Apply For Small Business Grants For Women

For the past 25 years, more and more women have been starting businesses. Women launch new businesses nearly twice as much as men, overall. Businesses owned by women are expected to create between 5 and 5.5 million jobs by 2018. Nevertheless, owning a business as a woman can be a tough proposition. Research shows that the average revenue for woman-owned businesses is just 27% of what it is for man-owned businesses, and women start their businesses with about half as much startup capital as men do. A grant can help you kick start your new business or support your existing business. Many of these grants correspond to specific industries and locations, so you will need to research and plan well to have the best chance at receiving a grant.

Steps

Doing Research

1. Search for grant opportunities that apply to your business. It’s important to look for grants that relate to your type of business. In general, there are two broad categories:
   • Grants for new businesses: If you are a start-up business, you should look into federal and private grants. Most government and private institutions offer grants ranging from $100 to $4,000. The US federal government has a total of 26 grant agencies, from agriculture to commerce, that offer funds to women entrepreneurs.
   • Grants for existing businesses: If you have been in business for at least 3-5 years, you can quality for federal grants that amount up to $5,000. These grants are intended to help women entrepreneurs expand and develop their businesses.
2. Research government grants. The U.S. federal government has over 900 federal grant programs. However, it does not offer grants specifically for women-owned businesses. If your organization is a non-profit or not-for-profit, it may be easier to find a grant. Businesses that are involved in research are also more likely to be eligible.
   • At Grants.gov, you can look up information on other government agencies and any grants available. You can also search their database by keyword and industry type. Find the database here: http://www.grants.gov/web/grants/search-grants.html.
   • Call your state branch of the Women's Business Center. Organized through sba.gov, this office may have state specific grant information that will help you narrow down your grant search.
   • To qualify for many federal grants, it helps if your business is a stable non profit organization that has a good record for developing community partnerships and supporting women’s needs for at least 3-5 years.
   • If your business is involved in technology research or development, you may be eligible for grants via the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs.
   • Visit the Minority Business Development Agency, a division of the US Department of Commerce. It has a whole section on financing your business, including information about grants and loans available to you.
3. Visit your state's business website. Most states have business programs that offer grants and other funding opportunities to businesses within their state. For example, the state of New York runs a program called Empire State Development, which provides grants for a variety of small businesses.
   • State grants are often targeted toward a particular industry, such as craft beverages. They may also be targeted at promoting a particular trend, such as environmental conservation or promoting minority employment.
   • Most states also have a Minority and Women-Owned Business Lending Program. While these programs are not grants, because you have to pay the money back, they do offer competitive loans to minorities and women, who are often turned away from banks for small business loans.
4. Look up private grants. In addition to federal and other types of government grants, there are many opportunities to apply for private grants as well. The following websites and organizations are good places to start:
   • The Small Business Administration Office of Women's Business Ownership. The SBA does not offer grants for starting or expanding a small business. However, the WBO Office does offer free counseling, advice, and connections to private grant and loan opportunities for women who would like to develop and expand their business. The SBA also helps connect women to the annual InnovateHER Business Challenge, a grant competition for woman business owners.
   • Woman-Owned Grant Database and Membership. Though you will need to pay a fee to become a member, this online site allows you to access thousands of business grants and state programs for business growth and development. You can search available grants by state and get tips on how to apply for grants.
   • Women's Funding Network. Not all of the funding opportunities here are grants for business. However, there are over 100 funds in WFN's network.
5. Visit corporation websites. Many corporations and other institutions offer private grant programs to women entrepreneurs. A few of these include:
   • Eileen Fisher Women-Owned Business Grant Program. Eileen Fisher offers $100,000 in grants each year to businesses that are majority woman-owned and woman-led.
   • Count Me In. In partnership with Capital One, Count Me In provides grants to applicants in amounts varying from $500 to $10,000. They also provide a Women Veteran Entrepreneur grant.
   • Amber Grants. Sponsored by WomensNet, these are small grants (around $500) awarded monthly.

