Earlier this year, as the pandemic forced many small businesses to close their brick-and-mortar locations or rethink their business models, My Founder Story launched its Fueled by Purpose micro grant program to support female-founded businesses. Through the initial program, grants were awarded to 11 businesses. My Founder Story has continued the grant program and aims to empower female founders that make less than $100,000 in annual revenue.
In 2019, the average annual revenue for all women-owned businesses in the U.S. was $143,000. However, the majority of women business owners (88 percent) made less than $100,000. Annual revenue was exponentially less for businesses owned by Black women. Those businesses made, on average, $24,000 a year. And COVID-19 continues to have a devastating impact on small businesses’ revenue in 2020.
On October 1, the next Fueled by Purpose micro grant will be awarded. Subsequent grant winners will be announced the first week of each month. To learn more and apply, visit the grants page.
To receive information about grants and other resources and opportunities for female-founded businesses, join the My Founder Community.