In the past few years, the number of women-owned businesses in the U.S. has been growing by leaps and bounds. According to a report by American Express OPEN, women-owned firms grew by 45 percent between 2007 and 2016, a rate five times faster than the national average.
Though starting a business has its perks, there are still major challenges for women entrepreneurs. One of the biggest is getting funding for your idea.
To help you minimize loans, we collected the best grants for women starting a business. With one of these grants, you could add your women-led firm to the 11.3 million in the U.S. today.
5 grants for women starting a business
Below you will find grants to start a business. Each grant comes from a private organization. Unfortunately, you won’t find federal grants for women entrepreneurs.
However, there are some government grants for small business owners that anyone can apply to, which you’ll learn more about below.
But first, let’s take a look at five business grants specifically for women.
1. Eileen Fisher Women-Owned Business Grant Program
“I want to encourage women entrepreneurs, especially those who firmly believe that business can be used to create social and environmental change,” said Eileen Fisher, who launched this program in 2004.
This grant program awards at least $10,000 each to 10 entrepreneurs every year. It’s not geared toward new ventures; rather, it helps small businesses that have already gotten off the ground.
Here are the main eligibility requirements for the Eileen Fisher Women-Owned Business Grant Program:
- At least 51 percent women-owned and women-led
- In operation for a minimum of three years
- Revenue not greater than $1 million per year
- Mission to effect environmental and social change
The application for this program opens every spring. As part of the application, you’ll provide your business plan and any accompanying financial data.
The grant committee is looking for growing businesses with innovative ideas. It rewards entrepreneurs with socially conscious practices.
2. Amber Foundation Grant
Since 1998, the Amber Foundation has awarded small grants for women starting a business. Each month, the organization offers a $500 grant to one recipient, plus an additional $1,000 to one winner at the end of the year.
There aren’t a lot of application requirements apart from being at least 18 years old. The Amber Foundation isn’t looking for a specific business type but instead seeks “a great story and a lot of passion.”
Applying for an Amber Grant is easy. After providing your name, business name, and website, simply answer two prompts:
- Tell us about your business.
- If awarded a grant, what are your plans for the funds?
You may also provide additional comments along with the $7 application fee.
The Amber Grant won’t go very far, but it offers an easy application process and fast funds. Plus, the foundation may partner you up with a personal mentor or angel investor.
3. InnovateHER Challenge
The InnovateHER Challenge is one of the few government grants for small business owners that prioritize women’s empowerment. People of any gender can apply as long as their products or services improve the lives of women.
To be eligible for this grant from the Small Business Administration (SBA), your work must positively impact women and families. You must fill a need and show the potential for commercialization.
You can’t actually apply directly to the SBA. Instead, you’ll submit your business plan to one of the administration’s local partners, such as a university or agency.
It will review submissions and choose one local winner to go on to the national competition. To find a host organization and application instructions, head to the InnovateHER website.
4. American Association of University Women (AAUW) Community Action Grants
The AAUW provides Community Action Grants to women running nonprofit organizations or non-degree research projects. Your work must promote education and equality for women and girls.
The group especially prioritizes projects that encourage girls and women in science, technology, engineering, and math subjects. Winners receive one-year grants between $2,000 and $7,000 or two-year grants between $5,000 and $10,000.
The application process is involved, so start early. You’ll provide a summary form, statement of commitment, budget plan, and a multipart proposal.
Applications are due by Jan. 15, and winners of an AAUW Community Action Grant are notified in mid-April.
5. Open Meadows Foundation
The Open Meadows Foundation provides grants of $2,000 or less to women-led projects that benefit women and girls. It’s specifically looking for work focused on activism, political change, or female empowerment.
The foundation gives priority to small organizations and start-ups. Your project must have a limited budget of $75,000 or less.
To apply, create a proposal using the foundation’s online form and email it to openmeadowsfdn@gmail.com.
Consider angel investors for women-led businesses
While angel investments aren’t grants, they can help get your business off the ground. According to Forbes, angel investors provide funding — typically between $25,000 and $100,000 — in exchange for equity.
There are several angel investing groups that specifically invest in women-led businesses. Belle Capital USA, for instance, invests in a number of women-led, high-growth companies.
Pipeline Angels is a group of women investors who back women-owned businesses. To date, its more than 200 members have provided over $4 million in funding.
Golden Seeds is another potential source of funding. If you’re a female founder, check out this list of additional resources from 37 Angels.
Where to find grants to start your business
While women-led businesses are on the rise, grants for women starting a business remain limited. But you don’t have to narrow your search to women-specific grants.
Instead, look around for general grants to start a business. You can find government grants for small business owners at Grants.gov. The Women’s Business Center also has branches around the country that connect you with local resources.
Plus, you may find grants from private organizations. FedEx, for example, awards over $120,500 in cash and prizes to 10 small business owners every year.
By relying on online resources and local agencies, you can find extra sources for funding your startup. Once you’ve secured funding, you can focus on other steps to start your successful business.
Interested in a personal loan?
Here are the top personal loan lenders of 2019!| Lender | APR Range | Loan Amount | |
|---|---|---|---|
1 Includes AutoPay discount. Important Disclosures for SoFi. SoFi Disclosures
2 Includes AutoPay discount. Important Disclosures for Payoff. Payoff Disclosures
3 Important Disclosures for FreedomPlus. FreedomPlus Disclosures
4 Important Disclosures for Citizens Bank. Citizens Bank Disclosures
5 Important Disclosures for LendingPoint. LendingPoint Disclosures
6 Important Disclosures for LendingClub. LendingClub DisclosuresAll loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105. †Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com **Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary. 7 Important Disclosures for Earnest. Earnest Disclosures
8 Important Disclosures for Avant. Avant Disclosures* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC. ** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33 * Important Disclosures for Upgrade Bank. Upgrade Bank Disclosures* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements. ** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days. |
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 | 5.74% – 16.24%1 | $5,000 - $100,000 | |
 | 7.46% – 35.99% | $1,000 - $50,000 | |
 | 7.99% – 35.89%* | $1,000 - $50,000 | |
 | 5.99% – 24.99%2 | $5,000 - $35,000 | |
 | 5.99% – 29.99%3 | $7,500 - $40,000 | |
 | 6.79% – 20.89%4 | $5,000 - $50,000 | |
 | 9.99% – 35.99%5 | $2,000 - $25,000 | |
 | 6.95% – 35.89%6 | $1,000 - $40,000 | |
 | 6.99% – 18.24%7 | $5,000 - $75,000 | |
 | 9.95% – 35.99%8 | $2,000 - $35,000 | |
