Updated December 2024

In my years of working as a marketing strategist who focuses on small business owners, I’ve seen so many get stuck when it comes to finding funding to help their business grow to the next level. It is obvious that securing funding is often vital for business growth and success, but the barriers and education gap around applying for loans, grants, crowdfunding, or connecting with investors can feel overwhelming.

I’m often asked about funding resources, how to find grants, and other business funding questions, so I wanted to put together a list of opportunities around loans, government resources, crowdfunding, and more.

This isn’t a complete resource, but I tried to make it as comprehensive, inclusive, and intersectional as possible. I only listed grants and programs that are ongoing and appear to be current. For this blog post, I also only included those resources that are available to small business owners (as opposed to funding for nonprofits, etc)

Unfortunately, I believe the COVID pandemic and the resulting challenges businesses faced ended many smaller grant programs - especially grants for LGBTQIA+ businesses and other groups (I did my best to find as many as possible, but if you know of any I missed, please let me know and I’ll add it).

I have a policy against doing affiliate marketing in my business, so I’m not being paid or receiving anything in exchange for including links. And, aside from certification costs, I tried to only include resources that were free. I also didn’t include any grants, loans or programs that were state specific, but if you search using your location, city, county, or state you should be able to find more options.

Again, if you know of a funding option I didn’t include here, please let me know and I’ll add it to my list.

This is a big list and it might feel overwhelming. One place to start if you're not sure which option is best for your specific needs is the SEC Funding Navigator. You can also reach out to your local SCORE Mentors or SBDC for guidance (links for those and other resources are at the end of this blog post).

Table of Contents:

Loans
Microloans
Grants
Crowdfunding
Angel Investors
Certify Your Business (woman owned, LGBT owned, veteran owned, disability owned)
Other Resources

Loans for Woman Owned Small Businesses

I’m starting with loans because those are probably going to be the funding option that comes to mind first.While your local bank may not be the best option for your needs there are other alternatives.

When it comes to loans there are two main paths (with a lot of variation within those paths) - a traditional loan or a microloan.

Which type of loan is the best choice for you? It will depend on your business, your goals, eligibility, and other factors.

Some things to keep in mind when choosing the best loan option for your small business:

Pay attention to interest rates, any origination fees, prepayment penalties, and other fees that may be added to your loan. Also look for any discounts or benefits you may be able to access (like a discount for signing up for automatic payments).
Make sure the lender you choose makes it easy to manage your loan and keep track of payments.
Don’t go with the first lender you find. Shop around, check out their online reviews, and look for one that has solid customer service options so you can easily get help or information if you need it.
Don’t take on more debt than you can handle. Be realistic about the amount of money you need and how you’ll pay back the loan (make sure loan payments are in your budget).

Traditional loans can look like:

Lines of credit like a business credit card
Equipment loans for equipment purchases
Invoice financing where businesses can borrow against their own unpaid invoices
Merchant cash advance that you repay with a percentage of your sales until it is paid off or similar loans that have a set amount and then are paid back with a percentage of your sales.

Talk to your local bank or credit union to discuss your options and see what they can offer. Your local SCORE Mentors office or Small Business Development Center (SBDC) may also have resources for you.

Outside of your local bank, you can also look into SBA Loans (Small Business Administration) where you can find loan programs for women-owned businesses including:

7(a) loans- the SBA's primary loan program and offers loans of up to $5 million for a variety of purposes, including working capital, equipment, and real estate. Learn more about 7(a) loans

504 loans - for long-term purchases like buying property or machinery. Learn more about 504 loans from the SBA

Outside of helping you connect with loans, the SBA has many resources, including free mentoring and educational opportunities so it is a great place to start! You can go directly to learning more about SBA loan options here.

Learn more about the different types of loans here - https://www.nerdwallet.com/article/small-business/types-of-business-loans

Starting in August 2023 the SBA will begin to allowing loans from non-bank lenders - learn what that means and what you need to know here.

Microloans for Small Business Owners

If your business is newer or you’ve struggled to qualify for a traditional loan, a microloan may be a better option for you - just be sure to read all the terms and conditions so you know what to expect as far as repayment (read ALL the fine print!)

Microloans are generally up to $50,000 and have different interest rates and repayment rules than traditional loans.

Microloan providers:

SBA - again, the SBA is a fantastic resource and microloan providers through the SBA may offer more favorable terms and better protections for lenders. You can use the SBA microloan tool here.

Kiva - Allows individuals to lend small amounts of money to borrowers. Borrowers can then use the funds to expand their business or cover other expenses. Learn more about Kiva

Grameen America - Grameen America is a non-profit organization offering microloans women-owned businesses. Learn more about Grameen America

Opportunity Finance Network - a national network of community development financial institutions (CDFIs) serving financially disadvantaged communities. Learn more about the Opportunity Finance Network

Accion Opportunity Fund - Small business loans Learn more about the Accion Opportunity Fund

Camino Financial - Specializing in microloans for minority-owned businesses. Learn more about Camino Financial

Grants for Small Businesses

Unlike loans, grants don’t need to be paid back.

