Here are the best small business grants for single mothers.
Are you a single mom who wants to start a new enterprise but needs sufficient capital? Don’t worry; there are free funding options you can explore to make your dream venture a reality.
One of them is a grant for single moms to start a business. It’s free money issued to women and female entrepreneurs regularly.
As you keep reading this post, you come across several of them. We’ll also highlight their eligibility criteria, how to apply, and how much you’ll benefit.
Until then, let’s review the single moms’ small business grants.
Single Mother Small Business Grants
It’s arduous to generate funds to kickstart a new business or boost an existing one. This is often the case for single moms who need a tangible source of income or savings.
They must pass through a needle’s eye before getting their desired enterprise. But that shouldn’t be the case.
Understanding Single Mom Business Grant
Single-mom’s business grants are financial awards for women and female entrepreneurs. As stated above, the fund is free money aimed at helping them start a new venture or boost an existing one.
Those who provide such financial aid are the government, nonprofit agencies, academic institutions, and private hands.
Before accessing such financial help, certain conditions must be met. Each grant type has its own unique prerequisites and target beneficiary.
So you’ll need to research thoroughly to know which is ideal for you.
Grants for Single Moms Starting Small Business
Indeed, financial awards are explicitly designed to assist single mothers in establishing their dream enterprises. However, such funding options take a lot of work to come by.
That’s because there’s marginalization among women in the business sector. But that’s a story for another time. Let’s deal with the issue at hand.
The following paragraphs list some financial awards designed for single moms to run a small enterprise in the U.S.
Federal Grants (Grants.gov)
The U.S. government grants single moms the opportunity to start a rewarding venture in the country.
You’ll be eligible once your intended business meets the government’s size standards, among other essentials. The funds are given to qualified individuals for free without having to pay them back.
The Halstead Grant
Since 2006, this grant scheme has been initiated to assist female entrepreneurs, including single moms, in the jewelry sector. If you want to set up a new enterprise specializing in jewelry, this grant is ideal for you.
However, interested candidates will be asked a series of queries as part of the qualifying criteria. Some of the questions concern your business strategies, goals, and plans.
Those eligible for the award will receive up to $7,500 in grant money. Plus, free publicity and $1,000 for Halstead supplies only.
For those who didn’t pass the test, you’ll not be left behind. You’ll get expert feedback and advice from the judges regarding your business plans. Sounds interesting? Let’s move on.
As a single mom, you can count on this grant for your enterprise startup. However, the financial aid isn’t given for free. You must participate in a competition at a local level.
The competition is hosted by the U.S. SBA every year. Interested candidates must have a marketable product or service that impacts women positively.
The top three finalists will receive funding of up to $40,000, $20,000, and $10,000 based on their ranking. For more details, visit their official website.
Women’s Business Centers
WBC is a friendly agency that offers financial aid to single moms interested in starting an enterprise. Those who want to grow their existing ventures can also apply for the award.
However, before you are qualified for this financial aid, you must attend the counseling and training organized by the agency.
Several topics will be discussed during the counseling and training. The firm may also help you find other grants and walk you through the application process.
You can check their official website for more details.
For over 20 years, this financial aid has impacted the lives of female entrepreneurs, including single moms.
The grant was established for a woman who died before fulfilling her business dreams. So, this financial aid is awarded to one female business owner every month.
The lucky one goes home with $5,000. One lucky woman will also receive $1,000 at the end of the year. If you want to start an enterprise as a single mom in the U.S., you can give it a shot any time of the year.
Applications are open till the last day of every month. All you need to do is tell your story and pay the application fee of $15.
FedEx Small Business Grant
If you want to open a small enterprise, this grant is for you. Technically, every female entrepreneur is eligible for this financial ward.
However, only single moms are encouraged to apply. Applicants must participate in a friendly competition, which is organized annually.
The first finalist will receive a grand prize of $25,000 plus $7,500 in FedEx services.
The second winner gets a silver prize of $15,000 plus $5,000 in FedEx services. Then, the remaining eight winners will earn a bronze prize of $7,500 plus $1,000 in printing services.
If you want to participate in the competition, you can send a request to their official website. On their page, you’ll also find details about the eligibility conditions and how to apply.
Are you a woman with a high, enterprising spirit? Then, you can count on this financial aid to launch or expand your enterprise.
It’s specifically designed to assist women entrepreneurs in the U.S., including single moms. Apart from being a woman, there are no other eligibility conditions.
Winners can receive up to $5,000 to cover the cost of marketing, supplies, and other essentials to grow their venture. For details about the grant, visit their official website.
You’ll also get accurate information about the application process.
These aren’t the only financial aids for single moms to start their dream business. There are many more you can explore. Because of time constraints, we cannot mention them all.
However, our few can help you get financial assistance for your dream business.