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Check Out Some Available Grants For Business Women

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Friday, February 2nd, 2018
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1. Understanding grants

 Business owners often turn to grants because they are not required to pay them back; essentially, you can look at grants as “free money,” but they come with stipulations. Also, understanding and navigating the grant process can be complex.

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2. Finding federal and state grants

 Many business owners think that federal grants are just a click away. We have all seen the ads promoting free federal money to start businesses. But this is a huge misconception. While there are federal grants available in the areas of medical research, science, education and technology development, no such grants exist specifically for women-owned businesses. You may find grants that fund projects that empowerwomen, but such funding is often set aside for nonprofit corporations, not for-profit businesses.When researching grants specifically for a woman-owned business, start at the state level. Most states offer grants for women-owned businesses in some capacity. Each state website has a business section where you can find grant and funding opportunities for women and minority-owned businesses. A good example of this is the business section for the state of New York, which lists incentives and programs for businesses. Check out your state’s site to find out what is available for your business.

3. Private grants for women

 The Eileen Fisher Women-Owned Business Grant Program: Five grants are awarded annually. The businesses must be 100 percent women-owned and have founding principles of social consciousness, sustainability and innovation, plus be ready to move to the next phase of development. In 2014, the program awarded $125,000 in grants.

4. Huggies Brand — Mom Inspired Grants:

 The grant awards up to $15,000 to advance the development of innovative products inspired by the joys of motherhood. The awardees also receive resources to further develop their products and startup businesses.

First, you have to research and find a grant for which you’re eligible. Then, you have to understand the strict application and compliance guidelines you must meet, to be eligible. Third, you have to compete with other businesses for the same pool of money. Fourth, if you’re awarded a grant, you must report on how you used it. Finally, you must devote time and energy to the lengthy application process, then wait for approval. In a nutshell, you need to have all of your ducks in a row, up-front and afterward.

5. FedEx Think Bigger — Small Business Grant Program:

Applicants are encouraged to share their visions to receive a portion of the $75,000 awarded in grants. Part of the judging involves the general public voting for the finalists, so participants may promote their businesses while garnering votes.

6. Idea Café Small Business Grant:

 The Idea Caf? is a free gateway that hosts different grants on its site. Its current grant is the 16th Small Business Cash Grant, which awards one $1,000 grand prize to a business with the most innovative idea.

7. InnovateHER: 2015 Innovating for Women Business Challenge:

This business challenge is sponsored by the Small Business Administration (SBA) Office of Women’s Business Ownership. The challenge awards three winners $30,000 in prize money for businesses that have an impact on the lives of women. However, be aware of the recent fraud news around the SBA.

8. Chase Google — Mission Main Street Project:

Chase and Google have partnered to award $3 million in grants. In 2014, recipients were awarded $150,000 to help take their businesses to the next level. Recipients also received a trip to Google headquarters, a Google Chromebook laptop and a $2,000 coupon toward a market research study with Google Consumer Surveys.

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