Beauty supplies are always in constant demand. New products are always formulated and introduced along with ever-changing trends. According to industry reports, the beauty supply industry is quite profitable with annual revenue of around $16 billion. This is an industry with a very radiant future.
There are banks, credit unions, and alternative lenders that can provide beauty supply stores with financing. These lenders are all viable options, but you may be expected to jump through some hurdles. Most require a minimum of 3 years in business and a FICO score of at least 750. In addition, they might want no tax liens, no bankruptcies, a lease or mortgage statement, and a picture ID. Aside from taking a lot longer to receive financing, you are also expected to pay back.
Grants on their part are free money that you don’t have to pay back, unlike small business loans and credit cards. Small business grants are small amounts of seed money provided to entrepreneurs to help build up their businesses.
Most grant programs are established by government entities or private businesses wanting to help others succeed. In the United States, grant programs are typically given by federal, state, corporate, or nonprofit organizations. If you are seeking sources of grants for beauty supply stores, here are the top options to consider.
Government Grants for Beauty Supply Store
For government grants, you must begin your search at Grants.gov. This government site offers the most comprehensive database of funds the government is going to give away. There are thousands of grants to apply for, with opportunities for companies from all backgrounds.
Table of Content
- 1. COVID-19 Economic Injury Disaster Loan
- S. Small Business Administration State Trade Expansion Program (STEP)
- National Association for the Self-Employed (NASE) Growth Grant
- S. Department of Commerce Minority Business Development Agency (MBDA).
- Economic Development Administration (EDA)
- Small Business Development Centers (SBDCs)
- The State Business Incentives Database
- Ohio Small Business Relief Office Grants
- Swiftarc Beauty Fund
- Hello Alice Small Business Growth Fund
- Backstage Capital
- Fast Break For Small Business
- The Barstool Fund
- Business Warrior Small Business Loans
- Fiserv + Clover Back2Business
- Black Founder Startup Grant
- Grow by Invoice2go
- FedEx Small Business Grant
- Amber Grant Foundation
- The Girlboss Foundation Grant
1. COVID-19 Economic Injury Disaster Loan
Via the SBA, small businesses can get about $10,000 in Targeted EIDL Advances. These businesses are expected to be located in low-income communities and be dealing with the loss of revenue owing to the pandemic.
S. Small Business Administration State Trade Expansion Program (STEP)
This grant program is solely meant to assist small businesses eager to export products. This program more or less distributes federal funds through state entities. Note that small businesses that meet the criteria set by each state can leverage the financial assistance to get involved in foreign trade missions and shows, acquire entry to foreign markets, develop websites and design international marketing products or campaigns.
National Association for the Self-Employed (NASE) Growth Grant
According to reports, the National Association for the Self-Employed (NASE) Growth Grant was founded in 2006. Over the years, this grant program has awarded about $1,000,000 to entrepreneurs to help grow small businesses. However, you are expected to be a member of NASE to apply, but winners can get up to $4,000 to go towards marketing, team growth, and other needs.
S. Department of Commerce Minority Business Development Agency (MBDA).
These grants and loans are solely designed to aid minority-owned businesses and are offered throughout the year. Minority-owned businesses can find information about local MBDA Business Centers at MBDA.gov.
Economic Development Administration (EDA)
Note that the EDA is a U.S. Department of Commerce agency that offers grants, resources, and technical assistance to inspire entrepreneurship and innovation. Have it in mind that you can find grant opportunities and search for your state’s agency—each one aids local small businesses seek financing, secure office space, and recruit employees.
Small Business Development Centers (SBDCs)
In the United States, your local SBDC offers support for small businesses and potential entrepreneurs by helping existing businesses stay afloat and competitive in a competitive market. Most times associated with the state’s economic development agency, your SBDC can help connect you with financing, networking opportunities, and business mentors.
The State Business Incentives Database
Aside from the federal government, state governments also offer grants that can be sourced by beauty supply stores. The State Business Incentives Database serves as a national database for economic developers, business development finance professionals, and economic researchers. The Council for Community and Economic Research (C2ER) established it to make available data on incentive programs from all U.S. states and territories.
Ohio Small Business Relief Office Grants
According to reports, the state of Ohio is presently offering different categories of grants and relief funds to local businesses impacted by the COVID-19 pandemic. Coupled with general grants for new and established small businesses both beauty and logistics, there are also opportunities for businesses in the food and beverage, entertainment, and lodging industries.
