Women-led small businesses can apply for $10,000 in grant funding through investment firm KKR this spring.
The company’s Small Business Builders grant program aims to support companies that provide important community services and those that have had to pivot during COVID. This is the seventh round of the grant program. And this latest opportunity focuses specifically on women-led businesses.
Small Business Builders Grant Program from KKR
To qualify for the grant opportunity, businesses must be at least 51 percent owned by women or those who identify as female. Companies must be for-profit and operate in the U.S. 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 revenues must also be less than $7 million as of 2021.
The application period is now open, and eligible businesses can apply using the Hello Alice online grants portal. Applications are due April 22 by 6 p.m. ET. From there, a KKR panel will review the applicants and choose winners based on who best meets the outlined terms and conditions of the program. KKR will then notify grant recipients by email in June 2022. In addition to grant funding, winners can also access educational resources to grow their businesses.
KKR Small Business Grant Program
KKR originally launched its Small Business Builders grant program back in 2020. Since then, the company has awarded 278 small businesses with $10,000 grants. And they recently pledged an additional $1.5 million to continue supporting businesses as the pandemic and its effects linger in many industries. The overall goal of the program is to support pandemic relief efforts and help businesses grow, retain staff, and develop new initiatives that serve their communities.
Winners of past rounds include companies in a huge array of industries, from comedy clubs to child activity centers. Bronx Yoga Lab, a NYC hot yoga studio founded in January 2020, received a $10,000 grant in the latest funding round. Co-founders Dionne Presinal and Kerry Donegan had to close the space for most of their first year in business. So the funds allowed them to stay afloat and retain their team of highly qualified teachers.
Past funding rounds have awarded grants to a variety of business owners. But this latest initiative focuses specifically on women owned businesses. According to research from the U.S. Chamber and MetLife, women business owners reported a sharper decline in the health of their business than their male counterparts during the pandemic. There are many potential factors that impact this discrepancy, from childcare concerns to women being more likely to enter consumer-facing industries. But programs like KKR’s Small Business Builders aim to provide a bit more relief to businesses that need it most.