The Fearless Fund grant is meant for women of color by women of color. The Fearless Fund is started by a few women of color and their motto is to introduce real-time help to the businesses grown by women of color within the United States. During the pandemic, many women quit their jobs and as per surveys most women who quit were women of color.
Most of them aim to begin their own startups and to ensure their startups can find a profitable zone in the market; they often try to find a suitable investor in the market. To facilitate the same, the Fearless Fund is trying to introduce their model of funding for the startups created by women in their initial stages of development.
What is Fearless Fund Grant Application?
Recently the Fearless Funds introduced a pilot project where they chose a few businesses and funded them with a small amount of money. What they tried finding out through this pilot program in collaboration with Tory Burch Foundation was centered around
- The purpose of checking exercises,
- Searching for the real needs in the market,
- The social impact the amount would have on the community and found that there was a crucial need to tie up the community together.
It is here that Cru was introduced into the circle apart from Tory Burch Foundation. Almost 150 women will benefit from a sum of $10,000 to $20,000 each for their projects from this fund grant.
The entry form was to be done by 9th February 2022 and notification for the successful entrants was to be sent by mid-March 2022. On 22nd April 2022, the final grant was to be awarded to the successful recipients.
Steps for Fearless fund grant Application
The application form is a simple yet effective way of judging your business needs. While filling it up, you must be cautious of entering the right information to make sure the form passes the scrutiny phase correctly.
Here are the segments you need to fill up for the grant entry form.
Step 1- Add your full name, email address, principle business owner’s phone number, and also your business phone number.
Step 2- Next, add the address where your business is based.
Step 3- Add the business-related information in the next segment. It includes adding relevant information like;
- Your business’s legal name
- Business description in 500 words
- For a number of years, the business is running
- Revenue generation as in 2021 and the current number of employees working for your business.
Step 4- Add all the business handles like Instagram, Twitter, website, Facebook, and LinkedIn.
Step 5- Answer a few questions about your business like what makes it unique. State if your business has made a positive impact in other’s life in any way, and plan to digitally enhance and grow your business.
Step 6- State if your business won an award, information you would like to gather from mentors, and also acknowledge a few details as seen in the screenshot.
Step 7- After completing the form, click on the Submit Application tab to put it out for scrutiny by the team.
What are the Application Requirements?
Application requirements include the fulfillment of the following conditions;
- Being a Black female is essential
- One must be a legal US resident
- You should be 18 years or older
- The main owner of your business
- The annual revenue for your business is $300,000 and
- You have less than equal to 50 employees
Who is Eligible?
Eligibility of the business participants participating in the program includes;
- The company is established as an LLC and has been in business for the past 3-5 years.
- The business model should be strong and the business owner must be leading a well-researched business front with a strong team to go with.
- They must have a sustainable competitive advantage like restrictions towards entry into the organization, a disruptive technology model, and valuable partnerships.
- One of the management must at least be devoting full time to the business.
- The business should be ready to scale up as and when they have the right amount of funds.
- The company needs to be in pre-seed, seed, and Series A stage deals for Fearless Funding to contribute.
- The funding will prefer to be in a multiple-funder model instead of being the lone funder in the business.
Fearless Fund Grant Benefits
The major benefit is the monetary support and the recognition that comes with the business’s need fulfillment.
- The first benefit in this regard is the money that you will receive from the grant. For most businesses, this amount could serve to surpass a major hurdle in their business.
- The next benefit will be the constant guidance and coaching these organizations could bring in for your business.
- You will also get the help of a community to progress further with your business.
If you are a woman of color feistily building your own business, you could take a look at this information about the Fearless Funding program. Try to find out if you fit in, and if you do, go ahead and apply for it in the coming years to find just not funding but also a lot of other helps from this organization.