Do you have a great business idea but need the cash to fund it?
Believe it or not, there are grants that might be able to help you jump start your business. There are ones that offer small business grants to women. That being said, it is not as easy as you think.
What about government grants?
Most might believe that the government has a lot of money to hand out, when in fact that is simply not true. Many federal grants for small businesses are for very specific things, such as development or research projects for rural areas. So if you’re looking to get a grant to cover startup costs or daily expenses, you might be out of luck.
However, if your business features a product or service that can positively affect women’s lives, you can try your hand at the InnovateHER Challenge, hosted by the US Small Business Administration. The top three national finalists can win up to $40,000. To qualify, you need to win a local InnovateHER challenge.
Because grants like the InnovateHER challenge can be very competitive, you might want to consider your state or local government grants. Keep in mind that the availability and types of grant differs depending on where you live, so you’ll need to do some research to find specific grant programs.
A good place to look is at your local women’s business centers. The Small Business Association (SBA) sponsors around 100 of these centers all over the country. They are specifically there to help females gain access to capital and with developing their business plans. Some of these places will actually lend you money directly. Others will help you figure out what kinds of grants you can qualify and apply for.
Another place to look is your local SBA sponsored centers. They are usually found at colleges and they offer free one-on-one business consulting. Simply set up a meeting with an adviser who can help you find grants in your area.
Are there any private grants?
There are a few national grant programs for women. You can win $500 from the Amber Grant Foundation. If you are a winner, you might be one of 12 grant winners to be awarded another $2,000. To apply, all you need to do is describe what your business is all about and tell them what you plan on doing with the money. After you pay a $7 application fee, you just have to wait and see if the foundation’s advisory board likes your story and passion.
Another grant you might want to look into is the FedEx Small Business Grant. They award 10 small businesses up $25,000 each annually. To apply, you need to explain what your business will be and how you would use the money. In addition, you need to provide photos or a video or your business. This one is not specifically geared towards women, but it doesn’t hurt to look into it.
If you need more options, a great website is Grants For Women. You can search through their database for grant opportunities, though you need to make sure the grants are specifically for businesses.
Grants are a great way to jump start your business. Again, understand that the grant money you receive might not be enough to cover all your costs, so try your hand at applying to as many as you can to help make your business dreams come true.