5 Sources of Funding for Female Business Owners
Hey, Rockstar business woman. How is business going?
We see all the efforts you are putting into growing and we couldn’t be more proud of your deliberateness and intentionality in growing that business of your dream. Well done!
However, despite the efforts you put in, we also understand the difficulty you could experience when it comes to securing funds for your business and the stereotypes that you may face. But there is always a light at the end of every tunnel.
In view of this, we will be examining 5 sources to get funding for your business and the organizations behind them. Let’s examine them together.
5 Sources of Funding for Female-Owned Businesses
Here are 5 places to get funds to run your business alongside the organizations behind these funding. They include:
1. Flourish Africa’s N1 Billion Grant for Female Entrepreneurs
The Flourish Africa grant is focused at empowering African female entrepreneurs over a period of 5 years via training, coaching, mentoring and funding to help them scale from idea to execution to growth.
The program aims to empower 2,500 female entrepreneurs over a period of 5 years, with a focus on 500 entrepreneurs per year. And for each cohort, the top 100 entrepreneurs will be given a 2 million naira funding each from a 200 million annual fund.
To qualify, you must be at least 18-50 years, be a female, own a business in either Lagos, Port Harcourt and Abuja. And if your business is co-owned with a man, you must own at least 51%, and be able to commit to a 4-month virtual training.
Must Read: 7 Common Mistakes Newbie Business Owners make
2. She Leads Africa High Growth Coaching Program
The She Leads Africa High Growth Coaching Program is a coaching and 3-month intensive program for women-led businesses in Africa to learn business skills, learn from one-on-one coaching and get access to an expert community, with the chance of pitching your business to potential investors.
To gain access to the SLA program, you must be a female entrepreneur between the ages of 18-35 and be running your business for at least 3 years.
3. Google for Startups Black Founders Fund
The Google for Startups Black Founders Fund is dedicated to funding black owned businesses in Africa, Brazil, Europe and the United States. The fund is dedicated to helping these businesses grow to enable them provide employment opportunities, strengthen the black community and create generational change.
The program provides leadership training, mentorship, access to a founder network and funding up to $150k in equity-free cash. To qualify, you need to be a black or have a black in your founding team, be between seed stage and series A, have a feasible product solving a significant problem and with a defensible growth model.
Related: 7 Loan Application Mistakes you must avoid
4. Women Entrepreneurs Finance Initiative (We-Fi)
The Women Entrepreneurs Finance Initiative (We-Fi) is aimed at helping female-owned businesses in developing countries to access mentorship, financial product and services, networking opportunities and the chance to expand into bigger markets.
To qualify, you must own a female-led business or have a female as a co-founder on your team, be in operations for at least a year and use technology to solve problems and create value.
5. Women Entrepreneurship for Africa (WE4A)
The Women Entrepreneurship for Africa (WE4A) program is jointly organized by the European Union (EU), the Organization of African, Caribbean and Pacific States (OACPS), and the German Federal Ministry for Economic Cooperation and Development. It is implemented by the Tony Elumelu Foundation, the Employment and Skills for Development in Africa (E4D) and the Seedstars Association for Entrepreneurship in Emerging Markets (SAFEEM).
The program aims at helping female entrepreneurs in Africa access business training, financial aid and help them gain access into regional and international value chains, thus, helping to scale their businesses.
Have you read: 4 Financial Numbers every Business Owner must Analyze for Growth
Growing your business made easy
Funding is crucial for every business to grow. With adequate funding, business ideas get executed, employment opportunities are provided and the economy blossoms.
Thankfully, these days, getting funding for female-led businesses is made easier than before with the establishment of various organizations and initiatives focused on funding such businesses. All you need to do is get the requirements needed and put your best foot forward when applying to boost your chances of getting in.
At Triift Africa, in this month of March, we will be funding female-led businesses with collateral-free loans up to 1 million naira. Apply here.
