Red Backpack Fund Application : The Red backpack fund has been an inspiration for many female entrepreneurs who want to start their own business. The Red Backpack fund was started by Spanx by Sara Blakely Foundation. However, the foundation donates approximately $5 million to global giving. It is identified that global giving will be making more than 1000 grants of $5000 mainly for the female entrepreneurs. The main goal is to help all the female entrepreneurs of the United States by diminishing their immediate needs and also support those who are highly impacted by the crisis that needs long term recovery.
There are a lot of women that are interested in setting up a business or want to run a non-profit organization but are unable to do it because of financial shortage. Thus, red backpack funds help them with the support the female entrepreneurs need to establish them. The help that is provided by red backpack fund have changed the lives of many women. The female entrepreneurs that have fetched help from red backpack fund become an inspiration for many females out there who want to build their own business.
The red backpack fund supports business and nonprofit organizations that are run by people that are women identifying. The red backpack fund mainly follows the criteria of the small administration business and looks that most of the businesses It also benefits the single mother who is mainly controlled by the women or women. 51% is the ratio that is controlled by the women as they believe in empowering the woman in the society. However, you must be aware that your business must meet the eligible criteria for the red backpack fund application. It is important that the business and nonprofit organization’s leadership should be managed and controlled by 51% by women. This is the only main criteria to be eligible for the red backpack funds application.
The Red Backpack Grant Application Procedure
The Red Backpack Fund’s main aim is empowering women. The red backpack invites all women out there including gender queer women, Trans-women and non-binary people who are identified as female. They are heartily welcomed to apply for the red backpack fund application.The Red backpack fund was started by Spanx , a Sara Blakely foundation. The time period of the application is between April and August. The application was accepted by the global giving committee. However, there are a lot of people that started making donations to the red backpack fund. Thus, it started a sixth cycle for application in the month of September. The red backpack final portal is closed on 15th of September. However, red backpack funds have some eligibility rules and you must be 18 years of age or more to qualify for the application. You should also keep in mind that you can only qualify if your annual revenue is less than $5 million. Also remember you must own a business that is in the United States and its territories and the majority of business is owned by women. Another eligibility requirement is that you must have less than 50 individual staff to qualify for the application.
Red backpack does not consider sole proprietors and businesses that have employed contractors. If you are one of them then you are not eligible for the red backpack grant.The outbreak of Covid-19 has highly affected businesses and nonprofit organizations. However, you must remember that at least 51% majority women owned and registered business is eligible for the red backpack fund application. If your business majority is not owned by women you will not be able to apply for this application. If the red backpack fund application selects your business or nonprofit organization you have to provide them with all the necessary information and confirm whether your business or nonprofit organization is led by women or not. You need to also have a look at your staff list along with a schedule K-1 and WBENC certificate
You should also make sure about the fact that your business or nonprofit organization must be registered as a legal entity and you have an Employer Identification Number (EIN). If you only have a social security number or any other number you will not be eligible for the red backpack grant. The applicant that has applied in the month of August will be notified in the month of September and will be informed about the status of your red backpack application. However, the applicant that has applied in the month of September will be notified by the end of October
Feedback Of Red Backpack Fund Application
You should know that your red backpack fund application will be reviewed by the global giving committee. However, every application is passed to the global giving and they are responsible for its approval. They have a team that consists of 100% women and reviews your application for the red backpack grant. However, the team consists of social workers, female entrepreneurs, evaluation experts, monitoring experts, customer experience analyst, grant specialist and many others. There are many applicants that have questioned about the rolling process that is used by the red backpack fund application. However, the straight answer to the question is “NO”, red backpack funds do not review applicants on a rolling basis. The applications are reviewed at the end of month, if you applied on July 1-9 , then it will be reviewed by the red backpack team by 10th of August.
Why Are Soleprenuers Not Eligible For The Red Backpack Fund Application
Yes, the solopreneurs are not eligible for the red backpack fund application. Solopreneurs are those who manage every operation and aspect of the business all by themselves. However, the solopreneurs that have employed contractors do not qualify for the red backpack fund application. According to Global Giving Sole Proprietorship has been defined as an single entity that is managed and founded by a single person that is the sole reason they are not eligible for the red backpack grants. According to research it is identified that more than 12 million businesses including sole proprietorship of small, large and medium scale are owned by female entrepreneurs in the United States. Red backpack funds have always valued and given importance to sole proprietorship. The Red backpack grant partnership with Spanx by the Sara Blakely Foundation that has benefited the overall process. However, it is determined by the red backpack fund that it’s always beneficial to support entrepreneurs.The red backpack grant has helped the women in the US to progress by benefiting the female entrepreneurs with their employees. Moreover, they will be keeping them on payroll because of consequences rising during the Covid-19. However, you must understand that the red backpack grant is not unlimited, the resources are limited and there are millions of female entrepreneurs that want help from the red backpack grant. It is not possible to help everyone, thus they have set their own eligibility criteria and help those who match the criteria.
Funding Details In The Spanx Red Backpack Fund
From May to September the Sara Blakely Red Backpack funds are in partnership with global giving by Spanx. They have committed to fund approximately $5 million to 1000 women owned businesses or non profit organizations all over the United States who have been impacted. The red backpack fund is honored to share that there are so many generous donors that have helped them with their donations amount to help small, large and medium businesses that are owned by women. However, they also provide you with a 6th round or final cycle grant that is of additional $5000. The donations portal is open till the end of August that will help them in determining the overall funds and the number of applicants.
If you scroll down you can find out some of the sources that provide emergency assistance:
The awarded red backpack grant
Many generous people have contributed to the red backpack fund by making donations. An additional grant award in the month of October is funded by the global giving. However, the red backpack determines the fund amount along with the number of recipients and continues with the donation process.
