11 Business Scholarships For Women: Get Free Money (2023)

Raising capital is critical to the success of many companies. However, women-led businesses face unequal challenges when it comes to securing corporate finance and investment. Although women owned more than 40% of companies in the US by 2019, nearly 98% of venture capital for new startups went to male founders in 2020.

Women entrepreneurs often have difficulties with thisqualify for business loansdisproportionately compared to their male colleagues. According to the Federal Reserve's 2021 Small Business Credit Survey, only 12% of female business owners said they received the full amount of financing they requested from lenders in 2021, compared to 14% of male-owned businesses. It is also important to note that 80% of female business owners and 82% of male-owned businesses have applied for Covid-19 relief funding through thePaycheck Protection Program(PPP) this year.

When business loans and equity financing are hard to come by, women entrepreneurs can think twicebusiness grantsalso for women. Competition for business grants can be fierce, but if you qualify, you can get a cash injection for your business that you never have to repay.

Here are 11 popular business scholarships for women.

1. Grants.gov

One of the first resources to look at when looking for business grants for women is Grants.gov. The website contains a list of scholarships funded by the federal government for women and men alike. You can also use the database's search function to look for scholarships specifically designed for women entrepreneurs.

application process

First, you must register with Grants.govWorkplaceAccount. Once you have done this, you and other members of your team can edit and fill out individual grant applications available through the database.

Make sure you or your company are eligible for specific funding opportunities before beginning the application process. Each grant opportunity listed in the Grants.gov database includes detailed eligibility information.

2. The Girlboss Foundation Scholarship

The Girlboss Foundation offers grants for creative female entrepreneurs. To be eligible for the biannual stipend, you must have a female-owned business involved in the art, design, music, or fashion industry.

Scholarship winners will receive $15,000 in funding for their projects. You can also enjoy marketing-related benefits with Girlboss.com's newsletter and social media features.

application process

Girlboss awards scholarships to female creative entrepreneurs twice a year and has awarded $130,000 in grants since the organization began in 2014. Visit Girlboss.com to learn more about how to apply.

3. Amber Grant

At the age of 19, Amber Wigdahl died before she had a chance to pursue her business dreams. In 1998, WomensNet established the Amber Grant program in honor of the aspiring female entrepreneur.

Later, WomenNet expanded its program to include grants for:

• Marketing
• Different business categories
• Monthly ($10,000) and year-end grants ($25,000)

The organization awards at least $35,000 in grants each month. Funding is available to eligible women-owned businesses whose applications are compelling to the selection committee.

application process

You can submit applications for Amber Grantsonline. A single application submits for all grants that you and your business may receive. The organization reviews incoming applications each month and announces new monthly scholarship winners by the 23rd of the following month.

4th Cartier Women's Initiative Award

In 2006, the Cartier Women's Initiative established an annual program aimed at empowering women entrepreneurs. Businesses owned or managed by women are eligible to compete for the awards, including:

• Awards in 10 regions.A total of three scholarships are awarded per region, making a total of 30 scholarships. Each first place winner will receive $100,000; each second place winner will receive $60,000; and each third-place finisher will receive $30,000.
• Pioneer Award for Science and Technology.The bonus amounts are the same as for the regional bonuses.
• Diversity, Equity and Inclusion Award.The Cartier Women's Initiative is not yet announcing the award amounts for this grant, but the next application window will open on May 16, 2022. You can sign up for a newsletter on the Cartier Women's Initiative website for more information about this award.

application process

You can download theApplicationfor the Cartier Women's Initiative regional awards online. To be eligible, you must demonstrate that your business is owned or managed by a woman and has a mission to make a meaningful and sustainable impact on society or the environment. Applications for 2023 Scholarships will open on May 16, 2022 and close on July 15, 2022.

Eligible applicants must also:

• Own or operate for-profit businesses
• Being in the early stages of development (between one and five years of age)
• Show that it has had revenue from sales (goods or services) for at least a year
• Have raised at least $2 million in funding
• Meet at least one of the United NationsSustainable Development Goals

5. GrantsforWomen.org

Founded in 2000, GrantsforWomen.org is an online platform to help women entrepreneurs find and research a variety of grants and fellowship opportunities. The platform aims to enable women around the world to achieve their business goals.

application process

The application process for grants varies from program to program. GrantsforWomen.org can help you find grants that might be a good fit for your business. From there, you'll need to follow the instructions of those individual organizations when you're ready to fill out an application.

6. Eileen Fisher Corporate Scholarship Owned by Women

The Eileen Fisher organization — a women's clothing brand founded over three decades ago — awards $200,000 in grants each year to eligible women-owned businesses. The individual grant sizes range from $10,000 to $40,000 each.

Women entrepreneurs working in the following areas may be considered for grant funding.

• Supporting women to participate in decision-making processes (especially those with positive environmental outcomes)
• Promoting women's participation in a sustainable economy
• To teach women and girls how to adapt to climate change and/or influence current climate change policies for the better

application process

Although the program is temporarily suspended, you can access an online application when it is active. To be eligible, your business should also be an IRS-registered 501(c)(3) nonprofit (or have a tax sponsor) and be able to demonstrate that it provides direct services to its customers. You must also be able to conduct your application and any follow-up interviews in English.

