If you've been looking for debt-free capital to start or scale your business, then the IFundWomen of Color community is for you!
IFundwomen of color is a non-profit organization that is providing resources to women entrepreneurs of color with the goal of closing the funding gap by providing access to capital, marketing and brand development, and a peer community that can help support your business.
They do this through several different avenues. One such avenue is through the IFundwomen of color grant process. There are two grants available, the Startup Grant and the Scale-up Grant.
The Startup Grant is an opportunity for founders who have not been in business longer than three years to apply for up to $5,000 in start-up costs or project funding. The grant is open only to women of color who are interested in building a strong business and plan on continuing it after the grant expires.
To be eligible for this grant, you must:
Have a business plan that includes one year of financial projections (ie. how much money you need and how much you expect to earn).
Provide proof that your company has been incorporated for at least three months before applying.
Show your commitment to your business by providing at least two references from people who can speak on your behalf (such as former employees/customers/partners).
The Scale-Up grant on the other hand offers up to $10,000 to cover specific projects that will help your company grow. To be eligible:
You must be a woman who has been in business for at least three years.
Your business must have a proven track record of success and you must be able to demonstrate how this funding will help you grow the business even further.
Your application should include a detailed plan on how you intend to use this money.
IFundWomen of Color generally focuses solely on projects that are “self-identified as being run by, led by and/or created for women of color”—in other words, if you can prove your project meets these criteria, they will consider it for funding.
The grant process is open to all women who identify as either:
Gender nonconforming individuals who were assigned male at birth but identify as female
We know how overwhelming it can be trying to figure out how to raise debt-free funding for your business as a Black woman entrepreneur and hope you would take advantage of this opportunity IFundWomen of Color has created for Women of Color!
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