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5 Coronavirus Relief Funds for Women-Owned Businesses
If you’re a woman who owns a small business in the U.S., you’re probably raising plenty of questions towards state-run coronavirus relief programs, like the Small Business Administration’s Payment Protection Program (PPP) loans. With up to 90% minority and women-owned businesses illegible for the program and even confirmed loanees calling PPC loans a “catch-22”, the tension keeps mounting. At the same time, for many femalepreneurs right now the question of immediate funding is a burning one and the answers just can’t wait.
Against this background, the real hope women-owned businesses find is in helping each other. And to their credit, they’re doing it exceptionally well. Many corporations and smaller non-profits led by female founders have developed personal funding programs for femalepreneurs, mompreneurs, and black women-owned businesses. As women, we’ve managed to not only extend emotional support to our sisters but offer financial help in the toughest of times.
Below, you’ll find coronavirus relief funds pivoted towards women-owned businesses. All of these programs are available nationwide and are not limited to a certain locale. So have a closer look and apply now, or check out our other resources below.
1. Verizon Small Business Recovery Fund
Grant amount: $10,000
Application period: Final round starts May 14
The Verizon Small Business Recovery Fund is open to help coronavirus-impacted businesses. Entrepreneurs of all genders and races are eligible, however, priority will be given to minority-owned businesses including business owners of color and femalepreneurs. The fund is made possible thanks to a 7.5 million dollar investment from Verizon. Support to business owners is carried out in three rounds throughout spring 2020. Funding can be used to compensate for payroll, rent, utilities, and other costs. Learn more and apply here.
2. Spanx Red Backpack Fund
Grant amount: $5,000
Application period: On a rolling basis, April-August
In light of the coronavirus crisis, Spanx founder Sara Blakely donated $5 million to back 1,000 female-owned businesses. Having once started Spanx with, all in all, $5k in savings, Sara wants to seal the positivity karma with both financial and community support to women in business. To make it possible, she’s paired up with GlobalGiving.org where you can tell the story of your business and apply for a $5k grant on a rolling basis. Applications are open for about one week each month, from April to August.
3. Moms As Entrepreneurs relief fund for mompreneurs
Grant amount: $500-$1,000
Application period: From May 18
Non-profit Moms as Entrepreneurs (MAE) is launching a campaign, called “Moms As Entrepreneurs Give Life. Give Community Fund”. This national fund wants to uplift mompreneurs in the challenging times we’re all battling. Unlike the above funds that are aimed at covering bigger expenses, this relief fund is perfect for female solopreneurs who don’t have payroll expenses but still need day-to-day help with basic supplies and costs. More information may be found on the MAE website.
4. Doonie Fund for Black femalepreneurs
Grant amount: Up to $500
Application period: Currently open
The Doonie Fund for black women in business was founded by Digitalundivided CEO Kathryn Finney. Since April 2020, it has supported over 500 black women-owned businesses with micro-grants. The application form consists of a brief questionnaire and is available on their website. Though the grants consist of only one to several hundred dollars, they are a spot-on aid for investing in things like marketing, so you can keep growing your business at a time when each penny counts.
5. iFundWomen fund for women entrepreneurs
Grant amount: Micro-grants
Application period: Distributed on a rolling basis, currently open
iFundWomen (IFW) is a crowdfunding platform for women. The iFundWomen relief fund is open to female entrepreneurs who’re using the platform for crowdfunding. You can also see the success stories of women who won a grant here. To apply for a grant, you must register a crowdfunding campaign on the IFW website and then take part in the micro-grant program. If you’re new to the idea of crowdfunding, check out our beginner’s guide at the link below. Now is a great time to get support from the community.
In case you’ve missed it, here’s more COVID-related funding available for everyone. Check out Facebook’s Grants for Small Business and our beginner’s guide to saving your business with crowdfunding (with success stories from business owners like you).