Initially, the red backpack fund is Started by Spanx by the Sara Blakely Foundation. To establish the red backpack fund this foundation donates $5 million to global giving. For female entrepreneurs, global giving will be making more than 1000 grants of $5000 to each female in the US. To help female entrepreneurs in the US to diminish their immediate needs and to support those who are impacted by the crisis with long-term recovery. So, the red backpack fund helps many female entrepreneurs who want to start their small business or nonprofit but do not have such support that the red backpack fund gives them. Because of the red backpack fund, many female entrepreneurs become an inspiration for many females who wants to start their own business.
The Businesses and nonprofits run by people which are women-identifying are supported and sought by the red backpack fund. The red backpack fund Follows the criteria Of small administration businesses And defines women-owned As the majority 51% controlled by women or women. Businesses must meet this eligibility to be eligible for the red backpack fund application. In nonprofits, leadership Should be Controlled and managed by 51% of women or women. So, they can also be eligible for the red backpack fund application.
The Red Backpack Fund Application
The red backpack fund Uses a definition of “women”. Yes, the red backpack fund invites and welcomes Trans women, genderqueer women, and also non-binary people who are identified as female To apply in the red backpack fund application.
The Sara Blakely red backpack fund was incited by Spanx and has its application to apply. The application started between April to August. The global giving accepted fund applications. And due to the generosity of people who donate to the red backpack fund, it’s also started a sixth and final cycle for application in September. And the red backpack fund application portal closed on 15 September.
Eligibility of the red backpack fund also known as the Sara Blakely red backpack fund is you should be an 18-year-old or more than 18. In the US and its territories, the majority of women-owned businesses and nonprofits with annual revenue have to be less than $5 million and at least one paid employee with fewer than 50 individuals of staff are eligible to apply.
Sole proprietors and businesses or nonprofits that have employed contractors are not eligible for the red backpack grant. The businesses and nonprofits can explain that the Covid-19 pandemic is causing hardships and also have incorporated legal entities with good standing. And yes you are at least 51% majority Women-owned and registered in the US then you are eligible to apply in the red backpack fund.
If your business or nonprofit organization is selected in the red backpack fund application as a finalist then the red backpack fund will require information to confirm whether your business or nonprofit is women-led or not. So, your business or nonprofit should be women-led. Also, check your staff list and a scheduled K-1 or also your WBENC certificate.
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Remember, your business and nonprofit should be registered as a legal entity with an EIN. You can’t use any social security number or any other things like that As your taxpayer ID when applying for the red backpack grant. Notification of the red backpack fund, all fifth-round applicants who applied in August will be notified in September regarding your red backpack fund application status and all the sixth-round applicants who applied in September will be notified in October.
The reviewing of your red backpack fund application.
The global giving reviewing your red backpack fund application. The global giving team is responsible for all application moderation and also they have assembled a 100% women-led team to lead reviews of your red backpack fund application. The team includes the grant specialist, social workers, and female entrepreneurs also monitoring And evaluation experts, And customer experience analysts.
Many red backpack fund applicants have a question that the red backpack fund application being reviewed on a rolling basis. The answer is no, status updates of your application are not on a rolling basis. And the application is reviewed at the close of the application phase. This means if you submitted your application in June months 1 – 8 then your application is reviewed by the team on June 9.
Why solopreneurs are not eligible for the red backpack fund application.
Yes! Unfortunately, the solopreneurs ( Whose entity is Owned or founded and managed by one staff person) And the solopreneurs that have employed contractors are not eligible for the red backpack grant at this time. Global giving defines Sole Proprietorship As an entity that is managed and owned or founded and staffed by just one person and that’s why solopreneurs are not eligible for the red backpack grant.
In the US female entrepreneurs Owned nearly 12 million businesses ranging from employers to sole proprietorships of small, medium, and large teams. The red backpack fund greatly appreciated the value of importance and contributions of the sole proprietorship. But in facilitating the red backpack grant in partnership with Spanx by the Sara Blakley foundation, the red backpack fund determines that the greatest benefits come from supporting entrepreneurs ( who hired at least one employee).
Because of this way, the red backpack grant can benefit the work of female entrepreneurs with Their employees too and will keep them on Payroll amidst Because of the uncertainty of the covid-19 Pandemic. With limited red backpack grant funding available and millions of female entrepreneurs in need, the red backpack fund set the eligibility criteria for the red backpack fund that helps many female entrepreneurs.
The awarded red backpack grant.
Due to the generosity of people who donates to the red backpack fund the global giving will fund additional grant awards in October month. The red backpack fund determines the amount of funding and the number of recipients as it continues to be open for donations.
Funding available in the Spanx red backpack fund.
