Loans & Grants

FUNDING FOR YOUR BUSINESS
Your business plan will help you figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need.
Types of Funding
Fund your business yourself with self-funding
Otherwise known as bootstrapping, self-funding lets you leverage your own financial resources to support your business. Self-funding can come in the form of turning to family and friends for capital, using your savings accounts, or even tapping into your 401k. With self-funding, you retain complete control over the business but you also take on all the risk yourself. Be careful not to spend more than you can afford, and be especially careful if you choose to use tap into retirement accounts early. You might face expensive fees or penalties, or damage your ability to retire on time — so you should check with your plan’s administrator and a personal financial advisor first.
Get venture capital from investors
Investors can give you funding to start your business in the form of venture capital investments. Venture capital is normally offered in exchange for an ownership share and active role in the company. Almost all venture capitalists will, at a minimum, want a seat on the board of directors. So be prepared to give up some portion of both control and ownership of your company in exchange for funding. Venture capital differs from traditional financing in a number of important ways. Venture capital typically:
- Focuses high-growth companies
- Invests capital in return for equity, rather than debt (it’s not a loan)
- Takes higher risks in exchange for potential higher returns
- Has a longer investment horizon than traditional financing
Use crowdfunding to fund your business
Crowdfunding raises funds for a business from a large number of people, called crowdfunders. Crowdfunders aren’t technically investors, because they don’t receive a share of ownership in the business and don’t expect a financial return on their money. Instead, crowdfunders expect to get a “gift” from your company as thanks for their contribution. Often, that gift is the product you plan to sell or other special perks, like meeting the business owner or getting their name in the credits. This makes crowdfunding a popular option for people who want to produce creative works (like a documentary), or a physical product (like a high-tech cooler). Crowdfunding is also popular because it’s very low risk for business owners. Not only do you get to retain full control of your company, but if your plan fails, you’re typically under no obligation to repay your crowdfunders. Every crowdfunding platform is different, so make sure to read the fine print and understand your full financial and legal obligations.
Get a small business loan
If you want to retain complete control of your business, but don’t have enough funds to start, consider a small business loan. To increase your chances of securing a loan, you should have a business plan, expense sheet, and financial projections for the next five years. These tools will give you an idea of how much you’ll need to ask for, and will help the bank know they’re making a smart choice by giving you a loan. Once you have your materials ready, contact banks and credit unions to request a loan. You’ll want to compare offers to get the best possible terms for your loan.
Apply for a Grant
Various organizations offer grants to help fund your business. Grants do not need to be paid back but there are deliverables that are required by each grant.
Resources for Finding Funding
Bank of America Access to Capital Directory
Bank of America, in partnership with Seneca Women, announced the launch of the Bank of America Access to Capital Directory. This first-of-its-kind platform is a resource to help educate women-owned businesses in the U.S. on navigating the capital landscape and identifying potential sources of funding, such as equity, debt and grant capital.
Hello Alice
From a grant to jazz up your online storefront to a loan to help you stock up on inventory, the Small Business Funding Center connects you with the capital you need to launch and grow your small business. The juggle is real for hard-working entrepreneurs like you, so you can bank on easy applications and personalized recommendations here.
SBA Small Business Loans
Standard 7(a) Loan
The 7(a) loan program is the SBA’s primary program for providing financial assistance to small businesses. The terms and conditions, like the guaranty percentage and loan amount, may vary by the type of loan.
7(a) Small Loan
Maximum loan amount $350K with turnaround of 5-10 business days. Interest rate negoiatable
Export Express
The Export Express program provides exporters and lenders a streamlined method to obtain SBA-backed financing for loans and lines of credit up to $500,000. Lenders use their own credit decision process and loan.
SBA Express
Maximum loan $350K. SBA to respond to application within 36 hours. Loans for up to 84 mon
Export Working Capital
Export Working Capital loans are for businesses that can generate export sales and need additional working capital to support these sales. Lenders review and approve applications and submit the request to the U.S.
