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For women entrepreneurs, finding financial support can be one of the most significant challenges when starting or growing a business. Thankfully, there are small business grants that specifically target women-owned businesses, providing much-needed funds without the need for repayment. Whether you’re launching a startup, expanding your existing business, or need a boost to innovate, small business grants can help you achieve those goals without taking on debt.
In this guide, we’ll explore 20 of the best small business grants available to women in 2024. These grants come from private organizations, federal programs, and local initiatives, all designed to empower women entrepreneurs.
Why Small Business Grants Are Crucial for Women Entrepreneurs
Small business grants offer a powerful advantage: they provide free funding that doesn’t need to be repaid. This makes them incredibly appealing to women entrepreneurs who want to avoid debt or may not qualify for traditional loans. However, these grants are often competitive and have specific eligibility requirements. But with careful preparation and persistence, small business grants can make a significant difference in your business’s growth.
What You Need to Know About Small Business Grants for Women
Small business grants are essentially free money. Unlike loans, they don’t need to be paid back, but they do come with a catch—they’re highly competitive. Grants can come from various sources: private organizations, corporations, nonprofits, or government programs. They are typically offered to help a business start, grow, or solve a problem.
Here’s what you should know before applying:
- Eligibility: Most grants require that your business is at least 51% woman-owned. Some also have revenue limits or require you to be in a specific industry.
- Types of Grants: Grants can be private or government-funded, with each type having different application processes and criteria.
- Purpose: Grants are often awarded for specific projects or objectives. For example, a grant might require that funds be used for product development or community impact initiatives.
Now, let’s dive into some of the best small business grants for women.
Private Grants for Women-Owned Businesses
1. Amber Grant
The Amber Grant has been helping women-owned businesses since 1998. Each month, it awards $10,000 to a deserving business. At the end of the year, one of the 12 monthly winners receives an additional $25,000. This is one of the most accessible small business grants for women because it requires only a simple application, where you explain your business and how the funds will be used.
2. IFundWomen Universal Grant Application
IFundWomen makes it easy to access multiple small business grants through a single application. By applying once, women entrepreneurs are automatically matched with relevant grant opportunities from corporate partners like Visa and Neutrogena, making it a convenient way to maximize your chances of receiving funding.
3. HerRise Microgrant
Designed to support women of color, the HerRise Microgrant provides $1,000 monthly to a small business owned by a woman of color. To qualify, the business must be at least 51% woman-owned and generate less than $1 million in annual revenue. These small business grants offer immediate, accessible funding for minority women entrepreneurs.
4. The Tory Burch Foundation Fellowship
This prestigious fellowship provides women entrepreneurs with a $5,000 grant alongside a year-long education and networking program. It’s more than just financial support—it’s an opportunity to develop leadership skills and grow your business strategically, making it one of the best small business grants for long-term development.
5. Stacy’s Rise Project
If you’re in the food and beverage industry, Stacy’s Rise Project could be a perfect fit. This initiative offers small business grants up to $25,000, along with mentorship opportunities. In addition to financial support, participants benefit from business development programs that help them grow sustainably.
Federal and State Business Grants for Women
6. Small Business Innovation Research (SBIR) Program
The SBIR program is one of the largest federally funded small business grants available to women in science, technology, and innovation. It’s designed to help small businesses conduct research and development, with the potential for commercialization. Women-led businesses in STEM fields can benefit greatly from this program.
7. Program for Investors in Microentrepreneurs (PRIME)
PRIME provides small business grants to organizations that support low-income entrepreneurs, with a focus on training and technical assistance. Although the grants are given to nonprofits and other institutions, women-owned small businesses can benefit indirectly by accessing resources and support provided through these organizations.
8. NASE Growth Grants
The National Association for the Self-Employed (NASE) offers small business grants of up to $4,000 to members. These funds can be used for a variety of business needs, such as marketing, hiring employees, and expanding operations. It’s a flexible funding source for women entrepreneurs seeking support in growing their businesses.
9. Women-Owned Small Business Federal Contracting Program
While not a traditional grant, this federal program helps women-owned businesses secure government contracts. By getting certified as a woman-owned business, you gain a competitive edge when bidding for government projects, which can significantly boost your revenue and business visibility.
10. InnovateHER Women Business Challenge
Sponsored by the Small Business Administration (SBA), InnovateHER is a competition that awards small business grants to women entrepreneurs creating innovative products that improve the lives of women and families. Winners not only receive funding but also national exposure, making it a fantastic opportunity for women-led businesses.
Local & Nonprofit Grants for Women-Owned Businesses
11. Halstead Grant
Aimed at emerging jewelry designers, the Halstead Grant awards $7,500 to one designer each year. In addition to the cash award, the winner receives $1,000 in supplies and promotional assistance to grow their business. It’s one of the most prestigious grants for women in the jewelry industry, helping designers take their small businesses to the next level.
