Business Grants for Women Entrepreneurs in the US
According to the 2018 state of the women-owned business report by America Express, women entrepreneurs are establishing new businesses at a high rate. Data quoted in the report indicates that women entrepreneurs in the US started an average of 1800 businesses per day between 2017 and 2018. This saw the number of women-owned businesses in the US increase from 402,000 to about 12.3 million. Indeed, this is a very high rate that will see over 40 percent of the country’s economy operate on the hands of women entrepreneurs. One may ask the motivating factor that is enabling women to accomplish such milestones.
Most notably, it is because women entrepreneurs have a variety of financing options in the form of loans, crowd funding and grants. In this article, we intend to look at the various business grants available to the women entrepreneurs in the US. The grants are available to new entrepreneurs or those seeking a little boost to cover their business expenses.
The Halstead Grant
This grant is designed for emerging silver jewelry artists in the US. Of course, the artists should be women who want to hit the peak in the jewelry business. The Halstead Grant is an annual award. Applicants are required to submit most viable answers to 15 business questions in addition to their design portfolios to be eligible. The grant intends to give jewelry entrepreneurs a chance to create a strategy to kick-start their careers.
Interested women entrepreneurs in the jewelry industry can fill out the form on the Halstead Grant website. Remarkably, the grand prize is a $7,500 cash grant among other benefits. For instance, Emily Shaffer, the 2018 winner of the Halstead Grant received a $7,500 cash grant and $1,000 in jewelry supplies. She also received a trip to Prescott, Arizona and additional benefits that included a feature in grant publication Reveal and a signature trophy. The deadline for application is August 1 each year.
Open Meadows Foundation
The Open Meadows Foundation aims at giving grants to women entrepreneurs currently engaged in a project promoting gender, racial or economic justice. Qualified applicants receive about $2000 from the Open Meadows Foundation for projects that meet the stipulated requirements. The viable projects for this grant must be designed and implemented by women. Furthermore, the project should promote community building and reflect community diversity within its leadership and organization. The most crucial requirement that a business should meet is to have limited financial access.
Notably, the Open Meadows Foundation gives priority to small businesses and startups. The foundation aims at providing a much-needed financial boost to smaller organizations to change the way they operate. Proposals for this grant open on July 1 and close at midnight on August 15 each year.
The Amber Grant
The Amber Grant was created in 1998. WomensNet launched the grant to pay tribute to Amber, a young woman who passed away before pursuing her entrepreneurial dreams. Essentially, the grant is solely for women entrepreneurs to enable them to achieve the dream Amber could not.
Applications for the Amber Grant costs $15. This year, interested parties have until March 31, 2019, to have submitted their applications. After a considerable amount of time, selected entrepreneurs receive $2,000. Moreover, one of the twelve qualifiers is eligible to receive an annual lump sum of $25,000. This amount brings the total to a whopping $27,000 for the final winner. It is worth noting that the grant is open to women entrepreneurs from any industry.
Tory Burch Foundation Fellows Program
Launched in 2009, the Tory Burch Foundation focuses on empowering women entrepreneurs and providing them with much-needed capital. Besides, the foundation also aims at providing women entrepreneurs in the US with education and access to networking. The Fellows Program provides women entrepreneurs with support and community as they grow their businesses.
An applicant must also be 21 or older, a US resident and proficient in English to qualify for the grant. Winners receive a $5,000 grant and a trip to the Tory Burch offices for four days of workshops and networking. Moreover, the winner also gets a yearlong fellowship and an opportunity to participate in a pitch day to industry influencers.
The Girlboss Foundation Grant
This grant was launched in 2014 as a Small Business Grant for Women entrepreneurs in design, fashion, music, arts industries. The Girlboss Foundation is the charitable department of the Sophia Amoruso’s clothing startup, Nasty Girl. Mainly, the grant awards small business owners on a biannual basis. Grant beneficiaries receive $15,000 and a privilege to feature in the local press and the Girl boss platform.
Eligible applicants should be women who reside in the US and be over 18 years before the closure of the submission period. Grant applicants are should submit samples of their work in the application to demonstrate creativity, innovation, and business acumen.
More from Mount Bonnell Advisors:
