it awards grants on a monthly basis. Each month, one woman-owned business is selected to receive a $10,000 grant.
Eligibility Criteria
To be eligible for the Amber Grant, you must meet the following criteria:
- Be a woman-owned business in the US.
- Explain how the grant money will be used to advance your business.
- Submit a compelling story about your business journey.
Why Should You Apply?
The Amber Grant not only provides essential financial support but also offers exposure to your business. Winning this grant can attract media attention and potential investors, giving your business a significant boost. Plus, the monthly grants are an ongoing opportunity, so you can apply anytime throughout the year.
Related Readings:
Top Grants for Black Business Owners in the US
5 Best Micro Lending Companies in New York, United States
2. The Elieen Fisher Women-Owned Business Grant
What is the Eileen Fisher Grant?
The Eileen Fisher Women-Owned Business Grant is a program recognized by the famous fashion brand Eileen Fisher. This grant is part of the company’s promise to authorizing women in business. It focuses on supporting businesses that are dedicated to social and environmental change.
How Does It Work?
The Eileen Fisher Grant is one the grants for women owned small business awards up to $100,000 in grants annually. Unlike some other grants, this one is not just for startups; it is open to both new and existing women-owned businesses.
The selection process is highly competitive, as Eileen Fisher seeks businesses that align with their values of sustainability and social consciousness.
Eligibility Criteria
To be eligible for the Eileen Fisher Grant, your business must meet the following criteria:
- Be woman-owned.
- Have a clear and feasible business plan.
- Demonstrate a commitment to social and environmental change.
Why Should You Apply?
This grant not only provides substantial financial support but also the opportunity to be mentored by Eileen Fisher herself. It’s an excellent choice for businesses that prioritize sustainability and social impact.
The National Association for the Self-Employed (NASE) Growth Grants
3. NASE Growth Grants?
The National Association for the Self-Employed (NASE) offers Growth Grants to fund women entrepreneurs in rising their businesses. NASE is a trusted organization that has been advocating for the self-employed and micro-businesses for over three decades.
How Does It Work?
NASE Growth Grants are awarded monthly, with each grant providing up to $4,000 in funding. These grants are designed to help cover specific business needs, such as marketing, equipment purchases, or hiring employees.
Eligibility Criteria
To be qualified for NASE Growth Grants, you must see the following criteria:
- Be a member of NASE (membership is open to anyone, including non-business owners).
- Have a detailed plan for using the grant funds to grow your business.
Why Should You Apply?
The NASE Growth Grants are one of the grants for women-owned small businesses that is for women entrepreneurs seeking funding for specific business projects or initiatives. Additionally, NASE membership provides access to valuable resources and support.
4. The Cartier Women’s Initiative
What is the Cartier Women’s Initiative?
The Cartier Women’s Initiative is one of the grants for women-owned small businesses that support women entrepreneurs who are making a positive impact on society. Cartier, the renowned jewelry and watchmaker, sponsors this initiative.
How Does It Work?
Each year, a group of Laureates is chosen to receive funding, business coaching, and networking opportunities. The program is highly competitive, with a rigorous selection process.
Eligibility Criteria
To be qualified for the Cartier Women’s Initiative, you must meet the following criteria:
- Have a woman founder or co-founder.
- Lead a for-profit business in its early stages (between one to five years old).
- Demonstrate social and environmental impact.
Why Should You Apply?
The Cartier Women’s Initiative provides not only funding but also invaluable support and exposure on a global scale. If your business aligns with the program’s focus on social and environmental impact, this grant could be a game-changer for your entrepreneurial journey.
5. The Small Business Innovation Research (SBIR) Program
What is the SBIR Program?
The Small Business Innovation Research (SBIR) Program is a federal grant program that funds small businesses. While not exclusively for women-owned businesses, it offers significant opportunities for women entrepreneurs in fields such as science, technology, and engineering.
How Does It Work?
The SBIR Program is divided into three phases. Phase I provides funding for research and development, Phase II supports further development and commercialization, and Phase III involves the commercialization of the product or service developed.
Eligibility Criteria
To be eligible for the SBIR Program, you must meet the following criteria:
- Be a small business, according to the program’s definition.
- Conduct research and development that aligns with federal agency priorities.
- Demonstrate the potential for commercialization.
Why Should You Apply?
The SBIR Program offers significant financial support and the potential for long-term growth. While the application process is competitive, it can be highly rewarding for women entrepreneurs in STEM-related fields.
Conclusion
Women-owned small businesses are a vital part of the US economy, and grants for women-owned small businesses like the Amber Grant, Eileen Fisher Women-Owned Business Grant, NASE Growth Grants, Cartier Women’s Initiative, and the SBIR Program provide essential support to help these businesses thrive.
