Single mothers who want the flexibility of self-employment while raising their children are typically drawn to entrepreneurship. However, starting a business is difficult, especially when there isn’t another parent or family member who can help with the children. So, Business Grants for Single Mothers is the best way to start a new business. To ensure that your business gets off to a solid start, you must seek out resources for education, training, finance, and assistance.
Business Grants for Single Mothers
CDFI Programme
The CDFI programm provides financial goods and services to low-income individuals. CDFI offers two awards: financial assistance and technical assistance. CDFI Fund certification is required before a community development financial institution may apply for an award. The amount of the award is determined by the number of people in the community who require financial support.
Federal Programmes
If a single mom’s business is in software development, the National Science Foundation may offer help, and the Department of Justice may do so if she works with delinquent or other at-risk adolescents. The first step in obtaining federal funding is to identify the appropriate agency. Request assistance from your SBA agent, or browse the federal database at Grants.gov. State and local governments, as well as registered 501 (c) 3 nonprofit businesses, receive the majority of federal grants.
State Programmes
In addition to managing federal programmes, many states finance extra awards. Determine whatever incentives are available to help a single mom’s business in your area by contacting your state’s economic development office.
Keep an eye out for special events and contests that could provide funding for a single mom’s business; for example, in 2011, Charter One Bank awarded $130,000 in grant money to small businesses in Cleveland, Ohio. Your small business administration counsellor or economic development agent can keep you informed about local funding opportunities.
NASE Growth Grants
NASE is an organisation that provides annual awards to its 50,000 members, including single moms. As a result, it implies that you must first become a member before applying for this grant. Basic membership in this programme costs $120 per year.
NASE offers its members a variety of services, including legal representation, product discounts, and networking opportunities, in addition to small business subsidies. As a single mom, you can apply for NASE small business growth awards. You must submit a CV and a business plan. Visit their website for more information!
37 Angels
While 37 Angels isn’t a traditional grant programme, it can help small businesses acquire funding. 37 Angels aims to close the gender gap in startup funding. Women founders account for around a third of their portfolio, according to their website.
Furthermore, after submitting an application through their website, you can pitch to their network of investors (an event that happens every two months). In four weeks, you’ll receive a financing decision, and you might receive up to $200,000 in funding. In addition to cash, 37 Angels offers education and ongoing support.
STTR Grant
STTR is a programme that funds research and development projects for small business owners. The program’s purpose is to bridge the gap between the public and private sectors. It also wishes to participate in scientific and technological advancements.
Participants must own a business in the United States to be eligible for the programme. It has to be a for-profit company with fewer than 500 employees. The researcher is not required to work for a small firm. The amount of the award is determined by the cost of the research endeavour.
Small Business Innovation Research Program
SBIR is a small business research and development award programme which is funded by Administration. There are severe eligibility requirements because these rewards are granted by a variety of federal government agencies. To begin, your business must be for profit, have more than 50% U.S. citizen ownership, and employ less than 500 people.
But, more crucially, the Small Business Innovation Research (SBIR) programme promotes scientific and technological innovation by distributing government research funds to small businesses engaged in commercially viable research and development. You can search for SBIR grant opportunities and apply via their website.
Cartier Women’s Initiative Award
Another single mom small business incentive, the Cartier Women’s Initiative Award, is given out once a year to 21 female entrepreneurs. They focus their searchlight on companies with significant growth potential. Businesses must, however, be in the early phases of development to be considered (between 1-3 years old).
The top seven finalists will also receive $100,000, as well as one-on-one mentoring from a business expert. The remaining 14 applicants will get a $30,000 scholarship. Additionally, all grant recipients have free access to networking events, business mentoring, and entrepreneurship workshops.
FedEx Small Business Grant
The FedEx Small Business Grant isn’t just for women entrepreneurs owners. Female small company owners, on the other hand, are encouraged to apply. Nicole Snow, the founder and CEO of Darn Good Yarn, won the FedEx Small Business Grants first place.
Since 2013, FedEx has given $250,000 to entrepreneurs in the United States. Each year, FedEx selects 12 winners to receive financing. One grand prize winner will receive $50,000 plus $7,500 in FedEx services, while 10 bronze prize winners will each receive $15,000 plus $1,000 in printing services.
Open Meadows Foundation
The Open Meadows Foundation is a grant organisation that promotes gender, racial, and economic equality through women-led programmes. To put it another way, the businesses must benefit women and girls, and the applicants must be female. The grant provides $2,000 to eligible projects with limited financial resources in order to assist them in growing.
Open Meadows only accepts organisations with a resource budget of $75,000 or less. This award is designed for persons who have just started or are planning to start a business. Open Meadows is not now accepting new applications, but check their website for details on when this grant will be available again.
Conclusion
It’s difficult being a single mother, therefore Business Grants for Single Mothers is a grate way to start a business. When it comes to capital for your business you have all the assistance you require, but you must complete your research. You can apply for financial aid through government grants and non-profit organisations.
In the United States, parents are almost always under financial stress. As a result, raising children can become a financial strain for a single parent without resources and support from the government. You can also apply for financial aid through many other government grants and non-profit organisations for single mothers, read our blog to know more