International Trade
International Trade loans provide long-term financing to businesses that are expanding because of growing export sales, or that have been adversely affected by imports and need to modernize to meet foreign
SBA CAPLine Loans
Contract Loan
The contractor must use loan proceeds only to finance the costs of one or more specific contracts, including overhead or general and administrative expenses, allocable to the specific contract(s).
Seasonal Line of Credit
Borrowers must use the loan proceeds solely to finance the seasonal increases of accounts receivable and inventory (or in some cases associated increased labor costs). Funds must not be used to maintain activity during
Builders Line
Borrowers must use the loan proceeds solely for direct expenses related to the construction and/or “substantial” renovation costs of a specific eligible project (residential or commercial buildings for resale), including labor, supplies, materials, equipment rental, direct fees (building permits, interim disbursement inspection fees, etc.), utility connections (above or below ground), construction of septic tanks, and landscaping. (“Substantial” means rehabilitation expenses of more than one-third of the purchase price or fair market value at the time of application.) Proceeds paid to a subcontractor can include the subcontractor’s profit. The cost of lad is eligible if the land cost does not exceed 20 percent of the project cost. Up to five percent of the project cost can be allocated for improvements that benefit all properties in a subdivision, such as streets, curbs, sidewalks, or open spaces.
Working Capital Line of Credit
Borrowers must use the loan proceeds for short term working capital/ operating needs. Proceeds must not be used to pay delinquent withholding taxes or similar trust funds (state sales taxes, etc.), or for floorplanning. In
SMARTstart Microloan Fund
The Pasco Economic Development Council’s SMARTstart Microloan Fund is available for passionate, small business owners with the solid ideas, good management skills, valid business plan needed for success, but are unable to secure traditional financing.
Proceeds are available to be used for:
- Working Capital
- Inventory
- Supplies
- Furniture
- Fixtures
- Machinery and Equipment
Learn more: https://pascoedc.com/microloan-funding
Grants
A Little HOPE
A Little HOPE, Inc. is a not-for-profit publicly supported charitable foundation, recognized by the IRS under 501 (c)(3), which grants funds to organizations that provide bereavement support services and grief counseling to children, teens and young adults, who have experienced the death of a parent, sibling or loved one, regardless of the circumstances of the death.
Grant applications are by invitation only and are sent to potential grant recipients during the month of October each year.
For more information visit: https://www.alittlehope.org/article/details/9/applicants
Amber Grant
Amber Grants began in 1998 in honor of Amber Wigdahl, who died before fulfilling her dreams. Each month we award an Amber Grant of $10,000, and one of our 12 monthly recipients receives an additional $25,000 Amber Grant.
January – Skilled Trades
February – Health, Fitness & Wellness
March – Food & Beverage
April – Sustainability
May – Mental & Emotional Support
June – Business Support Services (e.g. accounting, consulting)
July – Animal Services
August – Hair Care & SkinCare
September – Education & Child Care
October – Creative Arts
November – Technology & E-commerce
December – Fashion Design
Grant Awarded Monthly. Deadline application: Last day each month. ($15.00 fee for each application)
For more information visit: https://ambergrantsforwomen.com/get-an-amber-grant/
Backstage Capital
Backstage Capital provides support to startup founders through programs and grants. Applicants must identify as women, people of color and/or LGBTQ+ members and be affiliates with a for-profit stage company.
For more information visit: https://backstagecapital.com/
EmpowHER Grant
The EmpowHER grant offers up to $25,000 to female social entrepreneurs whose business model directly addresses a social issue. These social issues are defined as poverty and hunger, sustainability and the environment and strong communities. The businesses must be in their early stage, and there are quarterly opportunities to apply for the grant. Requirements: This grant is open for female entrepreneurs ages 22 or older. Businesses must be registered for-profit entities operating in the United States. The business must address a social issue through its business model. Businesses must not be more than three years old.