For obvious reasons, grants can be competitive, so do your research before applying to make sure you’ve completed the grant application properly and get it submitted on time.

Many grants are given again and again, so if you aren’t selected on your first attempt, don’t give up!

Some things to consider when applying for grants:

Pay attention to the eligibility criteria - some grants accept a broad range of applicants and others have a very narrow focus.
Watch application deadlines and don’t wait until the last minute to apply. If you have several grant applications in process (or think you will), use Google calendar or something similar to set reminders and alarms so you don’t miss deadlines.
Another reason to play ahead is that different grants will require different information - some may require a business plan, financial statements, and other documentation.
Most grants will specify how funds can be used and what kind of reporting you may need to give back to the grant organization.
Understand how and when the grants are disbursed and managed so you can plan accordingly.

The Amber Grant - offering monthly, quarterly, and annual grants of various sizes to women-owned businesses in amounts ranging from $1000 to $25,000. Learn more about the Amber Grant program .

The Black Founders Grant: The Black Founders Grant is a $10,000 grant awarded to a black founder who has the potential for a scalable or high impact business. Learn more about the Black Founders Grant

The Cartier Women's Initiative Awards is a yearly program that recognizes and supports female entrepreneurs around the world. Learn more about the Cartier Women’s Awards

The Tory Burch Foundation Fellows Program is a program that provides support to female entrepreneurs in the United States. The program offers a year-long fellowship program, which includes financial grants, networking opportunities, and business development support.
Learn more about the Tory Burch Program They also have a tool to help you find other types of funding..

We Back Black Businesses - This is a $5,000 grant program for Black owned businesses. In 2022 they distributed over 1400 grants. Learn more about We Back Black Businesses

The AAPI Strong - Grants for members of the Asian American or Pacific Islander community. Past grants included 100 cash grants to Asian American or Pacific Islander American (AAPI-) owned small businesses. Learn more about AAPI Strong grants

Fearless Strivers Grant Content - open to Black women business owners. Learn more about the Fearless Grant

Dream Big Awards from the US Chamber of Commerce - Multiple grants offered annually. Categories include Emerging Businesses, Sustainable Achievements, LGBT Achievement, and Minority-Owned Business Achievement awards. Learn more about the Dream Big Awards

Founders First Pride Grant - Grants totaling $25,000, must have at least 2 full time employees and annual revenue under $5M. Learn more about the Pride Grant

NASE (National Association of Self Employed) - You must be a member of NASE to access their grant and scholarship opportunities. Learn more about NASE grants.

IFundWomen Universal Grant Application - IFundWomen is a crowdfunding platform for women-owned businesses (more on this in the crowdfunding section of this blog post). They also have a universal grant application that will automatically match you with grants they have available. Learn more about IFundWomen’s Universal Grant application here.

Fast Break for Small Businesses Grant - A partnership wtih LegalZoom and the NBA to award over $3 million in grants to Black-owned businesses.

STEP (State Trade Expansion Program) - Designed to help small businesses expand into international trade. Learn more

Grants for Women - Website dedicated to listing grants, scholarships, and funding resources for women - not all are business focused. Visit the Grants for Women website

Federal Grants Wire - Resource of over 15,000 federal grants. Not all are business related, and you can narrow your search in several ways. Visit the Federal Grants Wire website

Grants.gov - Explore a huge database of federal grants. There are also many educational links and videos to help you learn more about grants. Visit the Grants.gov website

Hello Alice - Hello Alice is a great resource that shares grants, trainings, and education for small business owenrs. You’ll have to sign up to see their grants and other offers, but their email newsletter is excellent. Visit the Hello Alice website

Grantwatch - Large database for grants of all kinds. You can search specifically for small business grants. This is a paid service, and you can sign up for a week, month, or for a year. Visit the Grant Watch website

Access to Capitol Directory - Database for women business owners looking to learn more about grants, loans, and other funding options for their business. Visit the Access to Capitol Directory

Applying for grants isn’t something most business owners do often, so here are some resources to help you learn more about grants and how to write them.

This is a kind of Grants 101 resource page from Grants.gov

The First Nations Development Institute also has a great resource page that also includes free webinars about getting started with grants (both federal and private)

How to Increase Your Chances of Being Awarded a Grant from Grant Watch

Crowdfunding

Crowdfunding allows businesses to raise money though perks or rewards given to supporters who back a specific product or project.

It can be an effective way to see if there is enough interest in what you want to offer as well as giving your community a chance to support you.

Here are some things to keep in mind when considering crowdfunding for your small business:

Be aware that crowdfunding takes time and hard work to do it right. Don’t forget the marketing strategy! Here’s my podcast packed with crowdfunding success tips.

Each crowdfunding platform is slightly different, so research each one, pay attention to fees and payout schedules, and find the one that best fits your business goals.
Since some crowdfunding platforms are all or nothing, set realistic funding goals that can be done through crowdfunding. A successful first run leaves the door open for future crowdfunding campaigns.

