The fiscal scenario and the market situation in the US have seen better days. With volatility and unprecedented changes on the rise, financial stability isn’t a permanent outcome. However, business grants are at an all-time high, with various small businesses and entrepreneurs approaching several organizations to fund and allocate financial resources to them.
There are different categories of grants in the US, and the most sought after are the ones specifically set aside to empower women entrepreneurs. It has been noted that, on average, 1200 businesses spearheaded by women launch daily in the US market.
There’s a distinct gap in the funds granted to men in comparison with women. Apart from all the challenges of starting a new venture, raising capital must be the last concern. Let's dive into the various sources of business grants available in the US.
Nowadays, you can do thorough research online and find an impressive list of organizations ready to back up your business ideas. All you need do is understand your business' needs and identify the right organization for it. Here's a list of some of these organizations.
The US government has a massive repository of grants - 2300, to be precise. If your purpose is filing for a federal grant, you’re in the right place, as this is the way to go about it. While the process isn’t simple, the result is an iron-clad guarantee of funds that no other organization can provide.
If your business involves an innovative formulation or an inventive approach that can ultimately make you millions, then you’re in for a treat with this particular type of funding. The specialized function of providing funds to kickstart and extensively support research and development activities is available on this organization's website.
One of the pioneers in the avenue of granting funds to women in the US is the SBA. They fulfill their primary goal of allocating loans and funding to eligible enterprises. They run a variety of programs, and you can check your eligibility online on their website.
One of the integral grants released during the pandemic was the one led by Women Who Tech. One of the many women-centric business grants won through a start-up challenge set up by the organizers. Simultaneously, they promote other categories like Emerging Tech and Startup Tech grants focussing on the upliftment of women.
EDA is an agency within the US Department of Commerce that provides economic assistance and funding to various small business grant: Stimulus Packages for Small Businesses. They aim to improve the infrastructure and offer better opportunities to financially backward communities. You must constantly look out for facilities available and ensure that you apply without any delay through the opportunity page on their website.
There are several business grants to watch out for in the market. Some of them are listed below:
One of the more premier grants, officially given to twenty-one driven female entrepreneurs from across the globe, is the Cartier Initiative Award for women. They gain an all-access pass to the specialized program called the INSEAD Social Entrepreneurship Program to get a taste of the world of business. The selected women can attend seminars and workshops conducted by renowned experts in their fields.
Seven of the finalists get $100,000 each while the rest of them earn $30,000 respectively. You can apply for the grant through their online portal.
Here is a company that constitutes angel investors who actively seek out small businesses and companies. Their investments come as a brilliant way of ushering in a new era of female entrepreneurs by bridging the massive gap between fund approvals for men and women.
The latter usually face gender disparity concerns, but with the promise of $200,000 in conjunction with education and support, it aims to give women a headstart in the business world. Eight finalists qualify after a vigorous selection through the online applications.
Socially conscious and responsible women have had a grant drawn in their favor by Eileen Fisher since 2004. Today, the grant awards its recipients a sum of $200,000 yearly for charitable organizations and $40,000 individually to the women behind a noble cause.
The grant and its objectives promote environmental protection by advocating significant issues like climate change, sustainable development, and a positive impact. All businesses and organizations that strive to conserve the environment every step of the way can apply online.
This grant identifies individuals suffering from racial, social, and economic oppression. They pick up the potential and widespread effort undertaken by women and girls to protect different sections of society from various issues.
Financial support between $10,000 to $50,000 is available through different contributors. You can apply for this grant through their online portal.
Given below are a few tips to keep in mind when applying for a grant:
The marketplace is brimming with competition, and to gain an edge, you must start early and knock out the competition. Only a stellar performance can get you on the radar of high-performing grants. You must stay on top of your game and ensure that you have your business up and running.
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