Large numbers of women entrepreneurs, especially those of color, continue to face significant systemic barriers to accessing financial innovation opportunities, as highlighted by the 2024 State of Women’s Small Business Report by Block Advisors. The report underscores that nearly half of small business women-owners who apply for a bank loan have never been approved, even when they qualify. Similarly, 39% of small business women-owners cited a lack of collateral or a denied decision as reasons for their application to receive a loan, while 37% faced the same issue with their credit. Only 15% of women-owned small business owners received any form of financial support, leaving many scriptures, especially those of color, unbanked.
These systemic barriers are not unique to the gender gap but extend to racially heterogeneous groups, such as Black and Hispanic women-owners in small businesses. According to the report, nearly 79% of women-owners in BIPOC communities experience a lack of access to traditional capital pathways, including banks, loans, and microfinance programs. This disparity underscores the need for deeper systemic change to ensure fair access to financial innovation, traditional and alternative capital, to unlock the potential of small business women-owners.
In light of these challenges,FormatForOne and Verizon Small Business are reckoning with the realities of small business finance in the U.S. with the launch of three targeted grants that aim to provide both applicant support and a clear path to financial empowerment. The Fund Her Future Grant becomes the first low-risk small business credit program, addressing the systemic差距 between men and women in securing traditional loans, especially in the presence of discriminative financing policies. This program, supported by Block Advisors and H&R Block, is designed to make personal financial savings and credit available to a diverse range of small business women-owners.
The Fund Her Future Grant specifically targets small business women-owners, with a grant total of $100,000. ThisVir aggregate supports women-led businesses at various stages of the business journey. Recent data reveals that many women-owners in BIPOC communities have struggled with limited access to traditional banking, lack of collateral, or informality in the business model. By reducing reliance on credit and financing, the Fund Her Future Grant aims to empower small business women-owners to take control of their personal businesses, whether they are sole proprietors, small_teams, or operating independently as independent contractors.
The grant aims to address square barriers that disproportionately affect women of color through its focus on empowering founders and fostering their long-term sustainability. With contributions from Bank of America, a global leader in QRBA, the grant settles the heartstrings of a COMMUNITY DIVISION, helping small business women-owners take control of their businesses, building financial stability, and directing them toward future opportunities.
Another significant shot in the夜晚 of small business funding is the Backing Historic Small Restaurants Grant. The Fifth-Kyoto grant, launched in 2021, is designed to sponsor small businesses that have been historically underserved, as downtown and older built-up areas often lose access to small business funding due to decades of economic inequality. This grant seeks to humanize the concept of historic, independently-owned restaurants, similar to those in the photo by Patrick Laughlin of Votes On Shape. The program is specifically targeted at small businesses with fewer than 100 employees that have historically been disproportionately affected by economic challenges, disasters, or disruptions. By recognizing the cultural, community, and temporal value of these restaurants, this grant seeks to bolster their self-images and alive connection to their community.
The Backing Historic Small Restaurants Grant is being presented by American Express in collaboration with the National Trust for Historic Preservation, which is conducting a national search forelling.
The grant program is designed to help restaurants stay anchored in their neighborhoods amid economic uncertainty. By investing in public-facing improvements such as signage, murals, and seating areas, restaurants can help tell the stories of their heritage, providing a tangible connection to the region and community. This approach not only addresses the immediate need for financial support but also enhances the restaurants’ reputation as stewards of their spaces, fostering goodwill and community engagement.
This grant taps into the unique cultural and historical significance of historic small businesses, ensuring that they continue to thrive in environments where small business finance is becoming increasingly important. The National Trust for Historic Preservation, with its deep connection to the past, is selecting only those that have been historically disproportionately affected by economic challenges, and the Backing Historic Small Restaurants Grant seeks to recognize and preserve their legacies.
The该项目 aims to revitalize the livelihoods of small businesses while also supporting their continuity as stakeholders in their communities. By sensibly prioritizing the preservation of historical stories, this grant program aligns with Goal Zero, ensuring that small businesses have a sense of ownership and continuity, even as they navigate the present-day challenges.
The Verizon Small Business Digital Ready Grant further shifts the narrative of small business resilience, with $10,000 grants being distributed this year. Starting in January 2025, applicants must complete two online courses or events on the Verizon Digital Ready platform between January 1 and June 30, 2025, which can take a few hours to complete. While previous recipients can apply for projects again, priority has been given to those who first embrace the platform.
Verlobis’ goal is to create a space where entrepreneurs can both enhance their skills and invest in sustainable growth. The program blends education and financial support, equipping founders with the tools and knowledge they need to succeed while financially navigating their businesses. By bridging the gap between traditional finance and digital innovation, this grant program helps small businesses owners transform their structures and expand their profitability.
The Verizon Small Business Digital Ready Grant is seen as a meaningful pipeline, offering entrepreneurs a path toward both personal and business empowerment. While previous eligible applicants may reapply, the opportunity has been prioritized. By combining education and support, this grant program is creating a meaningful connection between learning and financial success, ensuring that boys and girls can thrive in the digital age.
In conclusion, the nation faces a pressing need to change how it sees financial innovation for small business women-owners. While traditional funding remains a significant barrier, targeted grants and programs are redefining the concept of a small business as a viable path to empowerment and resilience. From the Fund Her Future Grant to Verizon’s Digital Ready Grant, the world is opening its eyes to the idea that small business women-owners are able to navigate the complexities of finance with personal agency.
