Female-led small businesses can apply for $10,000 in grant this spring through investment firm KKR.
The company’s Small Business Builders grant program aims to support businesses that provide key community services and businesses that have had to make a turnaround during COVID. This is the seventh round of the subsidy programme. And this latest opportunity is aimed specifically at women-led businesses.
KKR . Small Business Grant Program
To qualify for the grant opportunity, businesses must be at least 51 percent owned by women or by those who identify as women. Companies must be profitable and operate in the US or another eligible country (including Australia, China, England, France, Germany, India, Ireland, Japan, Luxembourg, Singapore, Spain, United Arab Emirates) with between five and 50 employees. Annual gross revenue must also be less than $7 million as of 2021.
The application period is now open and eligible companies can apply through the Hello Alice online scholarship portal. Applications must be submitted by 6pm ET on April 22. From there, a KKR panel will judge the applicants and pick winners based on who best meets the program’s described terms and conditions. KKR will then notify grant recipients by email in June 2022. In addition to grant funding, winners can also access educational resources to help grow their business.
KKR Small Business Grant Program
KKR originally launched its Small Business Builders grant program in 2020. Since then, the company has awarded 278 small businesses grants of $10,000. And they recently pledged an additional $1.5 million to continue supporting businesses as the pandemic and its effects continue across many industries. The overall goal of the program is to support pandemic relief efforts and help businesses grow, retain workforces and develop new initiatives that serve their communities.
Previous round winners have included companies in a wide range of industries, from comedy clubs to children’s activity centers. Bronx Yoga Lab, a NYC hot yoga studio founded in January 2020, received a $10,000 grant in its latest funding round. Co-founders Dionne Presinal and Kerry Donegan had to close the space for most of their first year in operation. The funds allowed them to survive and maintain their team of highly qualified teachers.
Subsidies have been awarded to various entrepreneurs in previous financing rounds. But this latest initiative is specifically targeting women-owned businesses. According to research from the US Chamber and MetLife, female entrepreneurs reported a stronger decline in the health of their businesses than their male counterparts during the pandemic. There are many potential factors influencing this discrepancy, from concerns about childcare to women who are more likely to step into consumer-facing sectors. But programs like KKR’s Small Business Builders aim to bring a little more relief to businesses that need it most.
Image: Depositphotos
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