Securing funding can be challenging for women entrepreneurs, especially when you don’t qualify for traditional bank loans or outside investors. One platform worth exploring is iFundWomen, now known as IFW by Honeycomb Credit. The platform connects entrepreneurs with crowdfunding, business grants, coaching, and other funding resources. While it has a long history of supporting women entrepreneurs, it is important to understand that it is not simply a website offering free grants. Its funding model includes rewards-based crowdfunding and sponsored grant opportunities, and the requirements vary by program.
In this article, we’ll explain how iFundWomen works, what to expect, how its grants differ from crowdfunding, and what to consider before applying.
What is iFundWomen?
iFundWomen is an online funding platform that helps entrepreneurs raise capital and access business education and support. It was originally created with a strong focus on women entrepreneurs and has since expanded to serve a broader small-business community.
Today, IFW by Honeycomb Credit offers rewards-based crowdfunding, sponsored business grants, coaching, workshops, and access to other funding opportunities. The platform’s current grant opportunities are provided through partnerships with companies and organizations that want to support specific types of entrepreneurs.
What Happened to iFundWomen?
You may notice that the platform is now referred to as IFW by Honeycomb Credit. That is because Honeycomb Credit acquired iFundWomen and expanded its funding offerings.
The iFundWomen name is still widely used, particularly when people are searching for its crowdfunding and grant programs. However, the current platform goes beyond its original rewards-based crowdfunding model, offering additional funding options through Honeycomb Credit.
This also means that older articles about iFundWomen may contain information about grants or programs that are no longer available. Always check the current IFW website for the latest eligibility requirements, deadlines, and funding opportunities.
How Does iFundWomen Work?
There are two main funding options female founders should understand: crowdfunding and grants.
Rewards-Based Crowdfunding
With rewards-based crowdfunding, you raise money directly from supporters rather than borrowing from a bank or selling part of your company. In exchange for their contribution, supporters receive a reward, which could be a product, service, experience, or another benefit.
For example, a founder launching a new skincare line might offer early access to a product to people who contribute to the campaign. A consultant could offer discounted services or a workshop.
This approach can be useful for businesses that already have an audience or a product people are excited about. It can also help you test whether customers are willing to pay for your idea before making a larger investment.
IFW uses a flexible funding model for its rewards-based campaigns, meaning founders can keep the funds they raise even if they do not reach their original goal. However, crowdfunding still requires considerable effort from the founder because you are responsible for promoting the campaign and attracting supporters.
Our guide on why crowdfunding is a strategic capital source for women founders explains some of the advantages of this approach in greater detail.
Related post: How to Combine Business Grants and Crowdfunding: 11 Proven Strategies
Business Grants
iFundWomen also provides access to sponsored business grants. These grants are funded by corporate partners and are generally designed around specific goals or groups of entrepreneurs.
There is no single “iFundWomen grant” with one standard award amount or eligibility requirement. Instead, different programs have their own rules, deadlines, and application processes.
Past programs have included grants for women entrepreneurs, women of color, and businesses in specific industries or communities. Award amounts have also varied, with some programs offering thousands of dollars and others providing significantly larger funding packages.
Because programs change, it is important to check the current grant listings rather than relying on an old article or social media post.
What is the iFundWomen Universal Grant Application?
One of the platform’s features worth knowing about is the Universal Funding and Grant Application. Instead of applying separately to every potential sponsored grant, entrepreneurs can submit their business information through this application.
IFW can then use that information to identify businesses that may match the eligibility requirements of future sponsored grant programs. If your business matches a particular opportunity, you may be notified when it becomes available.
Submitting the universal application does not guarantee that you will receive a grant. It simply gives the platform information it can use to identify potential matches.
The application is currently free, making it a useful option for founders who want to be considered for relevant opportunities without having to search for every grant themselves.
Who Can Apply for iFundWomen Grants?
Eligibility depends entirely on the individual grant. Some programs may be open to businesses across the United States, while others may target entrepreneurs in a particular location, industry, revenue range, or stage of business. Some are specifically designed for women entrepreneurs or women from particular communities.
Requirements may include business ownership, location, revenue, time in business, industry, or the type of product or service you offer.
Note: Being a woman entrepreneur does not automatically make you eligible for every grant available through iFundWomen. Read the requirements for each opportunity carefully before preparing an application.
How to Apply for an iFundWomen Grant
Once you find a grant that fits your business, begin by confirming that you meet every eligibility requirement. Pay close attention to location, ownership, revenue, industry, and business-stage requirements.
Next, focus on your application. Grant funders generally want to understand what your business does, who you serve, why the business matters, and what you have accomplished so far. Your application should answer those questions clearly without relying on vague claims.
You should also be prepared to explain how you would use the funding. Rather than saying you need money to “grow the business,” identify the expenses the grant would cover and explain how they would help you reach a specific business goal.
