Although the number of women-owned businesses continues to increase, women still face significant challenges when it comes to securing traditional funding options for their startups. Grants and loans created specifically for women entrepreneurs can help women raise the necessary capital.
Women interested in starting a business with limited funds, bad credit, or inexperience can find a wide range of financial, educational, and mentorship programs throughout Texas.
Founded in Queens, New York, in 2008, Grameen America has expanded nationwide, and it now has offices in Austin, San Antonio, Houston, and Dallas. The foundation's focus is to support women as they lift themselves out of poverty to build businesses. Grameen America offers financial assistance and networking support.
2. PeopleFund
In partnership with the Tory Burch Foundation Capital Program and Bank of America, PeopleFund offers woman-owned businesses a special 2% interest rate reduction on loans up to $100,000. PeopleFund also provides educational assistance for low-income individuals in communities throughout Texas.
A program offered through Legacy Institute, The Wazo Project, provides financial assistance and mentorship to members of underserved communities, including women, who want to pursue their entrepreneurial dreams. The Wazo Project is available to entrepreneurs throughout Texas.
4. Oklahoma Small Business Development Center
New business owners or those looking to expand can receive support from the advisors at OSBDC. The organization assists with questions concerning sole proprietorship, partnerships, corporations, and home-based businesses. In addition, advisors help navigate matters involving financing and loans, copyrights, legal matters, marketing, and more.
5. BBG Ventures
A venture capital group, BBG Ventures, invests in businesses with at least one female founding member. The group is specifically interested in entrepreneurs who are focused on improving the consumer experience in the following fields:
Belle Capital USA is a venture capital group focused on supporting startup companies that are founded or led by at least one female. Alternatively, the group will consider companies that agree to recruit top female talent. Belle Capital USA partners with efficiently managed businesses with a unique service or product to promote in the following markets:
7. Cartier Women's Initiative Award
The annual awards ceremony recognizes women-run and women-owned businesses internationally that have had a significant social or environmental impact. Female entrepreneurs may apply for awards in several categories.
Representing the top fellows from each of the nine global regions, including North America, the foundation awards three grants per region.
Science & Technology Pioneer Award
This award honors female entrepreneurial innovators in the science and technology fields. It's open to women from any country or region, and three fellows are selected.
Diversity, Equity & Inclusion Award
Open to women and men across all nine regions, this award recognizes entrepreneurial leaders who close the gap of opportunity in underserved areas.
Impact Award
Nine former fellows are recognized for the continued impact their businesses have locally and globally. Three fellows are recognized in each of the three categories based on the United Nations Sustainable Development Goals.
The venture capital group invests in female-founded companies focused on positively redefining the consumer experience. Markets include:
9. Golden Seeds
Founded in 2005, New York-based Golden Seeds is a venture capital group investing in women-led companies nationwide. The organization looks for a strong management team and a scalable business model, among other characteristics. The team partners with entrepreneurs in the following industries:
Established in 2006, The Halstead Grant was created to encourage a continued influx of talent and creativity. The annual designer contest recognizes new silver jewelry artists and is open to women and men. One grand prize winner is awarded $7,500 plus $1,000 in merchandise. Five semi-finalists and finalists also receive $250 and $500, respectively. As a bonus, the winner and finalists may keep constructive feedback drafted from the judges' notes.
11. National Association for the Self-Employed Growth Grants
Winners of the NASE Growth Grants receive a $4,000 award. It’s openpen to any smallbusiness owner and NASE members, and four winners are chosen each quarter. Entrepreneurs may use the money to fund business expenses, including marketing and advertising and improving facilities.
The Tory Burch Foundation supports female entrepreneurs across the country with free online educational resources and financial support.
Working with the Bank of America Capital Program, members of underserved communities, including women, are connected to local lenders who provide affordable loans to qualifying entrepreneurs.
Women of Color Grant Program
Qualifying entrepreneurs may receive grants of $10,000 or $20,000. To be considered, a business must meet the following minimum requirements:
13. WomensNet
WomensNet awards $450,000 each year to women-owned businesses nationwide. Women in each state can apply for several grant opportunities throughout the year.
The foundation awards two grants each month.
Women entrepreneurs have access to two quarterly grants.
Three women business owners are selected for annual grants.
As a new entrepreneur, you may not be aware of the funding resources available to you. The financial team at Valliance Bank understands the challenges facing women-owned businesses. Contact us to review your business plan and discuss loan options and resources.