We’ve all heard the success stories of how amazing women entrepreneurs managed to create successful businesses with little to no money. Thanks to a simple idea and a little luck, these women are blowing away the competition and earning millions of dollars a year. For every success story you hear – there are thousands of women who are struggling to fund their business ventures despite making up approximately one-third of all small businesses operating in the U.S.
Not all funding is created equal
Despite making up one-third of small businesses in the U.S., women-run operations receive, on average, roughly 10 percent of venture capital funding. What’s worse, traditional funding sources like financial institutions approve 15 to 20 percent less business loan applications for women than men. The current climate is even more challenging for female African American entrepreneurs who generate approximately $44 billion per year, but only receive 0.2 percent of venture funding. Causes for the disparity in funding opportunities for women can be traced to intentional (and unintentional) biases about the abilities of women to run successful businesses and the lack of female venture capitalists in key industries. Women are often left with borrowing from friends and family to get their side hustle off the ground.
Well what’s a girl with no luck and broke friends and family to do?
Resources available to women-owned businesses
1. Tory Burch Foundation
The fashion designer has partnered with Bank of America to provide woman entrepreneurs with access to affordable business loans.
2. Eileen Fisher Woman-Owned Grant Program
The Eileen Fisher Women-Owned Business Grant supports innovative, women-owned companies that are beyond the start-up phase and ready to expand their business and their potential for positive social and environmental impact. The Minimum grant amount is $10,000.
3. Huggies Mominspired
This grant offers up to $15,000 for innovative products and services inspired by the joys of motherhood.
You can find even more programs committed to helping women entrepreneurs here. Good luck, ladies!