5 Grants for Supporting Women-Owned Businesses and Entrepreneurs

Many women want to expand or start a business but can't afford it. Taking out a small business loan is one option if you're a woman with entrepreneurship goals. Another is to apply for business grants to help fund your initiatives. Some grants are available specifically for women-owned businesses and entrepreneurs. I'll share details for a few grants below.

What is a grant?

A grant is a fund awarded to a person or business by another person, organization, nonprofit, or company. Unlike loans, grants don't need to be repaid. A person, business, or organization must apply for a grant to be considered.

The organization awarding the grant collects applications and decides how to award the fund. The quest to land a grant can be competitive. A grant can be an excellent way for businesses to take their companies to the next level or help a person or organization start a business.

If you're hoping to grow your business or need help funding operational costs to start a business, consider applying for a grant. Ensuring you meet the eligibility requirements before filling out an application is vital.

Here are a few grants for supporting women-owned businesses and entrepreneurs.

1. Amber Grant

The Amber Grant was founded by WomensNet, one of the first organizations to award women-owned business grants. The organization now awards three $10,000 grants each month and three $25,000 grants each year. You're eligible to apply for an Amber grant if you're an adult and have a business that's at least 50% women-owned and operates in the U.S. or Canada.

2. HerSuiteSpot

HerSuiteSpot is a microgrant available to business owners who are women of color. The Yva Jourdan Foundation partners with HerSuiteSpot to provide monthly $1,000 HerSuiteSpot microgrants. Eligible women can apply for one each month. Your business is eligible to apply if it's 51% owned by women of color, currently registered in the U.S., and has less than $1 million in gross revenue.

3. Galaxy Grants

Another option is Galaxy Grants, which are made available by Hidden Star. The nonprofit Hidden Star supports underprivileged, low-income, and minority entrepreneurs in the U.S. Women and minority-owned businesses can apply for Galaxy Grants. Winners will receive a grant of $2,750. Applications are accepted through March 31, 2024.

4. EmpowHer Grants

Another grant resource for women entrepreneurs to explore is EmpowHer Grants. These grants are made available to women with early-stage businesses that focus on making social change. Grants of up to $25,000 are awarded every quarter.

This grant is available to female business owners who are 22 years old or older. The business must operate in the U.S., address a social issue, and not be more than three years old. Applicants can request up to $25,000 in business support. The grant is awarded as reimbursement for business-related expenses.

When applying, applicants must include a business plan and detailed budget. To receive funding, applicants must self-report their credit score and agree to a third-party background check. Applications are being accepted for the current quarter through March 31, 2024.

5. IFundWomen BOTOX Cosmetic Grant

IFundWomen and BOTOX have partnered to support women leaders and help close the confidence gap. Through the IFundWomen BOTOX Cosmetic Grant program, 20 women business owners will receive a $25,000 grant, one-on-one coaching, and mentoring.

Business owners of any gender can apply. Applicants must be legal residents of one of the 50 states or the District of Columbia, own a business that operates in the U.S., and be at least 18. The business can't be a multilevel marketing company or franchise. Applications are being accepted through March 19, 2024.

Look for ways to fund your business goals

Business grants could help you afford to start a new business or improve your current venture. Stay alert to grants that could help you take your business to the next level.

Alternatively, if your financial situation is deterring you from growth, consider exploring other ways to fund your small business. One option is to take out a small business loan.

For additional guidance on essential money matters for business owners and entrepreneurs, check out our free small business resources.