startups

Top Small Business Grants for Women in 2023

Top Small Business Grants for Women in 2023 Top Small Business Grants for Women in 2023 by Rieva Lesonsky January 30, 2023 Women continue to drive new business creation, according to a recent report by payroll service, Gusto, which found that 49% of new business owners were female, compared to only 28% in 2019. And, yet, over 30% of women entrepreneurs still say lack of capital/cash flow is one of their top challenges, according to a report from Guidant Financial. For a woman business owner seeking financing, the ultimate fantasy (well, except for winning the lottery) is receiving a grant. That’s because grants, unlike loans, don’t need to be repaid. Nor do they require you to give up any percentage of your ownership as equity investors do. As you might expect, grants aren’t easy to come by. Like scholarships that students seek to help fund their college education, finding potential grants, going through the application process, and following up requires time and effort. However, the payoff is worth it. Grants exist for all types of reasons and come from many sources. For example, the federal government offers grants, as do some nonprofits and corporations. As women entrepreneurs have increasingly become a significant force in the small business universe, it’s somewhat easier for some to get financing, and fewer grant programs specifically aimed at women exist. However, there still are several worth checking out. See our list below: The Amber Grant This grant honors the memory of a young woman who wanted to be an entrepreneur but died at age 19 before achieving her goal. Amber Grant was launched in 1998 by WomensNet, one of the first online organizations to give grants to women-owned businesses. Every month the program gives a $10,000 Amber Grant to a woman entrepreneur. Then, at the end of the year, one of those women gets an additional $25,000 grant. In addition, WomensNet gives a monthly $10,000 grant to a “Business Category” entrepreneur, covering 12 categories, including fashion design, restaurant owners, health and wellness practitioners, and more. And one of these monthly winners also receives an additional $25,000 grant at the end of the year. Cartier Women’s Initiative Awards The Cartier Women’s Initiative is a global entrepreneurship program that “aims to drive change by empowering women impact entrepreneurs.” Founded by Cartier in 2006, the program is open to women-run and women-owned businesses from any country and sector whose goal is to have a strong and sustainable social and/or environmental impact. Awards are given in n three categories 1) Regional Award, 2) Diversity, Equity & Inclusion Award, and 3) Science & Technology Pioneer Award. First, second, and third-place winners in each category receive financial support ($100K for first-place winners), as well as training, coaching, and community peer learning. People of all genders are eligible to win an award in the Diversity, Equity & Inclusion category. This year the Cartier Women’s Initiative will offer 13 awards categories and extend support to 39 impact entrepreneurs globally. Applications for 2023 are closed, but you can get a head start on the 2024 awards. Tory Burch Fellows Iconic fashion entrepreneur Tory Burch founded the Tory Burch Foundation to help women business owners succeed by providing access to capital, education, and digital resources. The Foundation’s Tory Burch Fellows program chooses 50 Fellows annually; each receives a $5,000 grant, access to a 0% interest loan via Kiva, an all-expenses-paid trip to Tory Burch headquarters in New York for a 3-day workshop, networking, and community-building, and a year of digital education. The fellowship also provides an opportunity to participate in the Fellows Lab, a mentorship event with industry leaders. Women applicants must be 21 or older, own at least 51% of the company, have a business plan, be proficient in English, and be legal resident of the U.S. and its territories. The grant must be used to further business education, such as textbooks, executive coaching, workshops, and conferences. The Tory Burch Foundation Fellowship program opens applications each year in the fall. IFundWomen A team of women started IFundWomen to provide a platform for women-led businesses to access capital. The platform serves as a marketplace, offering opportunities through online fundraising, access to several small business grants, expert coaching, a collaborative, entrepreneurial community, and industry connections. Through its IFundWomen Universal Grant Application (UGA) Database, women entrepreneurs fill out one application and then receive notifications about relevant grants from IFundWomen’s partner network. For example, Visa’s She’s Next Grant Program has partnered with IFundWomen to offer $10,000 and a one-year IFundWomen Annual Coaching Membership to 60 Black women-owned businesses across six key cities in the U.S. SoGal Foundation The SoGal Foundation is a large global platform serving diverse entrepreneurs and investors. SoGal has a presence on six continents, with “hyper-local programming in more than 50 cities.” Its mission is “to close the diversity gap in entrepreneurship and venture capital.”. The SoGal Foundation has partnered with companies like WinkyLux, Bluemercury, twelveNYC, Twilio, Walmart.org’s Center for Racial Equity, and other sponsors to provide several $5,000 and $10,000 grants to Black women or nonbinary entrepreneurs. Black women entrepreneurs receive less than .5% of venture capital funding. Grant awardees also receive “tactical help navigating the fundraising environment so that they will have a more equitable opportunity at scaling the next billion-dollar idea.” In addition, they get lifetime “ask-me-anything” access to the SoGal Foundation and SoGal Ventures teams. Applicants need to self-identify as a Black woman or Black nonbinary entrepreneur (including multiracial people), have a legally registered business, plan to seek investor financing in order to scale, now or in the future, and have a scalable, high-impact solution or idea with the ambition to be the next billion dollar business. DOVE InstaGrants (application period closed in December 2022) Grants can come from some surprising sources, such as Mars-owned DOVE Chocolate. Committed to supporting women entrepreneurs, the chocolate company just finished its second year of DOVE InstaGrants, a program designed to empower women business owners by providing a chance to win one of three