Small Business Administration
Small Business Administration is also referred to as SBA in short and was established in the year 1953 on June 30th, near about 69 years ago. It is a government agency and mainly run by the United States Small Business Administration. The main aim of this administration is to provide support and help to the small business and entrepreneurs in the United States. The mission of the Small Business Administration (SBA) is to develop and maintain the nation’s economy by establishing small business and entrepreneurs. They also assist businesses and entrepreneurs that are affected by sudden disasters. However, you can summarize this Small Business Administration dividing it into 3c’s that includes capital, counseling and contracts.
The former government agency was the Small Defense Plants Administration or Reconstruction Finance Corporation. It also provide medicaid for pregnant women. However, the jurisdiction of this organization lies under control of the federal government of the US. The headquarters are located in Washington, DC and the annual budget of this organization is around USD 710 million. You can also visit their official site that is sba.gov for more information.
If you are looking for help from the Small Business Administration (SBA)) then you don’t have to worry as it is backed by the government and thus you can easily trust them. However, the Small Business Administration (SBA) loans are generally made using credit lenders, banks and others who are in collaboration with the SBA. You don’t have to hesitate; you can highly rely on them as everything is controlled by the federal government of the United States. SBA also provides you with a 90% guarantee of providing your business financial strength after the credit system got frozen in the year 2008 under the recovery act and the small business job act. If you do a little research you will find that in the year 2010, SBA has lent a high volume of capital to small businesses and entrepreneurs. 23 % of the federal contracts are also given to small businesses and entrepreneurs using government efforts.
Global Entrepreneurship Network
The Global Entrepreneurship Network can be said as a platform or program that is formed to assist a clean global entrepreneurial ecosystem. The main aim of the global entrepreneurship network is to make a simple system that will help anyone to easily set up their own business regardless of their location. They have started collaborating with investors, policymakers, researchers, entrepreneurial support organizations and entrepreneurs to make a smooth and flawless system. Initially they are trying to make a global outreach by involving 177 countries that will build a bigger and wider global entrepreneurship network.
If you are planning to start your own business or have many creative ideas with you then it is beneficial for you to to enter the platform that is created by the global entrepreneurship network. The network will benefit you with several benefits as the main focus of this platform is to design an entrepreneurial ecosystem. An entrepreneurial ecosystem will help you access all the necessary information from all the members that are registered in it. You can easily find investors and ventures that will help invest in your firm.
It will always be great and beneficial for you if you collaborate with Global Entrepreneurship Network (GEN). The team up will help you learn a lot of new things and also help your business to shine brightly. The Global Entrepreneurship Network has all the required resources with them to help your business grow. It doesn’t matter if you are starting a new business, GEN will always be helpful to take your business to another level. If you are totally new to the state you can also seek various help from investors and mentors on Global Entrepreneurship Network (GEN). They will also provide you with all the resources at a reasonable market rate to make a full scale production of the item.
Official Website Hello Alice is a multichannel platform that is controlled by AI technology. The main aim of the platform is to guide business owners and entrepreneurs by developing their growth in the business. They have a partnership bond with the US chamber of commerce foundation and also are in collaboration with many entrepreneurs’ networks and government agencies. Hello Alice has been designed in such a way that it has become a main digital center by providing help to the businesses and entrepreneurs with financial help. They also helped with information on government programs, provided mentorship and supported businesses during Covid-19.
If you are a business owner you can directly visit their official website and submit your application for the emergency grant. You can also search for government programs in your state or local area where you are residing. Carolyn Cawley is the President of the US Chamber of commerce. He has stated that “We are proud to partner with Hello Alice to get critical information into the hands of small business owners and help them navigate”. They also help you with financial aid to support your business. You can also learn about making a remote team and shifting your business from offline to online mode. Anxiety and mental health resources are also provided in this platform and you can also connect to members in this community. You can easily trust them as it is a well known platform and have their verified Linked In, Twitter and Instagram to find more information.
Grant Space is a foundation that is designed to help entrepreneurs with business ideas and skills. The main aim of this foundation is that it provides training, self-knowledge tools and live sessions. Grant Space mainly focuses on rising funds, management and proposal writing to more than 2 million social leaders. The program has helped in developing and enhancing a lot of individuals and taught them how to be more effective in work. They also provide e-learning courses, recorded sessions and many other activities that will help you in improving your skills and be more effective. They have a qualified team that has high experts who help you with training and understanding the needs of your organization.
I hope this article will be helpful to you and provide you all the information on Red Backpack Fund Application. Sara Blakely Foundation has started the Red Backpack Fund Application and it believes in women empowerment. The Red Backpack Fund Application has helped a lot of women in the United States to set up their small, large or medium businesses. However, you should remember the eligibility criteria before applying for the program. The global giving committee reviews all the red backpack fund applications. There are other emergency assistance services like Small Business Administration (SMA), Grant Space, Hello Alice, Global Entrepreneurship Network and many more that provide help to set up your own business. I hope you will get a lot of help if you are planning to start your own business or know someone who has a business or starting one.
Frequently Asked Questions
Who is applicable for the Red Backpack Fund Application
Every woman can apply for the Red Backpack Fund Application includes gender queer women, trans-women and non-binary people who are identified as female.
Who is not applicable for the Red Backpack Fund Application
The solopreneur are not eligible for the red backpack fund application.
Who can provide you with emergency help to set up your business
Small Business Administration (SMA), Grant Space, Hello Alice, Global Entrepreneurship Network can provide you emergency help to set up your own business and can help to take your business to another level.