National Small Business Week is here, celebrating the crucial role that entrepreneurs and small business owners play in the American economy. With small businesses serving as the backbone of our economy, they not only support local communities but also fuel national economic growth and drive innovation. Women, in particular, are a rapidly 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 the growth in women-owned businesses, there remains a significant lack of financial support for women entrepreneurs. One of the major challenges facing women is their access to funding, with a recent study by Biz2Credit revealing significant disparities between women-owned and men-owned businesses in terms of funding. Women-owned businesses are funded at a lower rate than their male counterparts, with the funding rate for women-owned companies being 40% lower than that of men-owned companies. The average loan size for women-owned companies is also lower than that for men-owned companies, with women-owned businesses earning less on average compared to male-owned businesses in 2021.
Jamil Khan, Chief Strategy and Small Business Officer at H&R Block, emphasizes the importance of creating a level playing field for men and women entrepreneurs. He believes that women small business owners are vital contributors to their communities and that it is essential to close funding and support gaps so that they can focus on achieving their goals and making an impact. In an effort to address this funding gap, Block Advisors by H&R Block has launched the Fund Her Future small business grant program. This program aims to award five women-owned small businesses a combined total of $100,000 in funding, with one small business owner receiving a first-prize grant package of $50,000 and a year of access to small business services from Block Advisors.
To apply for the Fund Her Future grant program, applicants must be over 18 years old and own a United States-based business that is at least 51% women-owned. Businesses that promote inclusivity and can demonstrate community impact are especially encouraged to apply. Submissions for the grant program will be accepted at BlockAdvisors.com/FundHerFutureGrant through May 26, 2024. Following the closing of submissions, a group of finalists will be selected to participate in interviews in mid-June, with the five winners being notified by the end of June. The winners will receive not only funding but also access to small business services such as tax preparation and bookkeeping from Block Advisors.
Khan believes that with immediate access to capital, resources, and trusted expertise, women entrepreneurs will experience significant growth for their small businesses, leading to lasting impacts on their communities for years to come. The Fund Her Future grant program is a step towards closing the funding gap for women entrepreneurs and empowering them to achieve their goals and make a positive difference in their communities. As National Small Business Week celebrates the contributions of small business owners, initiatives like the Fund Her Future grant program highlight the importance of supporting women entrepreneurs and providing them with the resources they need to succeed.