12. Amber Engine Small Business Grant
Amber Engine, a company dedicated to simplifying product data management, offers a small business grant of $10,000 to women entrepreneurs each year. The application process requires a detailed explanation of how the grant will be used to support business growth, making it an excellent opportunity for those looking to scale.
13. Fearless Fund Women of Color Grant
The Fearless Fund, in partnership with other organizations, offers small business grants to women of color entrepreneurs. These grants range from $5,000 to $20,000 and are designed to provide financial support to underrepresented female founders. The program also offers mentorship and networking opportunities to help business owners build connections.
14. Tory Burch Foundation Seed Grants
In addition to its fellowship program, the Tory Burch Foundation offers small business seed grants to female entrepreneurs. The grants typically range between $5,000 and $10,000 and are awarded to women with early-stage businesses looking to grow. The seed funding is paired with access to business education and resources.
15. Ms. Foundation for Women Grants
The Ms. Foundation for Women provides grants specifically aimed at supporting women of color entrepreneurs who are advancing social change. The foundation’s funding supports a range of industries, but they focus on businesses that have a direct community impact, providing both financial support and advocacy.
16. Eileen Fisher Women-Owned Business Grant
The Eileen Fisher Women-Owned Business Grant program awards up to $100,000 annually to multiple women entrepreneurs who are committed to social and environmental change. The grant is aimed at businesses that prioritize sustainability and social justice, making it an ideal option for mission-driven companies.
17. Publix Super Markets Charities Grant
Publix Super Markets Charities offers small business grants to women-owned businesses that focus on community improvement, health, and wellness. While primarily known for its focus on nonprofits, the charity occasionally awards grants to small businesses aligned with these values.
18. The Red Backpack Fund by Spanx
Created by Spanx founder Sara Blakely, the Red Backpack Fund provides $5,000 grants to women entrepreneurs. Although temporarily paused, this grant program was designed to support women-owned businesses struggling during economic downturns. Keep an eye out for updates as it’s expected to return in 2024.
19. Black Girl Ventures
Black Girl Ventures offers pitch competitions where women entrepreneurs compete for small business grants. Winners receive not only financial support but also access to crowdfunding and networking opportunities. This program is designed to support women of color in business by providing both capital and exposure.
20. Bumble Biz Grants
Bumble, the dating and social networking app, offers small business grants to women entrepreneurs through its Bumble Biz platform. The grants range from $5,000 to $25,000 and are awarded to women with standout business ideas in industries such as technology, media, and health. In addition to funding, Bumble Biz provides mentorship opportunities to help recipients grow their businesses.
identify profitable business ideas for 2024
How to Prepare a Winning Grant Application
Applying for small business grants requires careful preparation and attention to detail. Here are a few tips to increase your chances of success:
- Understand the Criteria: Make sure your business fits the eligibility requirements for each grant. Pay close attention to industry focus, business stage, and ownership criteria.
- Tell a Compelling Story: Many grant providers want to know not just about your business but your personal journey as well. Share your mission and vision to make your application stand out.
- Submit Detailed Financials: Provide clear and accurate financial information, showing how the grant will help your business grow. Include a well-thought-out plan for how the funds will be used.
- Proofread Your Application: Double-check all your submissions for errors or missing information. Many applications are disqualified due to simple mistakes.
Conclusion: Take Advantage of Small Business Grants
Small business grants provide a fantastic opportunity for women entrepreneurs to secure funding without taking on debt. Whether you’re just starting out or looking to scale your business, there are many grant opportunities available in 2024. By applying to multiple grants and preparing a strong application, you can increase your chances of receiving the financial support your business needs to thrive.
FAQs About Small-Business Grants for Women
11. What types of businesses qualify for small business grants for women?
Typically, businesses that are at least 51% woman-owned qualify for most small business grants for women. Each grant may have additional criteria, such as industry focus or revenue caps.
2. How can I find more small business grants?
You can find more small business grants through online databases, government websites (like Grants.gov), or by visiting local Women’s Business Centers, which often provide information on regional grants.
3. What should I include in my small business grant application?
Your grant application should include a clear business plan, detailed financial projections, and a compelling story about your business’s mission. Make sure to align your answers with the grant’s specific criteria.
4. Can I apply for more than one small business grant at a time?
Yes! Applying for multiple small business grants increases your chances of success. Just make sure to tailor each application to the specific grant you are applying for.
5. What if I don’t qualify for small business grants?
If you don’t qualify for small business grants, you can explore other funding options such as SBA loans, microloans, crowdfunding, or business credit cards. Many local programs also offer alternative funding support for women entrepreneurs.