Small business owners often turn to grants as opposed to loans because essentially, a grant is “free money”. However understanding and navigating the grant application process can be complex and lengthy. We’ve put together a list of private and federal grants for women-owned businesses below, but before you apply make sure that your business is eligible for the grant listed.
Private Grants For Women
- Wal-Mart Women’s Economic Empowerment Initiative (WEE): As part of a huge Wal-Mart initiative, sourcing opportunities for U.S. and international companies will increase to $40 billion over five years.
- 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.
- 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.
- Idea Café Small Business Grant: The Idea Café 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.
- 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.
- 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.
- Small Business Innovation Research (SBIR): Eleven different federal agencies participate in this awards-based program, which incentivizes and enables small businesses to explore their technological potential.
- Small Business Technology Transfer Program (STTR): The STTR program reserves a specific percentage of federal research and development funding to provide funding opportunities in research and development.
- Women Veteran Entrepreneur Corp (WVEC) Small Business Competition: This competition, organized by Capitol One and Count Me In for Women’s Economic Independence, allows participants to present two-minute pitches for a chance to participate in a nine-month business accelerator program.
- 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.
Federal and State Grants
When researching federel and state grants grants specifically for a woman-owned business, start at the state level. Each state website has a business section where you can find grant and funding opportunities for women and minority-owned businesses (example: New York). Check out your state’s site to find out what is available for your business. Also check out the Minority Business Development Agency (MBDA), where you can research grants and access links to state agencies that work with women-owned businesses for funding opportunities.