Preparing to Apply

1. Write a business plan. A business plan details the financial, managerial, production and marketing concerns for your business, at least 5 years into the future. Your business plan should outline all of the start-up costs and investment capital that is required to make your business a success.
   • Your business plan should discuss the potential market for your business’s products or services, how your business will market itself to potential customers or clients, and how your business will sustain itself over a long period of time. For example: If you are looking to open a maternity focused store, you may discuss your ideal customer, such as young pregnant mothers looking for eco-friendly clothing and products. You may also discuss how the market for eco-friendly maternity items is expanding as consumers are becoming more environmentally conscious.
   • You should also create a marketing plan as part of your proposal. Think about how you will reach your customers: social media, print advertising, word of mouth, or a combination of several of these strategies.
2. Create a business budget. Your business budget should show your long term plan to keep your business profitable. A business budget is different from a personal budget, as you will need to account for staff wages, production costs (if any), and funds for marketing your business.
   • Use a spreadsheet to note all your business expenses. Estimate your start up costs if you are starting a new business. If you own an existing business, use the budget from the previous fiscal year to estimate your overall expenses.
3. Ask for recommendation letters from peers, colleagues, and professional partners. For most grant applications, you will be required to provide 1-5 recommendation letters. Ask professional individuals, such as community partners or business colleagues, who can provide strong recommendation letters that will support your applications.
   • Give your recommenders a brief overview about the grant you are planning to apply for and how you think your business qualifies for this grant. Be specific about certain skills or processes that you have as a business owner that would make you a good candidate. Give a brief summary of the future goals of your business.
   • This information is not meant to direct or sway your recommenders. Instead it will give them helpful background information to then write you a good recommendation letter.
4. Check if you qualify for Women Owned Small Business (WOSB) status. Though it is not a requirement to quality as a WOSB to apply for business grants, it does mean that you have a better chance of getting a specific government grant if you specify this on your application. To be a WOSB, your organization, business, or firm must:
   • Be at least 51% owned and controlled by one or more women, and primarily managed by one or more women (who must be US citizens, if you’re applying for grants in the US).
   • Be “small” in its primary industry, according to the Small Business Administration (SBA)’s size standards for the industry. A guideline for SBA size standards for businesses can be found here: http://www.sba.gov/content/summary-size-standards-industry-sector.
   • Your business must also be small business self-certified with an SF424 (R&R) Form. This form can be found here: http://grants.nih.gov/grants/funding/424/index.htm.
5. Read the grant application specifications thoroughly and carefully. You will need to ensure you qualify for specific grants before you invest the time applying for them. Request more information from the grant provider if you need it
   • Read the requirements carefully. Some grants are intended for startups or new business, while others are for established businesses. Some grants are only available to residents of certain states or people who run specific types of businesses.
6. Be wary of scams or fake grants. You may receive telephone calls enticing you to give out information like your credit card number or bank account number, or see infomercials on television or fake websites that offer big sales pitches and so called large “grants”. Never give out information like your credit card number or your bank account number to any suspicious organizations or providers.
   • Look around the websites of grant providers. Make sure they have a contact page with a working email and phone number. Call or email the grant providers with questions and make sure you get clear, credible answers before you apply for grants, especially online.
   • Most grant scams will contact you via phone or email and use a script that congratulates you on your eligibility, ask for your checking account information so they can "deposit your grant directly into your account" or to cover a one-time "processing fee." The scammer may even reassure you that you can get a refund if you are not satisfied. But you'll never see the grant they promised, and they will disappear with your money.
   • If you come across a dubious grant provider or are scammed by a fake grant provider, contact the Federal Trade Commission or the National Fraud Information Center.
7. Organize the applications based on their deadlines. Once you have narrowed down your list of grants you plan to apply for, organize them by chronological order based on their deadlines. Note the deadlines in your calendar or planner. Make small goals for each application deadline so you have time to get each one done.
   • In most cases, late grant applications will not be accepted by grant providers.

Completing the Application

1. Gather the necessary documents for your grant application. If you are applying for more than one grant at a time, you are likely to have some overlap in terms of documents needed for the application. Many applications contain a checklist for all required documents. You may be required to provide documents such as:
   • An application form. All grant opportunities will have a form that you must fill out. Read it thoroughly to identify how it should be filled out and any financial or industry information you will need to provide to complete the application.
   • A business plan. Make sure it is proofread thoroughly by you or a professional proofreader and clearly states your business’s objectives, goals, and finances. It should also address the opportunity, problem, or need that your business helps fill.
   • Letters of recommendation. You may need to submit letters of recommendation from well-respected business people or community members.
   • A proposal. You will likely need to draft a unique proposal for each application. Some of the statistics and business information in your business plan can be used in all the proposals, but each grant proposal should be targeted specifically to the grant provider. For example, one grant may only be available to women working in science, while another grant may only be available to African American women. Each grant proposal will need to address how you specifically qualify for each type of grant and how the grant will help your business succeed.
   • Proposed budgets and financial statements. Granting organizations look for women entrepreneurs who can manage their finances. The stronger your budget and financial position is, the more likely you can show grant providers to you will use the grant responsibly and effectively.
2. Proofread all your materials. Ask a second person, such as a peer or colleague, to look over your applications to ensure that you answered all questions on the applications to the best of your ability. Ask the person to also read over the applications for grammatical errors. Submitting materials with errors will detract from your professionalism and lessen your chances at receiving the grant.
   • Arrange your documents in the order they were requested on the application to make it easier for the application processor.
3. Send your application by mail or submit it online as early as possible. You can apply for many grants online through their website. If you apply for grants by mail, make sure you make copies and send the application by certified mail.
   • If you are applying online, go to the grant provider's website before you apply to create an account. You will need to enter important business and personal information to receive an ID number that will help you process your grant application.

Tips

• The United States is not the only country that offers grant opportunities for business owners. The United Kingdom government offers the Grant for Business Investment program, which is not specifically for women-owned businesses but does provide a variety of grant opportunities. The Business office of the Australian Government has a grants and assistance program. The Canada Business Network offers information about government grants.
• There are only a few grants available for small businesses in general, and even fewer for women. You are likely to also need to consider loans and other sources of funding.

Things You'll Need

• A business plan
• Letters of recommendation
• A grant proposal (for each grant application)
• Access to a computer
• Application forms

Related Articles

• Apply for a Government Small Business Grant
• Finance a Small Business
• Apply for a Minority Business Grant
• Apply for Federal Grants
• Apply for an Entrepreneurial Grant

Sources and Citations

See also

• Hire a Contract Grant Writer
• Apply for Free Personal Grants
• Get a Government Grant for a Farm in the U.S.
• Apply for Grants for Single Mothers
• Pay Medical Bills Through Grant Money
• Apply for a Government Small Business Grant
• Write a Letter of Interest for a Grant
• Apply for a Grant
• Find Grants
• Write a Grant Proposal

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