For example, you might explain that $5,000 would go toward equipment, $2,000 toward inventory, and $3,000 toward marketing. Then explain what those investments would allow the business to accomplish.
Tip: Consider being honest about the challenges your business has faced. A setback does not necessarily weaken an application if you can explain what happened, what you learned, and what you changed as a result. Our guide on how to talk about failure in business grant applications offers more advice on handling this part of the application.
Related post: How to Write a Small Business Grant Proposal for Women Entrepreneurs
How Much Does iFundWomen Cost?
Creating an account and applying for the Universal Funding and Grant Application is currently free. Crowdfunding campaigns, however, involve fees.
IFW’s current terms state that its standard crowdfunding platform fee is 5%, in addition to payment processing fees. Payment processing typically adds another 3% to 5%, although the exact amount can vary.
This means you should account for fees when setting your fundraising goal. If your business needs $20,000 for a particular project, you may need to raise more than $20,000 to ensure the full amount is available after applicable fees.
Optional services, such as coaching, may also involve additional costs.
Does iFundWomen Take Equity?
Rewards-based crowdfunding through iFundWomen does not require you to give supporters ownership in your business. Instead, supporters contribute in exchange for the rewards you offer through your campaign. That makes rewards crowdfunding different from equity crowdfunding, where investors receive an ownership stake.
Because IFW is now part of the Honeycomb Credit ecosystem and offers access to different forms of capital, always review the terms of the specific funding product you are considering.
Advantages of iFundWomen
- The biggest advantage of iFundWomen is flexibility. You can use the platform to explore grants, crowdfunding, and educational resources in one place.
- Crowdfunding can also provide more than capital. A successful campaign can help you attract early customers, test demand, and build an audience around your business. For founders who are not yet generating revenue, it may provide an alternative to traditional financing.
- The platform’s educational resources and coaching can also be useful if you are unfamiliar with fundraising or want help developing a crowdfunding campaign.
The Downsides of Using iFundWomen
iFundWomen is not a guaranteed source of funding. Crowdfunding requires active promotion, so founders need to be prepared to use their networks, email lists, social media, customers, and other marketing channels to attract supporters. Fees also reduce the amount of money you ultimately receive.
Grants are competitive, and meeting the eligibility requirements does not guarantee that you will be selected.
If you offer rewards through a crowdfunding campaign, you are also responsible for delivering them. Production, shipping, and fulfillment costs should therefore be included in your planning.
Is iFundWomen Worth It for Female Entrepreneurs?
iFundWomen can be worth exploring if you want to consider multiple funding options rather than relying solely on traditional financing.
It may be particularly useful if you have a product or service that customers can support through crowdfunding, an audience you can reach, or a business that fits one of the platform’s sponsored grant programs.
It should not, however, be your only source of funding. Continue researching grants, local programs, loans, accelerators, and other financing options that fit your business.
Our guide on how to find business grants for women can help you expand your search beyond iFundWomen.
Frequently Asked Questions
Is iFundWomen free?
Creating an account and submitting the Universal Funding and Grant Application is free. However, crowdfunding campaigns incur a 5% platform fee plus payment processing fees. Optional services, such as coaching, may also have additional costs.
Is iFundWomen a legitimate company?
Yes. iFundWomen is an established funding platform that now operates as IFW by Honeycomb Credit. It continues to offer crowdfunding, grant opportunities, coaching, and other funding resources for entrepreneurs.
Does iFundWomen offer grants?
Yes. iFundWomen provides access to sponsored business grants from corporate partners. Each opportunity has its own eligibility requirements, funding amount, application process, and deadline.
Is iFundWomen only for women?
No. Although iFundWomen was created with a focus on women entrepreneurs, its current platform is open to entrepreneurs of different genders. Individual grant programs may have specific eligibility requirements.
Does iFundWomen take equity?
Rewards-based crowdfunding through iFundWomen does not require founders to give up ownership. Supporters contribute in exchange for rewards rather than an equity stake in the business.
Can a business with no revenue use iFundWomen?
Yes, potentially. Some grants require existing revenue, while crowdfunding may be available to earlier-stage businesses. Eligibility depends on the specific funding opportunity and its requirements.
Conclusion
iFundWomen can be a useful resource for female founders looking for grants, crowdfunding, and business support. Its current model offers more than the original crowdfunding platform, giving entrepreneurs several ways to explore funding.
The key is to understand what you are applying for. Grants are competitive and have specific requirements, while crowdfunding requires you to build interest and promote your campaign. Neither option guarantees funding.
Before you apply, research the opportunity carefully, prepare your numbers, and be specific about what the money will accomplish. And do not limit your search to one platform. The best funding strategy often combines several sources that fit your business, stage, and goals.
