Latin America is witnessing a rise in women's entrepreneurship as more women become more independent by taking the reins of their destinies and venturing into the business world. According to the Global Entrepreneurship Monitor (GEM) Report for Latin America and the Caribbean, the average women's entrepreneurship rate in the region was 27.9%. Despite facing unique challenges, such as gender biases, women in Latin America are breaking barriers and transforming industries. Women entrepreneurs in Latin America are involved in several types of businesses, including small and medium-sized enterprises (SMEs), startups, and social enterprises. They are active in diverse sectors such as retail, services, education, healthcare, technology, and agriculture.
One critical enabler of this positive trend is access to capital. Many women need help securing loans or investment capital for their businesses, hindering their growth and expansion. According to a study carried out by the FAIR Center from Tecnológico de Monterrey and Pro Mujer, Women Entrepreneurs in the Missing Middle and their funding options, 73% of women entrepreneurs in Latin America cannot access support from financial institutions making them to start their businesses using their family’s savings, and even their assets. It is in this area where grants and funding opportunities serve as support for them.
Grants are crucial in empowering women entrepreneurs as they provide them with the necessary resources and support to overcome barriers and succeed in business. These funding opportunities are specifically designed to address the unique challenges faced by women in entrepreneurship and foster their economic empowerment. Firstly, grants provide much-needed financial support without the burden of debt or repayment. This access to capital allows women to invest in their businesses, pay debts, purchase equipment, hire employees, and scale their operations. In this sense, grants give women an equal opportunity to access funding for their entrepreneurial endeavours, enhance a woman entrepreneur's credibility, and validate the potential of her business idea. Grants are often awarded based on merit and the potential positive impact of the business, which can attract further investors and customers.
Additionally, grants provide training and collaboration. Many grant programs offer women entrepreneurs training, mentorship, and capacity-building opportunities. These programs equip them with valuable skills and knowledge, including business planning, marketing, financial management, and leadership, contributing to long-term success. They also foster a community of women entrepreneurs who can connect, collaborate, and learn from each other. Grant networking opportunities can lead to valuable partnerships, strategic alliances, and access to new markets.
Recognizing the pivotal role of grants in catalyzing women's entrepreneurship across Latin America, the Grants Office has meticulously curated a list of the top 5 calls and programs.
- 1. Joy Grant for Women. Financial aid is provided to support women entrepreneurs worldwide in starting businesses, acquiring skills, maintaining operations, or improving their ideas.
- Award: USD 5,000 USD grant
- Eligibility: Women entrepreneurs running small businesses around the globe.
- Deadline: April 30th, 2024
- How to Apply: Complete the online application form on the web page.
- Impact Finance for Global Value Chain to support SMEs in the Commodity Sector. Offers financing and technical assistance to SMEs in the agriculture, energy, and mineral sectors to improve their participation in global value chains.
- Award: The maximum amount is USD 1.5 million for regular projects, and up to USD 300,000 under the Fast-Track procedure.
- Eligibility: All interested SMEs/enterprises/businesses/cooperatives/governments
- Deadline: April 1st, 2024
- How to Apply: Submit a project proposal to opencall@common-fund.org
- Cartier Women's Initiative Awards. It supports women entrepreneurs worldwide by providing financial resources and business mentoring.
- Award: Regional awards of USD 100,000 and an annual Global Award of USD 100,000.
- Eligibility: Women entrepreneurs leading for-profit businesses that are in the initial phase or early stage of development.
- Deadline: The call for applications for the 2024 edition is now closed.; however, it opens annually.
- How to Apply: Complete the online application form on the web page.
- High Five Grant for Moms. It supports moms to pursue their entrepreneurial dreams by providing financial support and resources to grow their businesses.
- Award: USD 10,000 grant and a one-year membership to The Mama Ladder community
- Eligibility: Mothers who own businesses, from any country.
- Deadline: The call for applications for the 2024 edition is now closed.; however, it opens annually.
- How to Apply: Complete the online application form on the web page.
- ProMujer Apoyo Financiero. It offers financial services and support to help low-income women in Latin America start or grow their small businesses.
- Award: Microloans, individual loans, and group loans ranging from MXN 10,000 to $200,000
- Eligibility: Women entrepreneurs in Latin America.
- Deadline: There is no deadline for applying.
- How to Apply: Contact your local ProMujer office or visit a ProMujer center to apply for a loan
In conclusion, grants are vital in empowering women entrepreneurs in Latin America. By providing financial support, training, mentorship, and networking opportunities, grants help women overcome the unique challenges they face in the business world. Access to capital, skills development, and community support are crucial for enabling women to start and grow their businesses successfully. Grant programs specifically designed for women entrepreneurs in Latin America offer a pathway to economic empowerment, fostering their independence and contributing to the region's economic growth. Recognizing the indispensable role of grants in catalyzing women's entrepreneurship, the Grants Office has curated a list of top opportunities. These programs, such as the Joy Grant for Women, Impact Finance for Global Value Chain, Cartier Women's Initiative Awards, High Five Grant for Moms, and the ProMujer Apoyo Financiero, serve as invaluable resources for women entrepreneurs in Latin America, offering financial support, training, and networking opportunities to fuel their entrepreneurial endeavors and contribute to the region's economic vibrancy.