Companies affiliated with certain political parties or religions are not eligible for funding. Neither will academic institutions, fundraising campaigns, event sponsorships, or organizations run by people who do not identify as female.

7. Tory Burch Foundation

The Tory Burch Foundation is another popular fashion brand that sponsors grants for women entrepreneurs. In addition to the $5,000 business education grants, the foundation also aims to support women-led businesses in their early stages through:

• Access to business capital
• Expert-led workshops (live and on-demand)
• Peer-to-peer network (with the opportunity to work with other female founders)

The Women of Color Grant Program (sponsored by the Tory Burch Foundation and the Fearless Fund) is open to women entrepreneurs of color. Eligible companies can receive grants ranging from $10,000 to $20,000 under this program.

application process

Each year, the Tory Burch Foundation selects 50 women entrepreneurs from its pool of applicants to become Fellows in its annual program. To be eligible for funding, you must be a woman owning the largest share (at least 51%) in your business. You can fill out and submit yoursApplicationonline via the Foundation's website.

8. The Halstead Grant

If you make silver jewelry you may be interested in applying for the Halstead Fellowship. Established in 2006, the Halstead Grant gives new silver jewelry artists—women and men alike—the opportunity to apply for a $7,500 seed grant and other benefits they can use to grow their business. Semi-finalists (up to five total) may receive smaller cash grants of $250 or $500, as well as expert help in promoting their business.

application process

You can download oneApplicationfor the Halstead Scholarship online. The application consists of 15 company-related questions that you must answer. Once complete, you must submit your application, along with images of your design portfolio, by August 1st to be considered for the current year's award.

9. SoGal-Startup-Stipendium

The SoGal Startup Grant is a program aimed at supporting Black women entrepreneurs. Despite this demographic being the fastest growing group of entrepreneurs (at any point in recorded history), black women founders receive less than 0.5% of venture capital funding.

SoGal Startup Grant winners will receive a cash award of either $5,000 or $10,000 in startup funding. You will also receive professional guidance to guide the fundraising process. This benefit aims to level the playing field for businesses and encourage a fairer opportunity for Black female founders to scale their businesses.

application process

To be eligible for a SoGal Startup Grant, you must identify as a Black female or non-binary entrepreneur (mixed race of these categories may also apply). In addition, you must own a legally registered business, demonstrate a plan to seek investor capital, and share your business idea - an idea with the potential to grow into a billion dollar business.

10. National Association for the Self-Employed Growth Grants

The National Association for the Self-Employed (NASE) has been awarding growth grants to its members since 2006. The program awards $4,000 in cash grants to female and male small business owners. Winners may use grant funds to:

• advertising and marketing
• expansion of facilities
• hire employees
• Other Business Expenses

application process

Before you can apply for a NASE growth scholarship, you must firstbecome a memberthe Federal Association of the Self-Employed. The membership type you choose determines whether you can apply immediately (e.g., Annual Members, Veteran Members, Silver Members who pay annual fees, and Gold Members) or whether you must wait 90 days before you can apply (e.g. monthly members and silver members who pay monthly). Fees).

The scholarship committee reviews the applications once a quarter.

11th FedEx Small Business Grant Competition

FedEx developed theFedEx Small Business Grant Competitionas a way to support small US businesses that have been impacted by the Covid-19 pandemic. Grant recipients will receive checks for $50,000 (grand prize winner) and additional credits (up to $7,500) to use at the FedEx office for business printing services.

application process

Applicants must be US based small businesses (for profit), have annual sales of less than $5 million and have shipped goods in the previous 12 months. Eligible businesses have until February 28, 2022 to create a FedEx account and enter the 2022 Contest. The voting period and time when FedEx will announce the top 100 winners is March 22-31, 2022. The final winners will be announced on May 4, 2022.

How to Choose the Right Business Scholarship

There are two main types of grants available to small business owners - government grants and corporate grants. On the business grant side, the requirements tend to be easier to meet. However, due to the milder selection criteria, you may face more competition from other applicants.

The application process for government grants can sometimes be lengthy. In turn, the pool of applicants may not be as large - a factor that could improve your chances of receiving the cash prize.

With both types of grants, it is important to check all eligibility criteria in advance. You do not want to waste your time (or the selection committee's time) applying for scholarships that are not available to you. Your time would be better spent looking for scholarships you are eligible for instead.

Other funding opportunities for women-owned businesses

Aside from grants, there are other opportunities that women-owned businesses can havequalify for corporate financeto support their goals, including:

• Small Business Loans
• Business lines of credit
• business credit cards
• equity financing
• Crowdfunding
• Business acquisition loan
• SBA loan

bottom line

The ability to access funds that you don't have to pay back appeals to many business owners. This means you could face a lot of competition when applying for business grants.

There is nothing wrong with applying for funding in the form of operating grants. But you should consider whether other business financing or fundraising options might also help you - especially if you are unable to obtain enough grant funding to meet your business goals.