Non-Government Grants for Beauty Supply Store
Coupled with government agencies, there are also nonprofit and corporate entities offering grants and other assistance that can be leveraged by beauty supply stores. Nonetheless, here are a few such programs you should consider.
Swiftarc Beauty Fund
Swiftarc Ventures, a Venture Capital firm, started a $10 million beauty fund aimed at female-led beauty and wellness start-ups. Note that this fund is supported by influential women in the beauty and investment industries and will reward the winner not only with grant money but peer-to-peer networking opportunities and mentorship. Although Swiftarc Ventures are yet to release a deadline for applying, this is an opportunity to consider.
Hello Alice Small Business Growth Fund
This program has declared 2022 the year of small business. To encourage small business owners going into the New Year, Hello Alice intends to offer $5,000 grants from the Hello Alice Small Business Growth Fund. In addition, they will offer virtual events with entrepreneurs and business advocates, as well as professional guidance about how to build a strategic plan for your business in 2022
Backstage Capital is a venture capital fund that invests in startups and small businesses. Notably, entrepreneurs are allowed to apply for the funding they need through Backstage Capital by stating the financial needs of their business on the online application. Though Backstage Capital hasn’t listed a deadline for funding applications yet, entrepreneurs are advised to apply early.
Fast Break For Small Business
Recently, LegalZoom allied with the NBA, WNBA, and NBA G League to make available $6 million in grants to help small business owners with funding and access to legal services. Have it in mind that all business owners across the country, including beauty supply stores, will be eligible to receive $10,000 in grant money, in addition to $500 toward legal services provided by LegalZoom. The company also intends to help break barriers often encountered by minorities, immigrants, LGBTQ community members, and women.
The Barstool Fund
Note that the grant is primarily for small businesses affected by COVID-19 who kept on many employees during the pandemic and have exhibited a track record of success. Winners are selected on a rolling basis; apply today for a chance to receive funding for your business.
Business Warrior Small Business Loans
The company Business Warrior claims to thoroughly understand that it can be very challenging to get loan approval through a traditional banking method. Owing to that, to aid small businesses get access to capital, Business Warrior is providing $5 million as grants to small business owners, including beauty supply stores. They will offer around $5,000 and $50,000 loans without the high rates cash advance companies normally charge.
Fiserv + Clover Back2Business
A good number of businesses, especially beauty stores, encountered trying times during the COVID-19 pandemic and many struggled to stay open. Fiserv and Clover are ready to help black- and minority-owned small businesses recover from any COVID-related economic losses by offering grant recipients $10,000. Currently, the Back2Business grant process is only open to those in Oklahoma, Texas and the Greater Detroit area, and applications will be accepted through the end of the year
Black Founder Startup Grant
The Black Founder Startup Grant program from the SoGal Foundation coupled with other sponsors offers grants of up to $10,000 to Black and multiracial women and non-binary entrepreneurs. Note that the program accepts applications on a rolling basis and is open to entrepreneurs with a legally registered business who plan to seek investor financing to scale.
Grow by Invoice2go
Grow by Invoice2go will be providing $200,000 in grant money to small business owners from minority communities. Have it in mind that each recipient will get up to $15,000, be offered the opportunity to join the Invoice2go business community, and gain access to exclusive workshops.
FedEx Small Business Grant
FedEx provides up to $25,000 each to 10 small businesses annually. In 2017, the contest was renowned to have given out a total prize pool of $120,500. Winners also receive money to use towards FedEx Office print and business services. Note that the application includes an explanation of your business, how you intend to use the money, photos of your business, and — this part is optional — a short video explaining your business.
Amber Grant Foundation
With the sole objective of supporting women entrepreneurs, the Amber Grant Foundation was established by WomensNet in 1998. The foundation offers a $10,000 grant each month and an additional $25,000 grant each December to women entrepreneurs with a compelling story.
The Girlboss Foundation Grant
Started in 2014 by entrepreneur Sophia Amoruso, the Girlboss Foundation offers grants twice a year to female and female-identifying entrepreneurs. Have it in mind that each grant recipient gets funding of $15,000. Grants are exclusive to female business owners working in design, fashion, music, and the arts. Also note that selections are judged by creativity and innovation, business acumen and planning, and demonstration of a financial need.
Grants represent a feasible form of free funding for select, exceptionally talented business owners. If you can put together a precise and impressive application, business plan, and sometimes an in-person pitch, as a beauty supply store owner, you might come off with some free cash to help bring your beauty supply store dream to fruition.