Government Grants For Women Owned Businesses 2024

Women-owned businesses

Entrepreneurship shows that while women have the ability and motivation to start a business, only one in three entrepreneurs in the UK is female. Additionally, it highlights a significant disparity women-led businesses, on average, contribute 44% less to the economy than their male-led counterparts.

Furthermore, small and medium-sized enterprises (SMEs) run by men are five times more likely to reach £1 million turnover than those run by women.

What is a business grant?

Business grants are funds designated for specific purposes, such as starting or expanding a business, usually without repayment obligations, although some may have partial or conditional terms. It is important to understand the terms of the grant before applying.

While specific grants for female entrepreneurs do exist, it is sensible to explore other small business grants in the UK. These grants are accessible through national and local government bodies, charities and non-profits, assisting with various aspects such as equipment purchases, training and international market entry. Grants provide non-refundable funding, which attracts entrepreneurs.

They are usually provided by government bodies, charities and non-profits to assist with setting up or growing a business, including activities such as equipment purchases, training and international expansion. Some schemes are specifically designed for female entrepreneurs.

The accessibility of grants varies, with some covering 100% of funding and others requiring an equal contribution. However, the application process is often complex, with each grant having unique requirements and criteria.

How can grants help women entrepreneurs?

Women face challenges in obtaining affordable small-business loans, which causes them to seek alternative financing sources. Disparities in credit are disadvantageous for women-owned businesses, affecting their success in the market.

Despite these challenges, women-owned and minority-owned businesses receive funding through grants. The increasing rate of female entrepreneurs starting businesses is notable, with women now able to obtain loans for a lower amount than male borrowers. Grants play a vital role in reducing gender inequality and promoting economic growth for women.

Small-business grants for women provide free financing, unlike loans and credit cards that require repayment. However, competition for these grants is intense, requiring significant time and commitment from applicants. Still, the potential benefits make the effort worthwhile.

Here is a list of places where women entrepreneurs can get grants and financial assistance for their small businesses.

The Global Fund for Women

The Global Women's Fund supports organisations run by women and trans individuals dedicated to advancing equality and human rights. They address critical challenges facing women and girls around the world.

The fund provides flexible cash grants for startup and operating expenses, including program costs and transportation. Businesses run by women's groups outside the United States are eligible to apply for grants. Applications are accepted throughout the year.

The Women in Innovation Awards

A new funding trend has emerged, awarding 10 women £50,000 each, as well as personalised coaching, mentoring and creativity development support. The Women in Innovation Awards 2020 target UK businesses that are at least one year old and contribute to environmental sustainability, develop innovative healthcare treatments, address climate change, or use artificial intelligence and data.

Since the awards started, application numbers have increased by 70%, indicating intense competition. Still, given the substantial cash injection opportunity, it's worth taking the time to apply.

Back Her Business

NatWest launched the Back Her Business initiative in 2019 with the goal of assisting more female entrepreneurs in starting their own businesses.

The programme enables members to raise funds for their businesses while providing coaching, workshops and mentoring sessions. U.K.-based, female-led startups are eligible to apply by setting up a crowdfunding project with a minimum goal of £1,000. NatWest will match the funds received by successful applicants, up to a maximum of £5,000.

Cartier Women’s Initiative

The Cartier Women's Initiative awards 21 grants annually to female entrepreneurs around the world. Eligible businesses must be in their early stages, have innovative ideas, and demonstrate significant growth potential in the coming years. Women in key positions within the organization are required to apply.

The initiative provides access to workshops, private networking events, one-on-one coaching sessions, and the INSEAD Social Entrepreneurship 6-Day Executive Programme for the 21 selected applicants. The initiative will distribute £24,000 to each of the 14 finalists, and the remaining £80,000 to the seven winners.

UK Government

While the U.K. government doesn’t offer business grants directly to women, it does play a key role in funding U.K. STEM (science, technology, engineering, and math) enterprises. Government organisations such as Innovate UK and the Regional Growth Fund provide grants to businesses working in these areas.

There are over 100 grants available in the U.K., customised to regions, industries, business stages, and the number of employees.

The Anita Borg Institute focuses on women and technology

For female entrepreneurs in the technology or computer industries, the Anita Borg Institute for Women and Technology offers opportunities such as the Abby Awards and the Pass It On Awards. The Abby Awards recognise the contributions of women in tech, providing grants of up to $50,000 (£41,000) in categories such as tech leadership and technology entrepreneurship.

The Pass It On Awards provide smaller grants of up to $1,000 (£800) to support initiatives that benefit women and girls in computing. Nominees must be women over the age of 18, working or aspiring to work in the computing sector. Specific entry criteria vary depending on the award category.

Office hours for female founders

The Female Founders Office Hours event, held at the Founders Factory in West London, will feature one-to-one sessions for personalised startup advice. More than 100 female entrepreneurs from across the UK will attend, interacting with four investors remotely due to the COVID-19 outbreak.

They will have the opportunity to discuss their technology business ideas, seek advice and pitch for investment.

Female Founders Fund

The early-stage fund targets investments in women-run startups, focusing on those that impact e-commerce and web-enabled goods and services, as well as platforms and marketplaces that connect buyers and sellers.

If small business grants are not applicable, this fund offers an alternative option that requires equity interest in exchange for funding. To apply for funding, applicants can send their pitch via email to the Female Founders Fund.

Conclusion

It's important to boost women's participation in the business sector, and these grants play a vital role in promoting a more equitable landscape. For those looking to start a new venture or expand an existing online store, these grants provide the financial support and resources necessary for growth.

It's imperative to stay updated on the constantly evolving e-commerce landscape and take advantage of these valuable opportunities for success. This article helps female entrepreneurs find the funding they need to start or grow their companies. While eligibility for specific grants may vary, a thorough review of the criteria ensures potential qualification.

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