Applying for grants can be an excellent way to fund businesses for female founders. There are lots of grants available for businesses, from brick-and-mortar to e-commerce.
Four grants for women owned businesses include the Amber Grant, SoGal Black Founder Grant, IFundWomen, and Cartier Women’s Initiative Awards. These all offer the opportunity for women entrepreneurs to gain equity-free money to put toward their business needs.
The rest of this article will go over four excellent examples of grants for women-owned businesses. I’ll also explain what a business grant is, if grants have repayment terms, and how to find them using TikTok.
Grants for Women Owned Businesses
1. Amber Grant
The Amber Grant was started in 1998 to honor 19-year-old Amber, who passed away before reaching her dreams of entrepreneurship. The grant foundation awards $10,000 each month, and in December, one of the 12 monthly winners will receive an additional $25,000.
You can apply for the Amber Grant here. A single application will enter you for every grant your business is eligible for.
2. SoGal Black Founder Startup Grant
The SoGal Black Founder Startup Grant is offered to Black women (including multiracial black women) or non-binary entrepreneurs by the SoGal Foundation for $5,000 or $10,000. The goal of this organization is to fight against discrimination against black women and provide investments for their startups.
Additionally, those that receive funding also benefit from fundraising advice and lifetime access to the SoGal Foundation.
IFundWomen is an excellent marketplace for grants for women entrepreneurs. When you visit their website, you’ll put in one application. As their grant partners are added to the database, you’ll be notified when a match becomes available that you can apply for.
4. Cartier Women’s Initiative Awards
The Cartier Women’s Initiative features awards worldwide for female entrepreneurs. The goal of giving these awards is to support businesses that have a role in alleviating social, economic, and environmental issues.
The first-place recipient receives $100,000, the second-place gets $60,000, and the third-place receives $30,000.
Best Business Grants for Women
The best business grants for women are those that tailor to women specifically because it gives them a better opportunity to receive money. While I’ve gone over four amazing grants for women-owned businesses, let’s discuss what exactly business grants are and how they work.
What Are Business Grants?
Business grants are money given to businesses in need. They can come from many sources, including the federal government, state government, local government, and private corporations. The money awarded in a business grant must be spent exactly as detailed in the grant application.
A business grant isn’t the same as a business loan, where the company can use the money as it sees fit throughout the business.
They typically require a pitch competition where your company will be up against several others. You’ll only receive the grant if your application checks all the requirements and meets every qualification the grant provider has set forth.
Do You Need To Pay the Money Back?
You don’t need to pay the money back with business grants, unlike business loans. Provided you follow the stipulations outlined in the agreement you made when you received the money, the money from the business grant is yours.
In addition, there’s no interest, and this money is freely given to qualifying businesses with no expectations of the funds being returned at any time.
Do You Give Equity?
You don’t give equity with business grants. Business grants are freely given to you once you complete the application and qualification process, which can sometimes be arduous.
Unlike other forms of supplemental funding for a business, a business grant doesn’t require you to give up any form of equity at any time. However taxing it may be, in the end, you’ll find it well worth the effort to obtain this equity-free money.
How To Find Different Grants on TikTok
TikTok is a fantastic resource for more than just entertainment purposes. You can search for business grant information. Many different influencers will provide you with all the information you need on the latest and greatest information on grants for women-owned businesses.
The journey of entrepreneurship is never easy but the good news is there are numerous resources available to help female founders pave their way to success. Whether you're an established businesswoman or just beginning to foster your entrepreneurial spirit, grants specifically designed for women like the Amber Grant, SoGal Black Founder Startup Grant, IFundWomen, and Cartier Women’s Initiative Awards can provide much-needed financial support and guidance.
Not only do these grants offer equity-free money, but they also provide networking opportunities and expert advice, empowering women to navigate the business world with confidence and courage.
Remember, these grants do not require repayment or equity, and using platforms like TikTok can be an innovative approach to finding and understanding more about such opportunities. The application process might be challenging, but the potential rewards, from financial backing to invaluable mentorship, are immeasurable.
So, dear female entrepreneurs, it's time to put your aspirations into action. Take advantage of these grants and let your innovative ideas soar to new heights. Remember, your dreams are valid, your ideas matter, and your success is absolutely achievable.
As you take this entrepreneurial journey, remember, it's not just about creating a successful business; it's also about embracing who you are, making a difference, and setting an example for the next generation of female leaders. Go forth and conquer, for the business world needs your unique talents and perspectives.