Federal Grants For Women Owned Businesses – Like the public health impact of COVID-19, the economic impact of the global pandemic has hit some populations harder than others. In the United States, for example, women have been disproportionately affected by unemployment and disruption to the businesses they own. State University (MSU) has taken a leadership role in addressing the latter issue by helping women-owned small businesses in times of crisis with assistance from the US Small Business Administration (SBA). Last May, the Division of Academic Experience and Engagement secured a one-year grant of $75,000 from the SBA to establish the Greater Baltimore Women’s Business Center at MSU and provided an additional $420,000 in in-kind support. women-owned businesses affected by the pandemic.
The Women’s Business Center (WBC), operated by the university’s Entrepreneurial Development and Assistance Center (EDAC), is one of two WBCs that opened in Maryland last spring and is part of a national network of more than 100 such centers. one-on-one consulting, training, networking, workshops, technical assistance and mentoring for women entrepreneurs on a variety of business development topics including business start-up, financial management, marketing and procurement. The goal of the Women’s Business Center program is to help women-owned small businesses start, develop and expand their businesses, with a focus on increasing access to resources for women entrepreneurs in socially and economically disadvantaged communities.
Federal Grants For Women Owned Businesses
Ann Frank, a seasoned small business development professional, is the director of the Baltimore Metro WBC. According to her, the current national crises force more women to get involved in the program and in business in general.
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“We know that women have always been formal and informal entrepreneurs, always using their gifts and talents for their communities and creating some financial opportunities for themselves in difficult times,” Frank said. “So I think the SBA has created a campaign to provide some additional services that meet the needs of women entrepreneurs.”
One-on-one consulting, which provides mentors and advisors who are experienced business owners, is one of WBC’s most requested services, Frank said. The center’s mentoring program and its library of online and other resources are also popular, she said.
The virtual conference presented by the center on February 25-26 of this year will emphasize the importance of self-care of female entrepreneurs during the coronavirus pandemic.
Frank said the SBA’s support for women business owners in the Black community is expanding: “recently, they’ve funded at least 20 more HBCU women’s business centers.” He added that the program at MSU will continue until 2022 at the earliest. The SBA notified the university last October that the WBC would receive $150,000 in funding for an additional year.
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“It’s happening: They’re flowing into the springs,” Frank said. “Now that we have all this support, it’s an opportunity to build businesses to help our economy and help ourselves.” Businesses run by women generate a staggering $1.8 trillion in revenue each year, far more than men. Colleagues.
But when women try to secure business loans, they are shown to have slightly lower approval rates than men.
Here are some grants you should consider applying for, as well as some resources you can use to find more federal funding opportunities.
The Small Business Administration offers SBIR and STTR grants to provide financial assistance to companies engaged in technological research.
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Although the SBA is the primary sponsor of this program, recipients have the opportunity to work with several federal agencies depending on the type of work they perform. By contacting other agencies, you can secure more funding for your research.
Navigating the SBIR and STTR application process can be difficult. Fundera is a very useful guide for small businesses that need help.
The US Small Business Administration offers more than just financial assistance. Their website is a great resource for any female entrepreneur.
On the site’s learning platform, you’ll find information about networking opportunities, small business loans, and even your taxes.
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Also, you never know when they will offer another grant, so it is wise to keep an eye on their website for updates.
The U.S. Chamber of Commerce’s Dream Big grant program is an annual competition designed to help small businesses and promote the overall economic growth of this country.
The grant awards $25,000 to one company each year. As the COC says, their goal is to “recognize a small business that exemplifies innovation, entrepreneurship and individual initiative.”
All Business Achievement Awards come with a free one-year membership to the Chamber of Commerce and a sticker to place on your website. Awards are presented at the annual dinner.
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The 8(a) Business Development Program isn’t quite a grant, but it can help grow your business with a very lucrative government contract.
The federal government’s goal is to give 5% of contract dollars to disadvantaged small businesses, and this program helps them do just that.
This site is a publicly available database of hundreds of grants. It lists state grants offered by both federal and private agencies.
When choosing a grant to apply for, read the grant information carefully before applying so you don’t waste time or money on an application you can’t accept.
Federal Grants For Women Business Owners
You must register to apply for any grant through Grants.gov. You can then filter your search to find the one that meets your business criteria and needs.
Depending on your type of business, you may have a solution that the US government is looking for.
From healthcare to engineering, there are many different races. Each contest has its own eligibility requirements and prizes.
But many private organizations also have business grant programs. By applying for these programs, you can provide free money to meet the financial needs of your small business.
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This grant is awarded to one person in the amount of $10,000 each month, with four finalists receiving $1,000 each.
Twelve monthly recipients will each be eligible to win a $25,000 prize at the end of the year.
WomensNet also offers business-specific grants of $5,000 and some small grants of $2,000.
So, even if you don’t win the big bucks, you still have plenty of chances to win some prize money from this organization.
Ontario Government Funding For Small Businesses
There are seven regional awards with three winners in each region, as well as a Science and Technology Pioneer Award with three more winners.
All winners will be part of a scholarship program that will equip them with the knowledge and skills needed to build a successful business.
Winners also become part of a community of like-minded women who are crushing it in the business world without harming the environment or enduring social injustice.
The application for this grant requires entrepreneurs to submit a 60-second video showing why their business is unique and how it disrupts their industry.
Women Owned Business Grants
Start a crowdfunding campaign on the iFundWomen website and you’ll receive a monthly Pay-As-You-Go grant that pays back 20% of the money iFundWomen receives in crowdfunding fees that month.
There is no need to fill out an application – those who start a crowdfunding campaign are automatically included in the competition.
This organization offers many more grants on their website (too many to cover in this article). Many apps are currently closed, but new ones will be available again in the near future.
IFundWomen is always looking for more ways to help female entrepreneurs succeed in the business world. They have offered grants for specific industries and locations, as well as for COVID-19 relief and minority businesses. (Speaking of which, we have a full article on how to find COVID relief grants in your state that you can read here:
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Check in with iFundWomen regularly to be the first to know about new grant offers. You can also complete their universal grant application to become part of their database of potential grant recipients.
This grant is designed to grow your business and is a one-year stipend that includes workshops and virtual classes to give you the knowledge you need to increase your chances of success.
You will also have the opportunity to visit the Tory Burch offices and be part of the first peer network.
To qualify, you must also attend the annual Fast Pitch event where you will present your products and business plan to a panel of judges.
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There is a $50 application fee for this grant competition. For a full description of the application process, read their guidelines here.
Eileen Fisher created her clothing line with sustainability in mind. She wants to share her vision and success with other women entrepreneurs who value sustainability.
Your company could win up to $120,000 to help you improve social and environmental conditions around the world.
These grants provide financial assistance to women-led businesses in need of working capital. They are a great alternative to borrowing money from lenders.
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Of course, there is no guarantee that the small business will receive government or private grants.
However, no matter how small, the benefits of receiving financial aid simply by filling out a grant application are well worth the effort.
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