As of the most recent stats, women-led businesses are now up to 12.3 million in the United States. They are responsible for generating over $1.4 trillion in sales and employ 7.9 million people. Yet even in 2022, funding for women business owners can be hard to come by. This isn’t because women aren’t making an impact in the small business landscape.
Unfortunately, despite the numerous advantages that women have over men in the small business world, they are still often denied loans by banks and investors, often due to gender bias. While this can be disheartening, there are still great ways female entrepreneurs can find the funding they need for their businesses.
Crowdfunding
Women can find great success through crowdfunding, a finance strategy that involves taking advantage of various sources as opposed to a singular lender. Unlike traditional methods of funding, this method allows individuals and businesses to utilize multiple options to receive the funding they need, meaning they’re less likely to be boxed in. There are no restrictions on who can participate in a campaign, meaning female entrepreneurs can reach out to friends, family, and pretty much anyone else who is interested in supporting a brand new business.
Grants For Women
For women entrepreneurs, Grants For Women is a great resource that provides a list of grants that are available to help them start or grow their businesses. It’s simple to use and features an informative directory that includes local and national grants. The site constantly updates its list of funding options as well, so it’s good to keep your eye on it to see if new potential grants pop up that could help your business get started.
Tory Burch Foundation
The Tory Burch Foundation was founded to support women’s empowerment. Through their grants, they have been able to provide over $100,000 in funding to various organizations. They also provide connections to other successful female entrepreneurs that can share their advice and knowledge with those looking to get into the business world. Some of the requirements that the foundation has for its grant recipients include having a for-profit business that’s socially conscious.
Small Business Administration
The Small Business Administration has been a great source of funding for women-owned businesses for a long time. Through its various programs, the agency can provide loans and other financial support to women-owned enterprises. It also offers a variety of services and resources to help them get started, such as helping them get federal contracting opportunities.