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Complete Guide To Grants For Women Owned Business

Hello Everyone, I am Jackson Luther! I am a professional writer from past ten years and love to research about important details.

The United States has had an atmosphere of ambition and enterprise for decades, making it one of the best countries for the entrepreneurial spirit. Not only citizens have the drive and mindset, but they even prevail social and economic infrastructure here. Therefore, the USA is well-suited to support and encourage those who play their shot in the business world. More specifically, women are interested in pursuing business ahead. Between 1997 and 2021, the number of businesses owned by women in the USA has increased by 21%, and revenue earned has doubled in the same amount of time. Many of them succeeded because of availing grants for women-owned businesses. Thus, this era is possibly the best time for female entrepreneurs.

Facts about women entrepreneurship in the USA

Starting a business is demanding! Women face unique challenges in their path. Business ownership can be intimidating, but don't let it stop you from working on your goals. The ways women entrepreneurs overcame obstacles and started their own business; learn from them. This knowledge is necessary to begin a successful career. Plenty of women became entrepreneurs and found success, and they reflect the improving conditions in the USA. The State of Women-Owned Businesses Report said that 54% of women applied grants for women-owned business and started their new businesses. Research showed that women-owned businesses generated over $1.8 trillion in 2018. In addition, women in Business reported that women entrepreneurs are more educated than men.

What is financial assistance offered to women?

Business is a way to make plenty of money out of a potential idea. There are enough examples to prove that women are capable of running a business. The 68% spike in the number of women-owned businesses states the fact. However, to succeed in a business venture, not only is a capital must; one also needs talent and determination. No doubt it's tough to raise capital for a fledgling business. Thankfully, many governments, federal and private organizations offer grants for women-owned businesses.

Grants play a significant role in the success of any business. Unfortunately, not many people know how to apply for grants; they think that getting a loan is the only way to finance a business. As we all know, loans require collateral, and they need to be repaid. On the other hand, a grant is a gift or award, basically free money given to someone who deserves it. The only simple statement is if your grant gets approved, you will get the grant money, and you need not pay that back. Usually, grants are given to only deserving candidates, whether on a financial condition or merit basis. Many firms offer grants for women-owned businesses. They are way better than traditional bank loans or credit cards.

How can you get a grant?

The grants come with expected competition. Even before COVID, the competition for business-owned grants was fierce. If you do your research well and keep track of all the funding opportunities, you can understand your business inside and out. This will increase your chances of securing funds. Learning about grants is a must when you are an aspiring business owner. To qualify for grants for women-owned businesses, you need to go through a long, patience-testing process with your continuous involvement. Organizations usually consider factors like the qualification and stipulation of grants seeker. An entrepreneur welcomes the investment of any form, but the following grants can give a major boost to business:

Top 5 grants for women-owned business

The Amber Grant- It was started back in 1998. Amber Grant awards $2,000 grants to 12 women entrepreneurs every year. Before selecting, one of them receives an additional $25,000 at the end of the year.

The Cartier Women’s Initiative Award: 21 women are chosen to receive prizes each year under this program. Seven first-place winners are awarded $100,000, while 14 second-place winners receive a $30,000 prize.

The Eileen Fisher Business Grant Program: The funding is around $10,000 and is given to 10 female entrepreneurs who had a positive social impact.

The Women Founders Network Fast Pitch Competition: The grant program awards prize for winning this business competition. The first winner is awarded a $25,000 grant, while the second and third place receives $10,000 and $5,000.

The Girl Boss Foundation Grant: An award of $15,000 is given to winners who put toward their business in the art, fashion, music, and design.

Endnote-

Read about each one carefully and apply it to the most relevant one. Keep your options open! For further details, you can check each website or take help from non-profitable organizations.

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