The lack of capital or cash remains the most cited challenge for small business owners.
And only, 25% of women seek financing for their business. This is one of the reasons I launched the SIE Micro Fund.
Women entrepreneurs dominate in beauty, health, and fitness industry. They run food places and restaurants, retail stores, education-related businesses, and provide business services. Women are more likely to start a new franchise instead of buying a pre-established business.
And the stats say, small business owners, struggle with hiring for administrative tasks such as bookkeeping and payroll more than other challenges. Which ultimately, prevents a company from scaling (i.e. level up). Source: Guidant Financial.
During their search for venture capital, women entrepreneurs may also face:
● Difficulty finding key contacts for funding
● Lack of female investors
● And the disparity amongst the line of questioning compared to male entrepreneurs when applying for venture capital
If you'd like to become an investor with the SIE Fund: you can do so by buying a tee, tank or tote to help secure the bag for womxn-led businesses. In the meantime, here are a selection of funding sources as we build access to capital.
Facebook Small Business Grant
To be eligible to apply, your business must:
- Have between 2 and 50 employees
- Have been in business for over a year
- Have experienced challenges from COVID-19
- Be in or near a location where Facebook operates
The Amber Grant
Each year, Womensnet selects 12 women to receive a $1K business grant (one per month). At the end of the year, one of these women will receive an extra $10K. To qualify for an Amber Grant, businesses must be based in the U.S. or Canada.
Pitch for the Purse
A program (and television show!) created by Vancouver’s Forum for Women Entrepreneurs (FWE). As part of this program, participants receive pitch training and mentorship. While there can only be one winner of the annual $25,000 prize, all participants gain valuable knowledge and business contacts to help them along their entrepreneurial journey. The program is typically open for applications in the summer.
🇨🇦 Canadian Government Funding
A list of over 400+ funding opportunities ranging from launching your online store to keeping the lights on.
🇨🇦 Export Development Canada (EDC)
Helping Canadian women-owned and -led businesses achieve success on the global stage by providing the financial solutions and knowledge to grow with confidence.
$15 million in new funding was provided to existing Women Entrepreneurship Strategy (WES) Ecosystem Fund recipient organizations to provide timely support and advice to women entrepreneurs whose businesses were impacted by the COVID-19 pandemic.
BDC - Women in Technology Venture Fund
🇨🇦 BMO CELEBRATING WOMEN GRANT PROGRAM
BMO, in collaboration with Deloitte, is pleased to present the BMO Celebrating Women Grant Program. 10 Women Owned Businesses will receive $10,000 in grant money. Closes: Aug 7th 2020!
🇺🇸 The Red Backpack Fund
Women’s undergarment company Spanx has announced that a donation of $5 million is going to support women business owners who have been negatively impacted in some way by COVID-19. 1,000 female business owners within the United States will receive $5,000 of funding.
🇺🇸 The Doonie Fund
A social startup called digitalundivided is now providing relief for those impacted by COVID-19. Through a new fund called The Doonie Fund, named after the CEO’s grandmother, aid will be provided specifically for Black female entrepreneurs who have experienced hardships as a result of COVID-19.
Tory Burch Foundation
The foundation’s website has transformed into a resource hub for women-led small businesses during the COVID-19 crisis, spanning guides on applying for loans to managing cash flow to handling childcare during the pandemic.
A machine learning company founded as a women’s virtual accelerator, is offering immediate help to navigate your new normal with access to funding, e-learning guides, and mentorship.
Last updated: August 1st 2020