The economy has switched gears towards the growing entrepreneurial spirit, born out of necessity and the American Dream. Women, especially, have been tapping into business opportunities across the country.
Of course, women face adversity as entrepreneurs, both as small business owners and as women in male-dominated industries. They don’t have to tackle their challenges alone, there are lots of resources available in the form of small business grants, alternative lenders for small business loans, and crowdfunding.
Small Business Grants
Entrepreneurs frequently look to acquire grant money, since they are not required to pay them back; basically, you can view it as pro bono, however they accompany their own set of rules. Likewise, understanding and exploring the application procedure can be mind boggling.
Initially, you need to research and discover how you qualify. At that point, you need to comprehend the strict application and consistence rules you should meet. Next, you need to research different organizations for a similar amount of cash.
After that, in case you’re cleared for the grant, you should review how you utilize it. You should commit time and resources to the extensive application search, then sit tight for the fruits of your labor. More or less, you need to be the driving force behind every step of the application process if you want a fighting chance to get a piece of the pie.
How to properly vet available Grants
Numerous entrepreneurs believe that government awards are only a box ticked away. We have all observed the advertisements elevating free government cash to new organizations. Be that as it may, this is a gigantic misguided judgment.
While there are government stipends accessible in the fields of therapeutic research, science, instruction and innovation improvement, no such lending exist particularly for women-specific entrepreneurship. You may discover some that offer support, yet such subsidizing is frequently put aside for philanthropic organizations, not revenue-driven organizations.
Your best bet is researching state-level grants, if your goal is to find funding that is only up for female entrepreneurs. Your state will have its own web portal that you can search for financial information on minority-owned small business grants and incentives. Even if you don’t find any outright “free” money, you can find plenty of programs that can help women get that extra level of support that they need.
Examples of Private Grants
Outside of state and federal resources, women can also find numerous private grants online. The only catch is that some of these are extremely popular and only have a limited pool of resources, but it is worth researching on your free time to fill in any gaps, financially.
- Huggies is a mom’s best friend, they give out up to $15k to fund startups and other funding opportunities for product development.
- FedEx has a grant program/contest that allows women to submit their pitches and stories about their small business dreams, which is then voted on by the public, where winners can receive up to $75k.
- Chase Bank and Google joined together to give out three million dollars in grant money, with a maximum individual grant amount of $150,000 to grow small businesses, as well as some other goodies, like a personal tour at Google’s offices and free laptop.