Business Grants - Top Tips to Find Free Funding
January 2, 2024
Written by Veronica Ross | SVP / Director of Diversity, Equity, and Inclusion
Based on the latest statistics, there are more than 230,000 women-owned business in New Jersey which contribute over $45 billion to the state’s economy. However, financing can be more difficult for women compared to male-owned business, and they often struggle to find the cashflow necessary to expand. According to the Federal Reserve’s 2021 Small Business Credit Survey, only 12% of women business owners said they received the full financing amount they sought from lenders in 2021, compared to 14% of male owned businesses.
Don’t lose heart! If you were not approved for financing or didn’t receive the amount you requested, there is another route you can take which can prove to be very cost-effective. There are various grants available to women-owned businesses. These grants can give you the cash infusion your company needs, and better still they do not require you to pay them back. Getting the grants can be very rewarding, and not having to repay it impactful for your business.
As a women business owner there are several types of grants for women: federal, state, local government, foundations, and business grants. Here are some of the grant sites to consider, some of which are specifically for women-owned businesses:
Government Agencies:
US Government
The US government has a multitude of grant offerings for various specific purposes. Utilize the search functionality on the site to narrow down the options to those that best fits your business.
Visit their website for specific information:
www.grants.gov
NJSBDC - NJ Small Business Development Centers
Small Business Lease Grant
Funding is to cover a portion of lease payments for businesses and non-profits leasing a new or additional space.
Small Business Improvement Grant
Reimbursement for costs associated with making building improvement or purchasing new furniture, fixtures and equipment.
Visit their website for official rules:
Small Business Services – NJEDA
Business Grants
FedEx Small business Grant Contest
FedEx has been offering this grant since 2012 to US small businesses to assist towards growing or enhancing their business. Grand Prize winners receive $30,000 and $1,000 in FedEx office print services.
Visit their website for official rules:
FedEx Small Business Grants
Verizon Small Business Digital Ready Grant
Verizon in partnership with LISC has allocated $1M in grant funding to small businesses over the course of 2023. There are different rounds throughout the year. The latest round of grants opened up on October 11, 2023, and closed on December 20,2023.
Visit their website for official rules:
Verizon Small Business Digital Ready
Private Grants
Amber Grant
This grant was founded by WomenNet in 1998 and it was set up to honor the memory of a very special young woman, Amber Wigdahl who died at the age of 19 before realizing her business dreams.
They currently offer 4 monetary grants:
Monthly Amber Grant
Awards $10,000 winner each month in addition the winner qualifies for the year-end grant of $25,000.00.
Startup Grant
Awards $10,000 every quarter to a business which is in the idea phase.
Non-profit Grant
Awards $10,000 to a non-profit every quarter which is providing a good or service to benefit the community.
Annual Amber Grant
Awards two separate women-owned business $25,000.
Visit their website for official rules:
The Amber Grant | Grants for Women in Business
There are various grant opportunities, but it is important that before you spend your time and energy applying for the grant read all the requirements such as eligibility, guidelines, and criteria. Also consider the dollar amount of the grant and how many are being awarded. Many of the private grants will have just one recipient which decreases the odds of getting the grant significantly.
Many of the government grants are on a first come first served basis, and once the funds are exhausted your application will not be considered. Look on the site to see when it opens and get all your paperwork ready so you can be the first to apply. Check the sites often as new opportunities may open up. There are plenty of grant websites that streamline the process and assist you. However, be careful as there usually there is a cost involved with these services.
Grants are a great resource but do your homework and look for reputable grant providers. Never give them money in order to apply for a grant. These grants can be fantastic resources for women entrepreneurs to help grow their business and achieve goals.
Note: These other grant websites are included as examples only, and Kearny Bank neither endorses any of them nor makes any representations about their offerings. Please make sure to do your own research.
About Veronica:
Veronica Ross is a Senior Vice President and the Director of Diversity Equity and Inclusion at Kearny Bank. In this role, she works closely with all departments on the bank’s DE&I initiatives to drive awareness to all team members, helping to shape a diverse environment for our employees and clients where all feel valued and respected. She also leads our women in business program, Kearny Bank ChangeMakers, providing educational resources, support, and networking opportunities to help ensure the growth and success of women owned businesses.
Veronica is a financial professional with over 30 years of experience. She has been with Kearny Bank for the past 8 years, she most recently led the Treasury Management team. Prior to joining Kearny, she spent 25 years in various retail management roles at a variety of financial institutions.
Veronica feels strongly about giving back to the community. She actively supports and volunteers her time at St. John the Baptist Church in Hillsdale and the Girl Scouts of Northern New Jersey. She has served as a Board member and volunteer for GSNNJ.