Kickstarter - One of the best known crowdfunding platforms. Projects that do well have a chance to be featured on Kickstarter’s homepage and social media. Projects that do not reach their goals are not funded. Learn more about how to fund a project with Kickstarter

Indiegogo - Similar to Kickstarter, but allows you to keep funds raised, even if you don’t meet your goal. Learn about launching a campaign on Indieggo

Patreon - This platform is better suited for long-term sustainable support from fans who receive exclusive access or opportunities from the creators they support with a monthly subscription fee. Learn about setting up a Patreon

Fundable - You can raise funds through perks and rewards or in exchange for equity in your business. Learn more about Fundable

IFundWomen - Crowdfunding exclusively for women business owners. They also offer webinars, trainings, and other resources - sign up for the email list to stay in the loop! Learn more about IFundWomen

IFundWomen of Color - a branch of IFundWomen focused on crowdfunding and education for Women of Color. Learn more about IFundWomen of Color

Here are some resources to help you get off the right start with your crowdfunding campaign:

13 Time Kickstarter Creator’s Secrets for Crowdfunding Success

In Depth Crowdfunding Guide from Fundable

Angel Investors & VC

Angel Investors are individuals or small networks of individuals who provide funding in exchange for equity in the business. These investors are often focused on supporting businesses owned by women and minorities as well as businesses that are growing rapidly.

Funding from angel investors could be as a loan or equity investment in the company they are funding. Many also offer mentorship, networking, and other resources to support the businesses they are investing in.

Angel investors, like other funding options, aren’t the right choice for every business. Here are some things to keep in mind when exploring this option:

You’ll need to prepare an amazing pitch that explains your business, its unique place in the market, why it is a good investment opportunity, and how the funds will be used.
Although I’m sharing a handful of angel investors here, there are many more. Make sure you research before pitching to make sure they are a good fit for your business.
Understand what you are giving away in exchange for funding. Equity ownership is just one part of the exchange. Read the fine print and work with a lawyer to make sure all expectations and aspects of the contract are clear.

Golden Seeds - Founded 2004, Golden Seeds is a network of angel investors that focuses on supporting women-led businesses. Learn more about Golden Seeds

Pipeline Angels - Focuses on supporting women, trans, and non-binary founders. Pipeline Angels offers funding, a pitch contest, and a bootcamp. Learn more about Pipeline Angels

Female Founders Fund - focuses on supporting women-led businesses. Learn more about the Female Founders Fund

Portfolia - As of 2023, they are currently investing in femtech, sustainability, and active aging. They also offer a pitch competition. Learn more about Portfolia funds

Fabric VC - Focuses on underrepresented founders. They also have a virtual pitch competition. Learn more about Fabric VC.

Kapor Capital - invests in tech-driven companies committed to closing access gaps in low income and communities of color in the United States. Learn about how to work with Kapor Capitol.

Unshackled Ventures - Focuses on supporting immigrant founders. Learn more about Unshackled Ventures

Certify Your Business

Being certified as a Woman Owned Small Business (and other certifications) can give you access to government contracts and grants as well as opportunities to work with larger corporate businesses who have diversity initiatives set up in different areas of their business.

Become a certified woman owned business

Become a certified a minority owned business

Become a certified LGBT+ owned business

Become a certified veteran owned business

Become a certified APPI owned business

Become a certified disability owned business

Many larger corporations have diversity initiatives for their suppliers. Unfortunately, I couldn’t find one website that listed them, so you’ll need to inquire with specific corporations. Google the name of the company and “diverse supplier program” and that should take you to the right place.

Here are a few to get you started:

Marriott’s Diverse Supplier Program
AT&T Diverse Supplier Program
UPS Diverse Supplier Program
Microsoft Diverse Supplier Program
Walmart Diverse Supplier Program

Search for government contract opportunities - SAM is the official website to find contracts.

Learn about the SBA’s 8(a) Business Development Program - The goal of this program is to award at least 5% of all federal contracts to disadvantaged small businesses.

Learn about the HUBZone Program - designed to fuel business grown in historically underutilized business areas and award 3% of federal contract dollars to HUBZone certified small businesses.

Other Resources

Other things to consider beyond finding funding that can help your business:

There are free resources to help you connect with funding and business education.

The Small Business Administration (SBA) has local offices and even specific support for women owned businesses and veteran owned businesses. Find an SBA near you

Find an SBDC (Small Business Development Center) in your area.

Find a SCORE Mentor - SCORE Mentors act as guides for business owners and can offer resources and ideas.

Read the COVID pandemic impact on women owned businesses study (opens as a PDF)

While women-owned businesses face unique challenges when it comes to securing funding, there are many opportunities depending on your business and overall goals.

Whether you pursue grants, loans, crowdfunding, or angel investing, or another option it is important for you to do your research, ask questions, and learn everything you can about the method you decide to choose.

If you’re ready for a marketing strategy that works with your strengths to reach your goals, let’s work together! Click here to learn more about working one-on-one. And click here to learn more about the AIM membership (we AIM high to reach your goals!)

Funding Resources for Small Business Owners