In August, My Founder Story will continue its micro grant program for women-owned businesses. Each month, a $500 Fueled by Purpose micro grant, powered by Visa, will be awarded to a female-founded business that generates less than $100,000 in annual revenue.
While the average annual revenue for women-owned businesses in 2019 was $143,000, 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. COVID-19 has had a devastating impact on small businesses’ revenue in 2020.
“These are tough times and there are so many amazing businesses being denied critical resources to help them survive and thrive,” said Chris Olsen, founder of My Founder Story. “Our goal is to continue lifting up women business owners who need it most.”
In April, Visa announced a commitment to help 50 million small and micro businesses worldwide recover from COVID-19’s impact on the economy. In addition to grants for women-owned businesses, Visa is providing access to training, community support and more.
In addition to cash, Fueled by Purpose grants will provide access to new online workshops for women business owners. Since launching in 2018, My Founder Story has donated more than $200,000 in grants and services to women. In response to the global health crisis that forced small businesses to begin closing their doors in March, My Founder Story partnered with Minnesota-based community bank BankCherokee to launch the Fueled by Purpose micro grants. Through the initial program, which concluded on June 28, grants were awarded to 11 female-founded small businesses in need; eight of those businesses are owned by women of color.
Additional details regarding Fueled by Purpose micro grants and the application process will be announced later this month. To receive information about grants and other resources and opportunities for female-founded businesses, join the My Founder Community and follow My Founder Story on Instagram and Facebook.