Deadlines:
Q1: January-March
Q2: April-June
Q3: July-September
Q4: October-December
For more information visit: https://theboundlessfuturesfoundation.submittable.com/submit
Grants.gov
If you’re looking for federally sponsored grants for women, the best place to start is Grants.gov. All government grants are open to male and female business owners, and this site serves as a database of all federal grants—including those specifically available for small business owners. To search for this type of grant, visit the official government grants website and check out their section for grant applicants to see if you’re eligible.
It’s important to note that this database includes a variety of grants, so you may need to sort through different options to find those that are the most relevant to small business owners.
Grants.gov can serve as a great starting point with over a dozen federal government agencies participating in the database.
HerRISE Micro-Grant
The HerRise Micro-Grant provides financial support to women of color who are often unable to secure funding for their small business. Each month a $500 micro-grant will be awarded to a small business owned by women of color. Small business grants are useful for financing a particular small business need. Past recipients used their growth grants for computers, equipment, marketing materials, website creation and more. Applications close on the last day of the month. Every applicant needs to create an account and logged in to view and complete the application. There is a $10 administration fee.
Micro-Grant Awarded Monthly
For more information visit: www.hersuitespot.com/herrise/
Hivers and Strivers Investment Program
Pitch program for Veterans
As an angel investment group, Hivers and Strivers works to provide capital to qualifying businesses. Specifically, the investment group funds projects submitted by veteran-owned and veteran-led businesses. Funding opportunities can range from $250,000 to $1 million. Those who qualify can apply for funding for a business idea on a rolling basis, but businesses reliant on government contracts are not eligible to apply
For more information visit: https://hiversandstrivers.com/
Hometown Grant Program
Hometown Grants are intended for “shovel-ready projects”. Information required for your application includes:
• Project plan proposal with a detailed budget and timeline
• Up to 5 letters of support from stakeholders in the community
• Examples of in-kind donation possibilities/additional funding to cover the remainder of the project
• Details on permits needed or already obtained
Applications will be open on a quarterly basis with the following schedule: Spring: Applications open January–March Summer: Applications open April–June Fall: Applications open July–September Winter: Applications open October–December
For more information visit: https://www.t-mobile.com/brand/hometown-grants
IdeaCafe Grant
The IdeaCafe Grant awards a $1,000 micro-grant to one small business owner each year. The application deadline is in January, so apply early. Although the funding isn’t technically a small business grant for women only, the vast majority of the winners have been female entrepreneurs.
This is a great grant to apply to if you’re a relatively new startup looking for funding. This grant is also available for those that have an idea for a business but haven’t actively started building it yet.
For more information visit: www.businessownersideacafe.com/business_grants/
Kinetic Black Business Support Fund Grant
Kinetic Business is proud to support black-owned businesses with the creation of the Black Business Support Fund.
Your business must meet the following requirements to participate in the Black Business Support Fund Grant program:
- You must be a new or current small business customer within our service area;
- Your small business must be black-owned and have 25 or fewer employees;
- You must not be currently engaged in bankruptcy proceedings;
- Your small business must not be a: non-profit organization, Wine & spirits, check-cashing agency, gun shop, pawn shop, cannabidiol (CBD) stores or adult entertainment business; and
- You may not apply on behalf of multiple small businesses or receive multiple awards.
Deadline application: Until funds last
More information: https://business.windstream.com/bbsf#/
KKR Grant
KKR Small Business Builders has an emphasis on companies that are pivoting their business in response to the pandemic; are operated by historically underrepresented groups (HUGs); and/or are providing important community services. To be eligible, a business must have between 5 and 50 employees, less than $7 million USD in annual revenue, demonstrated need for support, a strong plan for moving forward, and be in good standing with the IRS or their local regulatory body.
For more information visit: www.kkr.com/grants
#MomsMeanBusiness
ZenBusiness, a company that helps others launch and run their own businesses, has created the #MomsMeanBusiness campaign to recognize the resilience of moms and celebrate their accomplishments. To help mothers take the first step toward entrepreneurship, ZenBusiness is covering business formation costs and will help entrepreneurs form an LCC, track expenses, secure a business name, and more. All mothers are eligible and costs will be covered for “every mom in America.
