National Small Business Week highlights the significance of entrepreneurs and small business owners in driving our economy and fostering innovation. Women-owned businesses are among the fastest-growing segments, with around 13 million women-owned businesses in the U.S. employing almost 10 million people. However, despite this growth, women entrepreneurs still face challenges in accessing financial support, with disparities in funding rates, loan sizes, earnings, credit scores, and terms compared to male-owned businesses.
According to a recent study by Biz2Credit, women-owned businesses received funding at a 40% lower rate than men-owned businesses in 2021, with lower average loan sizes and earnings. Additionally, women tend to receive shorter term loans and higher interest rates compared to men. Jamil Khan, Chief Strategy and Small Business Officer at H&R Block, emphasizes the importance of closing the funding and support gaps for women entrepreneurs in order to empower them to achieve their goals and make a positive impact in their communities.
In response to the financial challenges facing women-owned small businesses, Block Advisors by H&R Block has launched the Fund Her Future small business grant program. The program aims to award a total of $100,000 in funding to five women-owned small businesses, with one first-prize winner receiving a grant package of $50,000 and a year of small business services from Block Advisors. Four honorable mention winners will receive a $12,500 grant and services package. Eligible applicants must be over 18 years old and own a U.S.-based business that is at least 51% women-owned, with a focus on inclusivity and community impact.
Interested small business owners can submit their applications at BlockAdvisors.com/FundHerFutureGrant until May 26, 2024. Finalists will be selected to participate in interviews in mid-June, with five winners notified by the end of June. Through the Fund Her Future grant program, women entrepreneurs will have access to immediate capital, resources, and expert guidance to help their businesses grow and contribute to the momentum of their communities for years to come, according to Khan.
Overall, National Small Business Week serves as a platform to recognize the vital role of small businesses, particularly those owned by women, in driving economic growth and innovation. By addressing the funding disparities faced by women entrepreneurs and providing support through initiatives like the Fund Her Future grant program, we can empower women to succeed in their entrepreneurial ventures and make a positive impact in their communities.