National Small Business Week is here, celebrating the importance of America’s entrepreneurs and small business owners who are the backbone of our economy, supporting local communities, boosting the national economy, and driving innovation. Women are a fast-growing segment of new small business owners, with an estimated 13 million women-owned businesses in the U.S. employing nearly 10 million people. Despite this growth, women entrepreneurs face a significant lack of financial support, with disparities in funding rates, loan sizes, earnings, credit scores, and interest rates compared to male-owned businesses.
To address this funding gap, Jamil Khan, Chief Strategy and Small Business Officer at H&R Block, emphasizes the importance of leveling the playing field for men and women entrepreneurs. In response, Block Advisors by H&R Block has launched the Fund Her Future small business grant program, providing a total of $100,000 in funding to five women-owned small businesses. The first-prize winner will receive a grant of $50,000 and a year of small business services from Block Advisors, while four honorable mention winners will receive a $12,500 grant and services package. The program aims to support women-owned businesses and help them focus on achieving their goals and making a positive impact in their communities.
Businesses that promote inclusivity and demonstrate community impact are encouraged to apply for the Fund Her Future grant program. Submissions are open at BlockAdvisors.com/FundHerFutureGrant until May 26, 2024. Applicants must be over 18 years old and own a U.S.-based business that is at least 51% women-owned. Eligibility requirements and details can be found on the grant website. After submissions close, a group of finalists will be selected for interviews in mid-June, with the five winners being notified by the end of June.
The funding disparities between women-owned and men-owned businesses are evident in the statistics from a recent study by Biz2Credit. Women-owned businesses receive funding at a lower rate than male-owned businesses, with the average loan size, earnings, credit scores, and interest rates for women-owned businesses falling below those of their male counterparts. Khan believes that providing women entrepreneurs with immediate access to capital, resources, and expertise will result in significant growth for their small businesses and contribute to the overall momentum of their communities for years to come.
As National Small Business Week recognizes and celebrates the contributions of entrepreneurs, particularly women-owned small businesses, initiatives like the Fund Her Future grant program play a crucial role in supporting and empowering women entrepreneurs. By addressing the financial barriers and funding disparities faced by women-owned businesses, programs like this one aim to create a more inclusive and supportive environment for small business owners to thrive and succeed. Through opportunities like the Fund Her Future grant program, women entrepreneurs have the chance to access the resources and support they need to make a lasting impact on their businesses and communities.
