Small business grants are ideal ways for small and medium-sized businesses and women-owned businesses to seek federal contract opportunities. The federal government has decided to award at least 5% of all its contracts to businesses owned by women every year. This program also offers a level playing field for women business owners. By awarding small business grants for women, the government aims to limit the competition for certain contracts to women-owned small businesses.
Benefits of the Women-Owned Small Business Federal Contract Program
Women own more than 33.2 million small businesses in the United States. Though these businesses prove significant economic growth, the women-owned businesses get only 2.1% of the venture capital funding in the US. There are several advantages of small business grants for women, and they are as follows.
- Small business grants for women offer them exceptional financial support.
- These opportunities enable female entrepreneurs to kickstart and expand their business.
- These grants contribute to overcoming financial barriers and thus foster economic equality and empowerment.
- The federal government offers several grant options and other alternate funding options for women-operated small businesses.
- With the help of these grants, it becomes easy for women-owned small businesses to gain access to resources, mentorship, and other opportunities to network through a grant program, thus facilitating the growth and sustainability of the business.
Small Business Grants are Available for Women Entrepreneurs
As more and more women are jumping into entrepreneurship, there is an increasing need for funding and supporting women-owned businesses. Some of the federal small business grants for women are as follows.
- Small business administration grants: These grants will offer funding for various purposes like research and development, expanding business operations, and fostering marketing initiatives.
- Federal grant programs from agencies like the Department of Commerce and the Department of Agriculture: These grants will focus on specific industries and sectors and aim to encourage the participation and growth of women in these fields.
- State-level grants for women-owned businesses: Some state governments also have their grant programs to support women entrepreneurs. These state-level grants offer financial assistance for start-ups, mentorship programs, and for projects involving technological innovation.
Women entrepreneurs thus have many grant options at both the state and federal levels to aspire female entrepreneurs to help them find a suitable grant that aligns perfectly with their business goals and objectives.
Eligibility To Get Government Grants For Women’s Businesses
To qualify for government grants for women’s businesses, there are certain eligibility criteria to be met. By ensuring compliance with these eligibility requirements, female business owners can increase their chances of securing funding opportunities to both launch and expand their ventures. These criteria for procuring small business grants for women are as follows.
- The business must be owned 51% by women or a group of women.
- Women should have majority ownership and decision-making power within the company.
- The business should be registered as a legal entity and should operate in an eligible industry. Government grants are generally available for businesses in sectors such as healthcare, technology, manufacturing, education, and agriculture.
- The applicants for federal grants should demonstrate financial need and feasibility of their business plan. The business should submit a detailed proposal outlining how they will utilize the funds and how they will contribute to the growth and success of the business.
Women entrepreneurs looking to start or expand their businesses can take advantage of the small business grants for women to fund their operations. These grants are easy to apply for, and their guidelines and requirements are easy to understand as well. It is important to pay attention to the deadlines to avoid disqualification.