The Tory Burch Foundation Grant is a Fellows Program that gives women the resources and gateway they need to expand their companies. The Tory Burch program was introduced in 2015 to provide women business owners with the resources they need for their businesses.
The foundation has awarded over $1.5 million in grants to six groups of more than 180 women, as well as no-interest financing to the classes of 2020 and 2023. The global epidemic had an overwhelmingly negative impact on women-owned enterprises.
According to the US Chamber of Commerce, 47% of female company owners revealed that their enterprise was still in decent shape in July 2020, down quickly from 60% just six months earlier and particularly in comparison to 62% of their men counterparts.
A Goldman Sachs survey of female entrepreneurs earlier this summer found that 60% had declining revenues and 70% had to change their business models due to the pandemic. With financial support for women-owned enterprises continuing to remain limited—female entrepreneurs got only 2.3% of all private investment cash last year, down from 2.8% in 2019 according to Crunchbase data—Tory Burch Foundation grants and loans will continue to be appreciated.
Also, every Fellow obtains year-long assistance from the Tory Burch Foundation, a $10,000 grant for entrepreneurial education, and three-day networking and training series at the Tory Burch company’s headquarters in New York City as a component of the Fellowship.
At the close of their three-day expedition, each Fellow competes in a pitch contest in front of a group of experts that includes Tory as well as other leading industry leaders. The winning pitch receives a $100,000 grant investment. The Tory Burch Foundation has assisted many female business owners by offering advice and simply looking through their ideas.
Eligibility Requirements for the Tory Burch Foundation Grant for 2023
To be considered eligible for the Tory Burch Foundation Grant, here are the requirements you will be expected to meet;
- Be a revenue-generating enterprise (annual revenue of at least $100,000 is firmly recommended)
- Operate a business as a woman of color
- One to five years of industry experience is prioritized.
- Currently running in the United States and formed under US law
- Profitable from any industry
Keep in mind that existing Cru members are only able to qualify for this initiative if they fulfill the aforementioned eligibility and are able to qualify for membership renewal between January 1 and April 1, 2023.
Judging Criteria of the Tory Burch Foundation Grant for 2023
The Program Administrator will evaluate all qualified submissions received all through the launch period using the basic guidelines:
- Business suitability and capacity
- How the company and its owner plan to utilize the grant and annual membership in The Cru Potential to help their company thrive
How to Apply for the Tory Burch Foundation Grant
To apply for the Tory Burch Foundation Grant, simply visit the grant website and submit all required forms and documents. All requests will be assessed, and grant recipients who are finalists will be contacted in mid-March 2023 to partake in an interview session. The beneficiaries of the final grants will be named in the first week of April 2023.
Application Deadline: February 9, 2023.
Conclusion
Women of Color entrepreneurs are critical to the financial system. Fearless Fund and The Tory Burch Foundation are teaming up once more with The Cru to initiate the Women of Color Grant Program. They will grant up to 150 worthy small enterprises between $10,000 and $20,000.
You will also be granted direct connections to a peer network to aid you to strengthen and expand your company. Application for the Tory Burch Foundation grant for 2023 is officially closed.