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Interested in starting a food truck business?

Interested in starting a food truck business? Interested in starting a food truck business? Written by: Mary King 9/2/2021.  https://fitsmallbusiness.com/ I’ve received several calls from entrepreneurs wanting to venture into the Food truck industry. I found this article published on fitsmallbusiness.com. The original article is over 15 pages; here is the condensed version that includes a startup cost chart… How to Start a Food Truck Business in 9 Steps To start a food truck, you need a competitive and appealing concept, a viable business plan, a fully equipped food truck, and a solid marketing strategy to build your customer base. If you’re looking for a money-making business idea, a food truck is a great one. Successful food trucks can bring in more than $500,000 per year, with startup costs around $40,000. Starting a food truck generally takes three to 12 months and requires these nine steps: 1. Research local food trucks and laws 2. Choose a name and concept. 3. Register your business and open a bank account. 4. Raise funds for your food truck. 5. Get licenses, permits, and insurance. 6. Purchase your food truck. 7. Purchase equipment and supplies. 8. Hire and train staff. 9. Market your food truck. Food Truck Startup Item Approximate Cost One-time cost Purchasing a Food Truck $5,000 to $125,000 Vehicle Inspection $100 to $500 Retrofitting and Bringing Your Truck to Code $25,000 to $50,000 Generator $1,500 to $10,000 POS Software System and Hardware $500 to $1,500 Paint $1,000 to $3,000 Truck Wrap $2,500 to $5,000 Initial Food Purchases $500 to $2,000 Utensils, Papers, and Goods $500 to $2,000 Website Design $500 to $3,500 Initial Office Equipment and Supplies $200 to $1,000 Advertising and Public Relations $500 to $2,000 Professional, Legal, and Consulting Fees $500 to $2,000 Recurring startup cost Payroll (Up to Four Staff Members) $1,500 to $3,500 Commercial Kitchen and Commissary Rent $500 to $3,000 Monthly Credit Card Processing Fees Around 3% of sales Fuel $250 to $400 Insurance $5,000 Permits and Licensing $50 to $10,000, depending on location Total Estimated Costs $40,000 to $200,000

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GSA Opens Path for Startups to Get on GSA Schedule

GSA Opens Path for Startups to Get on GSA Schedule General Services Administration opens Path for Startups to get on GSA schedule, this includes access to millions of products and services to the government. #startups #SBA #GSA #FAR #Coley #WOSB #EDWOSB #HUBZone #8A #VOSB #SDVOSB #SB #SDB See in Linkedin https://www.linkedin.com/feed/update/urn:li:activity:6934867180945625088

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How to start a side hustle, from someone who quit her 9-to-5

How to start a side hustle, from someone who quit her 9-to-5 How to start a side hustle, from someone who quit her 9-to-5 “Side hustles have literally changed my life.” It seems hard to believe, but there are only about seven weeks left of 2021. The good news is that if you have some money goals you have been working toward, and you’ve been meaning to start a side hustle to help get you there, you don’t have to wait until January 1 to begin. #sidehustle #entrepreneurs #solopreneur#start #smallbusiness Read article

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