Funding Opportunities for Women-Owned Small Businesses

Empowering women entrepreneurs is fueling growth in small enterprises worldwide. Securing funding is essential for sustainability, but many banks are hesitant to offer loans to women-led businesses. Fortunately, there are grants available from both government sources and private organizations that don’t require repayment. These grants represent free financial aid, helping women expand their ventures without additional debt. However, awareness about these opportunities remains limited, and applicants must meet specific criteria and follow application procedures to access funding.

While these grants are valuable, many women aren’t aware of their availability or how to apply. Grants are essentially non-repayable funds but often come with conditions that need to be fulfilled.

Application steps include:

• Identifying grants suitable for your business
• Reviewing guidelines and completing applications
• Competing with other applicants for the same funds
• Reporting on how the funds were utilized if awarded

Although the process can be time-consuming, the benefits outweigh the effort. It’s advisable for women business owners to explore state-level grants, as many states offer programs specifically designed to support women and minority entrepreneurs. Each state's official website typically features a business section listing available grants and incentives, such as programs in New York that promote women-owned ventures. Check your regional government websites to discover what funding opportunities exist for your enterprise.

Government agencies and organizations that support women in business include:

• Federal grants aimed at science, healthcare, education, and technology sectors. While these are not specifically for women-owned businesses, they often support women-led nonprofits and projects empowering women. State and local grants tend to be easier to access, as federal grants are highly competitive.
• The Small Business Innovation Research and Small Business Technology Transfer programs focus on sectors like defense, agriculture, and health, providing grants to innovative small businesses. Details are available on their official websites.
• Women’s Business Centers, with about 100 locations nationwide, offer resources to women entrepreneurs, including funding assistance and business development support. Some centers, like the California Capital Financial Development Corporation, provide direct grant funding or support in preparing funding proposals.
• Local economic development agencies are active in major cities, supporting business growth and sometimes guiding entrepreneurs to appropriate funding sources if direct grants are unavailable.
• The Minority Business Development Agency (MBDA) under the U.S. Department of Commerce offers programs to help minority and women entrepreneurs stabilize and grow their businesses. Their website provides a helpful overview of funding options at various levels.

Private grant programs also serve women entrepreneurs, including:

• The Amber Grant Foundation awards $500 monthly to women-led businesses, with an additional $2,000 granted annually to one outstanding applicant. The application requires a brief description and a $7 fee, emphasizing stories of passion and commitment.
• FedEx's Think Bigger program offers grants up to $75,000. Applicants share their business vision, and the process includes public voting, giving participants opportunities to promote their brands.
• Eileen Fisher Women-Owned Business Grant provides up to $100,000 annually to ten women entrepreneurs who own at least 51% of their business, have operated for at least three years, have revenue under $1 million, and focus on social or environmental impact.