Starting a small business can be formidable, particularly in finance. For women entrepreneurs in the UK, obtaining financial resources usually feels like a rising fight.
This inequality becomes even more dazzling when considering the funding gap between male and female entrepreneurs.
But women no need to worry there is good news for you. I am here to explore a wide variety of grants, especially for women entrepreneurs who want to start a business in 2024.
In this guide, I have explored 7 small business start-up grants for women in the UK that can offer your business that financial boost that your business requires.
The importance of grants for women entrepreneurs:
- Grant offers the necessary funding to help women overcome financial barriers.
- Grant is a vital alternative for women usually facing challenges in accessing funding sources like loans or venture capital.
- Many grants are made to encourage innovation and qualify women to bring unique and creative ideas to market.
- It helps bridge a gender gap in entrepreneurship supporting variations in business.
- It enables women to start and grow businesses
- Grant can authenticate a business idea, boosting women’s confidence, and also offers credibility between potential investors and partners as well.
- Many grant program provides support like monitoring, networking, and training and also offer valuable resources beyond finances.
Top 7 small business start-up grants for women in the UK in 2024:
Each of these below-listed grants plays an important role in encouraging female entrepreneurs.
Let’s dive deep into the following list which covers eligibility, from the amount as well as additional benefits:
1. Innovate UK’s awards:
Innovate UK is a part of UK research and innovation that is UKRI which provides the women in innovation awards to encourage the women with innovative business ideas.
The goal is to foster the female-led and boost the wide number of female entrepreneurs.
- Eligibility: Women-led entrepreneurs with innovative ideas in any sector.
- Funding: Every awardee receives a £50,000 grant.
- Additional support: This grant program provides a customized package of mentoring, coaching as well as innovative growth support.
2. Prince’s trust women in the Enterprise program:
The Prince’s Trust supports young women aged between 10 to 30 who are unemployed or struggling with their education, this grant helps them to start their businesses through funding and mentoring.
- Eligibility: Women between the ages of 18-30 living in the UK who are unemployed to help them develop their own business.
- Funding: Up to £30,000 in a combination of a start-up grant of up to £5,000 and a start-up loan of between £500 and £25,000
- Additional support: This grant program also offers mentoring, and advice on a business, and allows access to the supportive network.
3. NatWest back her business:
The Back Her Business Grant was launched by NatWest in 2019 to help women entrepreneurs start their businesses.
The grant offers the women participants a crowdfunding platform to raise the money they need to launch their businesses and provide coaching, workshops, and mentoring sessions.
- Eligibility: Women-led entrepreneurs or women looking to start their business.
- Funding: Funds up to £5,000 are offered for successful crowdfunding projects.
- Additional support: They also provide free coaching, and mentoring as well as access to networking events.
4. Female founders fund:
The Female Founders Fund is made to invest in early-stage women-led startups, especially in sectors like technology and e-commerce, web-enabled products and services, platforms, and marketplace that connect buyers and sellers.
- Eligibility: High-growth businesses led by women in specific industries like tech, and e-commerce.
- Funding: Investments are usually between £ 4,58,600 to £6,87,900
- Additional support: Women have access to a strong female leadership network.
5. Cartier Women’s Initiative:
Cartier Women Initiative provides a significant funding opportunity for women entrepreneurs through its Cartier Women’s Initiative grant program.
This grant aims to support women in business who have started establishing their startup ideas and turned them into profits.
- Eligibility: Business in early stage women should have an original and innovative idea and have the potential to grow significantly over the next few years.
- Funding: Grants can range from £24,000 to over £80,000 depending on the project.
- Additional support: The 21 successful applicants are given access to workshops, exclusive networking events, coaching sessions, and 6 6-day social entrepreneurship program.
6. New enterprise allowance:
A new enterprise allowance is a government financial grant for women that can offer money and support to help them start their businesses.
You need to be receiving certain benefits and have a business idea that could work.
- Eligibility: Women receive jobseekers allowance, universal credit, and employment support allowance as well they provide funding for new startups for women.
- Funding: £4,000 to £75,000 to develop their exciting and innovative ideas.
- Additional support: The grant also includes bespoke business support.
7. Swansea business growth grant:
Swansea business growth grant is targeted at small and medium-sized businesses that are seeking to invest in business growth, expand operations, and create new jobs.
- Eligibility: various sectors are eligible which are focused on businesses introducing new products or services.
- Funding: Grant from £ 5,000 to £ 50,000
- Additional support: This grant is especially profitable for startup businesses that need additional financial support like mentoring, and networking.
Tips for applying for a small business grant:
Research for a suitable grant:
Search for a grant carefully which suits your business requirement and sector. Not all grants are suitable for every business type, so being selective to save your time is crucial.
Study the application process:
Every grant usually has detailed applications that need business plans, projections, and more. Prepare correctly and make sure you have all the needed information.
Build a strong network:
Many grants provide you with more than just financial support. Take full benefit of their mentorships, networking, and support services.
Conclusion:
In 2024 there are a wide number of opportunities for women in the UK to secure funding for their small businesses.
These grants offer financial support as well as mentorship, networking, and growth opportunities for your business.
Whether you are in tech, innovation, or retail there is at least one grant out there for you. So women go and grab your golden chance to grow your business.