During May through September Spanx as Sara Blakley’s red backpack fund in partnership with global giving, has committed that $5 million to 1000 women-owned small businesses or nonprofits across the US and its territories to the women who have been impacted.
The red backpack fund is honored to share that due to the generosity of donors to donate generous donations both large and small, the red backpack fund provides an additional round of $5000 Red backpack grant for a 6th Or final cycle. The red backpack fund continues to be open for donations till August 31 to determine the amount of funding and the number of recipients.
Some other sources for emergency assistance:
- Grantspace
Through grant space, the foundation provides pieces of training and some live sessions, and self-service knowledge tools to you. Also, networking events focus primarily on fundraising, proposal writing, and management for more than 2 million social leaders. Overall the grant space is designed for you to be more effective in your work.
They offer an in-person program, live recorded sessions or webinars, and e-learning courses to encourage you to be more effective in your work. They have a team of content experts who can design training for your organizations on your demand.
- Hello Alice
Hello, Alice is a free multichannel platform which was powered by AI technology that guides business owners and entrepreneurs through the growth of their companies and nonprofits. They are in partnership with the US chamber of commerce foundation and also with hundreds of entrepreneurs Networks and government agencies. Hello, Alice designed the digital resource center to provide business persons and entrepreneurs with step-by-step access to financial support and government programs and also mentors and helped them during this time of covid-19.
Founders of business owners can visit the official website to apply for an emergency grant Can also search national, state, or local government programs To access financial aid or you can also learn how to make a Remote team and how you can shift your business from offline mode to online mode, receive anxiety and Mental health resources also connect with a community.
Carolyn Cawley President of the US chamber of commerce foundation said that ” we are proud to partner with hello Alice To get critical information into the hands of small business owners and help them navigate The impacts of the covid-19 Pandemic. So, you can trust hello Alice as it is a popular name. It has accounts on Twitter, Linked In, and Instagram you can check it out for more information.
- Global entrepreneurship network.
Initially, the global entrepreneurship network is a platform and program That is managed to assist with To make a global entrepreneurial ecosystem. The primary goal of the global entrepreneurship network is to make it simple and easy For anyone to start their own business no matter where they can live. The collaboration that they have started between Researchers, entrepreneurs, investees, policymakers, and Entrepreneurial support organizations Is fostering initiatives. Their platform is global outreach because the global entrepreneurship program is Currently based in 177 countries.
If you have started a start-up and have many creative ideas then the global entrepreneurship network can give you lots of benefits in a variety of ways. Because the global entrepreneurship network (GEN) has been designed to make an Entrepreneurial ecosystem, it means you will have access to all the members within the entrepreneurial ecosystem. Then finding angel investors And venture capital firms that will possibly invest in your company will become easy for you.
By teaming up with a global entrepreneurship network You have the proper guide To take your business to another level. Because the global entrepreneurship angle network has proper resources And programs to take your business to a high level. No matter in start-up level you are, this program will be beneficial for your business.
If you are in the early stage of your start-up then this global entrepreneurship network GEN will help you to find investors and mentor for you. Also resources available for you that give you access to a first-rate market that you need to make full-scale production of the item when your company has already developed their products at minimum viable.
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- Small business administration
Small business administration is a government agency. And it is the US Small business administration ( SBA). It provides support to small businesses and entrepreneurs. Small business administration has the mission to maintain and strengthen the nation’s economy By establishing And giving viability to small businesses and entrepreneurs and Also by assisting in the economic recovery Of communities which was done by disasters. This government agency activity is summarized in 3c’s that are capital, contracts, and counseling.
The small business administration was established on June 30, 1953, about 67 years ago. The preceding agency of this government agency is the Small defense plants administration Or reconstruction finance corporation. The jurisdiction of this is company is under the Federal government of the United States. The headquarters is in Washington, DC. And the most important annual budget of this company is USD 710 Million the official website of this company is sba.gov
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Small business administration (SBA) loans are made through credit lenders, banks, and other lenders who are in partnership with SBA. In the loan, SBA provides you with a government-backed guarantee. So, you can easily trust them, and as it is the government based you can go through it without any hesitation.
SBA loans are also providing a 90% guarantee for giving your business strength and capital after credit froze in 2008 under the Recovery act and the small business job act. In late 2010, this government agency has records of lending volumes. SBA helps to give 23% of prime federal contracts to small businesses and entrepreneurs by leading federal government efforts.
Frequently Asked Questions
What is red backpack fund?
The red backpack fund is crafted for encouraging women and its business which are at a loss in covid 19 situation.
When will the application be open?
Each year between April and august applications will be accepted.
Who is eligible to apply?
Women with private businesses and suffering from loss are eligible to apply.
Conclusion
Hope you get the information you need in this piece. Best of luck with your applications. Remember to be eligible for the red backpack fund and submit your red backpack fund application on time you will get a good response from it soon.