Many have been inspired to create their own small business during the last few years. Modern civilization has promoted the importance of innovation, thus leading to many individuals taking on an entrepreneurship role. Entrepreneurs today are responsible for developing refreshing products and finding solutions to common problems. A considerable problem most small business owners face is a lack of funding. Female small business owners are more likely to face this issue. However, support systems are available to small business owners to get started. With several programs for small business grants for women, Michigan is one of the states that offers assistance to small business owners in America. These are the top grant options for female entrepreneurs and small business owners in Michigan.
Michigan Women Forward (MWF)
The Michigan Women Forward group is a nonprofit organization directed at women of all ages. The Michigan Women Forward organization supports teens, young adults, and older generations. MWF has a business pitch program called WomenUp. The purpose of WomenUp is to give female entrepreneurs in Michigan a chance to pitch their business ideas. If they strike interest amongst investors, they can receive assistance in starting their own business.
Along with the WomenUp program, the Michigan Women Forward organization also offers loans up to 50,000. This organization also provides other resources like STEM training, scholarships, and additional guidance. The goal of MWF is to create an inclusive economy and fulfill opportunities for the upcoming generation. They continue to celebrate the accomplishments of the female small business community in Michigan.
Growing MI Business Grant Program
This grant program is available to any small business owners in Michigan. The grants are only offered every year, and applicants must submit their documents between March 1st-31st. There are specific qualifications your business must meet before you can apply to the Growing MI Business Grant Program. All of the application requirements are listed on the grant website.
They support business owners who need financial assistance in the Michigan area. They offer hundreds of millions of dollars to entrepreneurs and small business owners. “Throughout the pandemic, the Growing MI Business Grant Program prevented several small businesses from failing. They focus on helping service-based businesses that lost customers and profit during the lockdown,” shares Felicia Rios, a business writer at Research papers UK and Writinity.
The Build Institute
The Build Institute is a nonprofit organization that offers interest-free loans to minority business owners in Michigan. Women, members of the LGBTQ+ community, people of color, and those with disabilities are all supported by The Build Institute. This organization offers education and classes to help entrepreneurs get the necessary resources and tools to create their businesses. The Build Institute heavily prioritizes inclusivity and helping minorities reach their full potential when it comes to their ideas.
The organization’s stats reflect its support for minorities: 63% of members are people of color, 83% are female, and 1850 individuals have graduated from the Build Institute. The organization was first established in January of 2012. They initially only offered one class, and due to high demand, they expanded their resources. The Build Institute is notably one of the best opportunities and grant options for females in Michigan. Their goal to help underrepresented individuals has been met repeatedly, and they have left a positive footprint in the small business community.
Michigan Women’s Commission
The Michigan Women’s Commission addresses the needs of women-owned small businesses in Michigan. They help women search for business grants and other opportunities. They recognize that women suffer from business issues more often due to circumstances like less pay and other economic problems.
The Michigan Women’s Commission wants women in Michigan to reach their full potential. They work in association with The Financial Freedom Committee. The committee’s goal is to increase income for women and help individuals escape poverty. The Michigan Women’s Commission allows female entrepreneurs access to education, micro-loans, higher-paying jobs, and other valuable resources. “More than half of businesses in Michigan are female-owned. The Michigan Women’s Commission wants to help more women create a business, and current owners succeed,” concludes Karina Dean, project manager at Draft Beyond.
Black Leaders Detroit
One of the communities that face the most struggles when running a small business is black women. There are tons of intelligent, creative, and influential black female business owners who need help reaching their desired success.
Black Leaders Detroit is an organization that supports black business owners in Michigan. They realize that black business owners receive the least amount of support. Black Leaders Detroit wants to shine a light on black entrepreneurs’ creative abilities and potential. Its mission is to provide financial support to black business owners in Detroit and other areas of Michigan. Black Leaders Detroit utilizes social media to raise money for their cause. They occasionally offer grants and run assistance programs in Detroit neighborhoods.
Barbara Deming Memorial Fund
The Barbara Deming Memorial Fund is a grant specifically for female business owners. This award is given out twice a year, and the money ranges from $500 and-1500. The Barbara Deming Memorial Fund is given to females who use their business and creativity to support fellow women.
The Barbara Deming Memorial Fund is given out to candidates in Canada and the United States. Barbara Deming established this award as a key figure during the women’s rights movement. She wanted to give financial aid to women who were also passionate about feminism and equality.
Detroit Development Fund
The Detroit Development Fund supports small business owners in economically disadvantaged areas. The Detroit Development Fund received a loan of 1 million dollars to help small businesses in Detroit. They primarily impact businesses that have been deeply affected by the pandemic and who need money to recover. Small businesses can receive loans from $5000-to 25,000 to go towards their costs. The Detroit Development Fund has helped small companies function in the conditions the pandemic has caused and stay afloat during difficult periods.
Final Thoughts on Small Business Grants For Women
There are several resources, grants, funds, and organizations available to women of Michigan. Due to the pandemic, more organizations and grants have been created to help females and other Michigan business owners get back on their feet. Whether specifically for women or more generalized, there are plenty of funding opportunities for female business owners in Michigan. Though it’s challenging to start a small business, many support systems can help you kickstart your brand significantly as a woman. One of these organizations will be able to fulfill your needs as a female entrepreneur in Michigan.
Writer Eula Skiles works at both Paper writing service and Lucky Assignments London. Eula writes about entrepreneurship and digital marketing strategies. Eula is extremely passionate about helping small business owners pursue their dreams.