Nineteen women have signed up for Lyn St. James' Project Podium, a new grant program that provides matching funds to women drivers who have generated sponsorships.

"There are many more women in the driver pipeline than ever before," said St. James, one of only five woman who have raced in the Indianapolis 500.

"Project Podium is designed to help young talent achieve racing and business success, but not by giving them a handout," she added. "Each applicant must demonstrate her commitment, desire and need, both in the business world and on the track."

The announcement of the new program comes on the heels of the historic victory last month by Danica Patrick, the first woman to win an IndyCar race.

For St. James, Project Podium is a natural extension of her Women in the Winner's Circle Foundation and Driver Development Program, of which Patrick is a graduate.

A total of $55,000 in scholarships is available from Project Podium. Each applicant is being reviewed by a volunteer panel of motorsports and business professionals. Recipients will be announced later this month.