Calling all Women-Owned Businesses: How to Find Start-up Grants for Female Entrepreneurs in the UK (2024)
It’s no secret that female entrepreneurs still face significant challenges, especially when it comes to securing funding. However, the future is bright as the landscape for women in business is more promising than ever, with new initiatives and grant opportunities designed to support female-led start-ups. Whether you’re starting out or looking to scale your business, this guide will help you navigate the world of grants for women entrepreneurs in the UK.
Why Focus on Women-Owned Businesses?
Women-led businesses are a critical driver of innovation and economic growth. Research shows that female entrepreneurs bring unique perspectives, often creating products and services that address overlooked needs. Despite this, many women struggle to access the same funding opportunities as their male counterparts. The barriers to finance options, coupled with gender biases, make it essential for women to seek out specific funding channels that are designed with their needs in mind.
Thankfully, in 2024, there are more grants and funding options than ever before tailored specifically to help female entrepreneurs.
Let’s go!
Key Grant Opportunities for Women Entrepreneurs in the UK
1. Innovate UK’s Women in Innovation Awards
Innovate UK is a government-backed initiative that supports ground-breaking ideas and helps entrepreneurs bring them to market. Their Women in Innovation Awards is an annual competition that recognises and supports female-led businesses in science, engineering, and technology. Winners receive a grant of up to £50,000, along with mentoring and support from Innovate UK EDGE.
This award is an excellent opportunity if your business idea revolves around innovation, particularly in industries that are traditionally underrepresented by women.
How to Apply: Applications open in late summer so mark your calendars next year, with detailed information available on the Innovate UK website. Know more here.
2. Small Business Grants from The Prince’s Trust
The Prince’s Trust offers various grants and support schemes, particularly aimed at young women between the ages of 18-30. The trust provides funding, mentoring, and resources to help female entrepreneurs launch and grow their businesses. Although this grant is not specifically for women, their commitment to helping women from diverse backgrounds makes it an essential resource.
How to Apply: The Prince’s Trust offers a straightforward application process, which can be accessed through their website. The trust also provides workshops and programmes to help you prepare a strong application. Know more here.
3. Hatch Enterprise - Female Founders Accelerator
Hatch Enterprise offers various programmes tailored to help female founders grow their businesses. Their Female Founders Accelerator provides coaching, mentoring, and funding up to £1,000, along with other resources to help scale your business.
How to apply: You can read more here.
4. The Female Founders Fund
Primarily US-based, the Female Founders Fund has recently extended its reach to the UK. This venture fund is dedicated to early-stage investments in companies founded by women, with a focus on technology, healthcare, and consumer products. It is an excellent option if you’re looking for more than just a one-time grant but are also open to external investment.
How to Apply: Applications for funding are accepted on a rolling basis. Visit their website to learn more about their criteria and how to submit your business plan. Know more here.
5. Cartier Women’s Initiative
The Cartier Women’s Initiative is an annual programme that supports early-stage, impact-driven businesses led by women from across the globe. Each year, 21 finalists are selected, with seven winners receiving a grant of $100,000 USD (approx. £80,000), while the remaining finalists receive $30,000 USD (approx. £24,000). In addition to the financial support, finalists benefit from tailored business mentoring, leadership coaching, and access to workshops and networking opportunities.
How to Apply: Applications typically open in May and close in August. You will need to submit a detailed business plan, financial projections, and a short video pitch that demonstrates your business's innovation and social impact. You can find more details and apply through the official website. Know more here.
Tips for Securing a Women’s Business Grant
While there are many grants available, competition can be fierce. Here are a few tips to improve your chances of success:
Do Your Research: Different grants come with specific eligibility criteria, so make sure you thoroughly read the guidelines before applying. Tailor your application to fit what the grant providers are looking for, and focus on how your business aligns with their values.
Prepare a Strong Business Plan: Most grant applications will require a detailed business plan. Make sure your business plan is clear, realistic, and shows a strong understanding of your market. Include financial projections, a marketing strategy, and explain how the grant will help your business grow.
Demonstrate Innovation: Many grant providers, especially those in the tech or innovation sectors, are looking for ideas that break new ground. If your business offers something truly unique, make sure to highlight this in your application.
Leverage Your Network: Networking can open doors to grant opportunities that aren’t widely advertised. Attend business events, join female entrepreneur communities, and keep your ear to the ground for new opportunities.
Seek Professional Help: If grant writing isn’t your strength, consider hiring a professional. There are specialists in the UK who can help you craft a compelling application that stands out.
Final Thoughts
Finding the right grant can be a game-changer for entrepreneurs. The UK has a growing number of funding opportunities aimed specifically at women-led businesses, and in 2024, the landscape is brighter than ever. Whether your business is in tech, retail, or social enterprise, there are grants that can help you get off the ground or scale up.
By tapping into these resources, building a strong business plan, and making the most of networking opportunities, you can secure the funding you need to take your business to the next level.
Keep pushing the boundaries and don’t be afraid to seek out support.
The world of business needs more women like you!