Applications will be accepted on a rolling basis
For more information visit: https://www.zenbusiness.com/moms/
MBDA Capital Readiness Program Grant Competition
The U.S. Commerce Department’s Minority Business Development Agency is launching a nearly $100 million grant program to support female and minority entrepreneurs. The Capital Readiness Program is directing grants of between $2 million and $3 million to business incubators and accelerators run by companies, nonprofits, and universities. So the funds will not go directly to small businesses from the federal government. But recipients must use the funds to provide services that can help women- and minority-owned startups overcome structural barriers. The program will focus on several high-growth industries, including health care, climate technologies, and infrastructure.
For more information visit: https://www.mbda.gov/mbda-capital-readiness-program-grant-competition
National Association for Self Employment (NASE)
The National Association for the Self Employed (NASE) awards quarterly $4,000 Growth Grants to its members. Membership starts at $12 a month. You have to be a member in order to apply for this grant.
Quarterly Grant. For more information visit: www.nase.org/become-a-member/member-benefits/business-resources/growth-grants
The Barstool Fund
The Barstool Fund is an ongoing grant program that supports small businesses suffering negative effects due to the pandemic. The program is funded through donations and supported by Barstool Sports. Applications are available online.
Ongoing applications
For more information visit: https://www.barstoolsports.com/the-barstool-fund
The BGV Pitch Program (Pitch competition)
Hosted by Black Girl Ventures, the BGV Pitch Competition is exclusively for Black or brown female business owners. Through the Raisify platform, audiences are given the opportunity to financially support the founders they believe in. Each founder has three minutes to pitch, followed by a three-minute audience Q&A. Three winners are awarded a first, second and third place prize of a $10,000, $6,000 or $2,000 grant, respectively.
Applications are now being accepted for spring program.
For more information visit: www.blackgirlventures.org/bgv-pitch
The Freed Fellowship Grant
This grant offers a monthly $500 to qualifying business owners in the US. Applicants are evaluated based on a “5C Framework”, which assesses various aspects of applicants’ business. Along with the grant, applicants receive feedback on their business and a two-month free membership in the Freed Studio, a community of ambitious business owners. Grant recipients are also eligible for an end-of-year grant of $2,500. Grant recipients are also eligible to receive an additional end-of-year grant of $2,500. Monthly applications
For more information visit: www.freedfellowship.com
You Glow Girl Women Entrepreneur Grant
The You Glow Girl Women Entrepreneur Grant is offered by Eat Me Guilt Free, a line of health food products. Created in 2021, the program supports one female entrepreneur in expanding her business by providing her with a $10,000 grant. Additional prizes include a one-year supply of Eat Me Guilt Free items, mentoring from Cristie Besu, founder and CEO of Eat Me Guilt Free, and a physical health and wellness product.
For more information visit: www.eatmeguiltfree.com
Wish Local Empowerment Program Grant
Black-owned businesses with no more than 20 employees, a brick-and-mortar location, and less than $1 million in average annual revenue.
ELIGIBILITY
Must be a Black-owned business (51%+)
Must possess a liquor license or currently seeking a liquor license
Application deadline: Until funds last
For more information visit: https://naacp.org/grants/backing-the-bar
Working Women of Tampa Bay Foundation
Entrepreneurs who have been in business from 6 months – 3 years. The money is to help female entrepreneurs with a little assistance to grow their business. Entrepreneurs must be able to demonstrate their proof of concept and a plan of how the funds will be used. Businesses must be headquartered in Tampa Bay.
$1,000 Grant
Rolling Applications (no deadline)
For more information visit: https://workingwomenoftampabay.com/WW-Foundation
Tampa Bay WBC is funded in part by a cooperative agreement with the Small Business Administration. As with all of our programs at our host organization, The Centre for Women, we do not discriminate based on race or gender and our services are available to all.