Women sometimes face difficulties and disadvantages when it comes to qualifying for grants for starting or expanding their businesses. Grants solely for women's businesses exist to help overcome these disadvantages. Federal and state agencies, and private, corporate and other business organizations have established grants: monies awarded to women that do not have to be paid back. Qualifications for the various grants depend on the requirements of the financial institution or donor.
The Amber Grant Foundation
A common grant for women who start or own their own business is the Amber Grant. The Amber Grant Foundation, established in 1998, is in honor of Amber, a young woman who lost her life at age 19. The grant is strictly for women who want to start or expand their dreams as business owners, something that Amber was not able to do because of her death. The grants are for mainly for small businesses, home-based or online. The grants range between $500 and $1,000, and can be used for essential businesses expenses, such as web site maintenance or upgrading equipment.
The Women's Financial Fund
The Women's Financial Fund awards women grants for new and existing businesses. Grants for new businesses range from $100 to $5,000, and grants for existing businesses start out at $1,000 and go up to $5,000. The grants go toward marketing, buying equipment or expanding into a new business market. For this grant, the type of business a woman has or is starting does not matter; all women owners are encouraged to apply.
Corporate Grants
Corporate grants are available to women-owned businesses, both new and existing. Large corporations that award these grants, look to profit from the business they are funding or to build a positive reputation in the communities they serve. Kelloggs, Boeing and Verizon are some of the corporations making donations. The amounts of the grants vary depending on the corporation.
Private Donors
Celebrities, as well as other well-known professionals who wish to give back to business owners, including women, give out private grants. Committees administer private grants have committees and screen the applicants to ensure they meet the qualifications. Bill Cosby, Warren Buffet and Bill Gates are some of the celebrities who give out these private grants yearly.
Grants for Personal Characteristics
Some women receive grants based on personal characteristics or specifics, such as grants for single mothers wanting to start their own business. To find these grants, a single mother should check with the local single mother's resource center in her state, city or town, which is a community-based nonprofit agency that works to improve the lives of single-parent families in the community. A person should also contact their local SCORE or Small Business Administration for a listing of federal grants based on personal characteristics awarded to single mothers and other women.
Tags: Amber Grant, private grants, Amber Grant Foundation, based personal, based personal characteristics, business owners
