As with any business owner, having cash to invest is paramount for business growth. But women entrepreneurs who compete alongside their male peers struggle with financing their businesses.
Many times women feel they have limited options.
And maybe in the past, they did.
Fortunately, there’s a growing number of financial institutions that focus on supporting businesswomen through small business loans for women and grants. In this article, you’ll learn how you can use grants to fund your businesses.
Two female entrepreneurs got grants and thrived
If you’re a female business owner, you know how hard it is to get access to financing. But you’re not alone.
Many have walked that same path and have come out victorious.
Designing a bright future
As a young girl, Michelle dreamed about designing clothes. It wasn’t unusual for her to take a sketch pad to a restaurant to draw her designs.
After graduating from high school, she became certified in draping techniques, Haute couture, and pattern making. Starting out small, Michelle designed clothes for a local clothing boutique. She wanted to make clothes that help women look their best so they can also achieve their dreams.
The boutique owner saw Michelle’s potential and invested in her future as a fashion designer. Still, Michelle needed $15,000 to cover startup costs for legal expenses, fabrics and supplies, sewing machines, office furniture, and other costs.
That’s why she looked into getting a grant from The Girlboss Foundation.
The organization awards grants to female entrepreneurs based on creativity and innovation, business acumen, financial need, and an achievable plan that can be accomplished in 12 months.
Michelle applied and focused her application on her extensive design portfolio, work history, and desire to mentor a budding fashion designer as part of her work plan and budget. To her amazement, The Girlboss Foundation awarded her the money.
The funding helped Michelle focus on making designer clothes any woman can afford. Moreover, Michelle is passing on her skills and knowledge by training her assistant to become a fashion designer.
Providing care and building a legacy
A dream brewed in Evelyn’s heart long before it became a reality.
Her passion to open a daycare in her home consumed her. As a mother with an early childhood education degree, she understood the importance of finding the right child care provider.
She could stay at home with her children while earning money to care for other women’s children.
But she needed funding to cover licensing, bedding, safety equipment, toys, and other supplies. It was also very important that she met with an attorney to set up her business structure and create guidelines to cover sick children, late parents, and specific services she provides.
One of Evelyn’s friends recommends that she apply for an Amber Grant. In the application, she relayed to the judges what motivated her and the story behind why she wanted to start a business.
Moreover, judges were interested in knowing how she intended to use the money.
Evelyn shared her passion for providing child care and helping mothers feel confident about leaving their children while they work.
The judges responded favorably and awarded her $4,000.
Because she was a grant winner, she’s also eligible for an annual $25,000 grant. What’s even more appealing is that Evelyn isn’t required to repay either grant.
Small business loans for women and grants can help you too
As a female entrepreneur, a business grant could help you make an impact in your industry. Not only could you use the money to help others as the women did above but you can pave the way for other women to succeed.
Check out the informative post about small business loans for women and grants. It provides detailed information on ways to finance your business.
After all, every entrepreneur whether male or female wants their business to thrive.