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The modern economy is evolving rapidly and entrepreneurs are always in search of fresh capital to get brand new products and meet their business goals. The large-scale businesses that have been successful for a long time now can rely on their profits for reinvesting, but what can small-scale business entrepreneurs do? They too need to secure loans to survive the rough phases of entrepreneurship.
On top of that, female entrepreneurs often get smaller loans than male entrepreneurs. As a result, businesses with women leaders have a more difficult time trying to obtain access to credit. Some researchers are of the opinion that women are more vulnerable to financial risks than men, and some others say that women apply for smaller loan amounts.
Nevertheless, if you want to learn about business funding for women entrepreneurs, keep reading.
FedEx Small Business Grant
With its previous grants, FedEx has already been successful in demonstrating that it is fair with its funds and grants for women and men. In order to decide the winner, FedEx lets the public vote for the best company in a competition. The winners with maximum votes get a $75,000 grant and free exposure through FedEx and media outlets.
The Eileen-Fisher Women-Owned Business Grant
Are you a women entrepreneur who is looking for capital to grow your business? If yes, you can apply for Eileen-Fisher Women-Owned Business grant. This is a company that rewards five women with grants that may range up to $120,000. However, to qualify for this grant, your company must be owned entirely by women, and your business should promote environmental and social change. In addition, your business must have existed for a minimum of three years, and you may not have earned more than $1 million in yearly profits.
For women entrepreneurs who are planning to launch a local or small business, an Amber Grant is certainly a suitable option. Every month, they select a business that is owned and operated by women and give them a grant amount of $10,000. By the end of that financial year, one of those monthly winners will obtain a grant amount of $25,000. In order to get this grant, you’re only required to explain the goal and vision of your business.
The Girlboss Foundation Grant
This grant was introduced by the entrepreneur Sophia Amoruso in 2014, and the foundation gives grants twice a year to women entrepreneurs. Each of the recipients obtains a funding amount of $15,000. However, these grants are only given to female business owners who work in the fashion design, arts, and music industries. The selections are judged by innovation, creativity, planning, business acumen, and proper demonstration of financial need.
Women’s Business Centers
The Small Business Administration funds around 100 Women’s Business Centers all over the United States. The goal of these centers is to assist women entrepreneurs with the development of their businesses and accessing new funding. There are a few, like the California Capital Financial Development Corp., that lend money directly to borrowers. At the same time, there are others that let you find small business loans and grants for which you may qualify.
Small Business Development Centers
There are numerous SBA-funded Small Business Development Centers all over the country, which are primarily hosted at universities and colleges. SBDCs offer one-on-one, free business consulting, and their service also includes assistance with business plan development, finding financing, and researching markets.
If you’re thinking of obtaining business funding for your female-run organization, you can consider any of the above-listed grant options available in the U.S. Do your research on the features of the grants before applying for them.