How To Find A Grant For A Small Business
A quick Google search will pull up millions of results for business grants. So many possibilities are out there that it can seem impossible to narrow down the prospects. But there are a few resources that can not only help you find the right grants for your business, but even assist in the application process, and help you identify grant opportunities that cant be missed.
Online Search For Funds Stops Here
With the private sector of the economy shaking in the wake of the worldwide financial recession, many people have lost their jobs. Job security affords you piece of mind, and eliminates worry and stress. Worry and stress cause health concerns, and you certainly dont need any extra burdens at this time. Its time for you to take care of yourself, because no one else will do it for you. The best way to protect your job is to have your own business. The Federal government wants to help, and so there are federal grants for small businesses available online right now. Grants for small businesses may be the answer to what youve been looking for.
Federal small business grants allow people such as yourself to get the small business funding you need to get going, to go in a different direction, or to expand if you already have a small business. Federal grants for counseling for small businesses are available in all shapes and sizes you just have to pick out the one thats right for you. There are counseling small business grants for a multitude of business types with many more being added all the time.
Government grants are plentiful, but the process can sometimes resemble a marathon race. Many people get discouraged during the process, and quit before they reach the finish line and acquire one of the federal small business grants. Well, youve come to the right place the days of frustration and dead-ends in seeking small business grants are over.
It Improvements: Productivity Solutions Grant
The Productivity Solutions Grant supports companies interested in adopting IT solutions and equipment in order to enhance their existing business processes and improve productivity. The PSG covers up to 70% of the costs of investing in government-approved long-term technology solutions such as Customer Relationship Management solutions and Human Resource Management systems.
To apply, you will have to go through the following steps:
More information about this grant can be found at the Enterprise Singapore website.
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Business Grants For Minorities: Final Thoughts
Entrepreneurial talent can be found in every community across this land. Sadly, social and structural barriers to equality persist. Small business grants are but one means by which minority small business owners can get some ever-elusive funding. For other such means, check out our article on the various types of alternative financing available for small businesses.
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Determine Whats In It For Your Lenders
If you need to get a small business loan, you need to determine what your lenders get in return for their contribution. Some investors may need to have a say in how your business turns, while others will require an ownership percentage.
For example, an angel investor may need to have an active role in how your company is managed. This kind of investors needs higher returns than what they would get in ordinary investments.
When looking for funding, sit down and figure out what type of lender works for your business. Customize your business plan to meet the lenders need and to answer any questions that may come up while pitching your business.
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Shuttered Venue Operators Grants
The Shuttered Venue Operator Grant program has closed, but the SBA says that it will open the program for supplemental SVOGs for 50% of the original award amount, capped at a total of $10 million.
Those eligible businesses include:
- Live performing arts organization operators
- Relevant museum operators, zoos and aquariums who meet specific criteria
- Motion picture theater operators, or
- Talent representatives
Rural Energy For America Program
This grant program, run by the Department of Agriculture, centers on small businesses in eligible rural areas looking to purchase, construct, or install renewable energy systems or energy efficiency improvement technologies. You can partner one of these federal business grants with a USDA loan guaranty as well, and together theyâll back up to 75% of your eligible project costs.
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Phase : Concept Development
In the first phase, the agencies assess the feasibility, potential, scope, and technical merit of the concerned venture before going ahead with the grant. This phase deals with the preliminary research and development required to get the venture up and running.
In the case of SBIR, the grant does not exceed $150,000 in total costs for a period of 6 months. When it comes to STTR, the limit is again $150,000 in total costs but for a period of one year.
Dont Forget To Form Your New Business
Once youâve decided to set up a new company, the most important next step is to form your business.Most small businesses set up as an LLC .
This keeps all your assets separate from the company, limiting your personal liability, while giving the pass-through tax benefits of being a sole proprietor.
The process of forming your company can be really simple. Incfile can handle everything for you for $0 â all you pay is any state fees. Form your company for $0 now at Incfile.
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State Government Grants For Small Business
State-level small business grants are generally geared toward that particular stateâs social or economic concerns. Theyâre meant to work in tandem with federal or other state grants, so youâll usually get less funding. That said, theyâre much more accessible due to lower competition. Also, many are matching grants: Instead of just providing the funds for you to use for a certain purpose, some will require that you match the money they give as well.
You can search for business grants in your own state and industry by looking at your states department of commerce website or grants portal. Below, we list some popular state grant programs and resources.
Also, an important note: While weâre listing state-specific government grants for small businesses, many of these run across multiple states, so donât give up if the grant looks right but your states donât match.
Dos And Donts Of Winning Business Grants
Lets start with some basic dos and donts of trying to win grants.
- Make a schedule Many grants are only open to applications once a year. Schedule time to put together an application ahead of time.
- Write a business plan first Most grants ask for a business plan. More importantly, you should know how exactly the grant money will help your business. Heres our guide to writing a simple business plan.
- See what companies have been funded in the past This can help you determine which grants you have a good chance of winning. If they funded similar types of businesses, thats a good sign.
- Get help from local business organizations I went through many types of local business organizations that provide assistance to small business owners. This includes helping you find grant opportunities and presenting your business in the best light.
- Consider professional help If you come across a grant that requires a well-written cover letter or essay, consider hiring a professional freelance grant writer if you can afford it.
Dont:
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Grants For Starting A Small Business
Your life revolves around work you work tirelessly for years so that someone else gets to make more money. No, how would you like to make some money of your own? Wouldnt be great to have a business of your own? With assistance from the government, you can!
Funding for you Small Business
The United States Government is committed to proving an environment that encourages development and initiation of new business. For this, free money, small business loans and grants are provided by the government. This gives you the chance to start your own business and help it grow.
You can start your own business with assistance from the Federal government in the form of grants for starting a business. These grants for starting a small business include gov grants for a variety of measures. There are home business grants for counseling assistance and to acquire low-interest loans to defray the start-up costs for implementing your own business.
Lets say youre over 40 and have just lost your job. You have always wanted to open a retail business from your home. Perhaps youd like to start an affiliate marketing business over the Internet, or a retail shop to sell sporting wear. There are counseling government grants available through the Small Business Association to help you get started in your new career, something that youve longed to do for quite a while.
Good For: Technology Companies
The federal research SBIR grant program is for entrepreneurs focused on innovations in technology that have the potential for commercialization. You can check its funding opportunities here. Focus areas from the past include clean and safe water, homeland security, land revitalization, green construction, advancement of health care, and more.
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What Is A Small Business Grant
A small business grant is essentially free money given to a small business owner to help them launch, develop or expand their organization. Grants, unlike a loan, do not have to be paid back, but they often come with restrictions on how the money can be spent.
Just because a grant is free money, doesnt mean it is easy to get. It takes a lot of time and preparation to apply for a grant, and they are highly competitive, so small businesses should only apply for grants they are eligible for.
Entrepreneurs and small business owners can seek a variety of grants, like private grants from corporations and government grants from federal, state, and local governments. Grants are also available for specific industries and demographics for example, if you are a minority business owner, there are several minority-owned business grants specifically geared toward you.
Key takeaway: Small business grants are free money given to small businesses by private corporations or federal, state, or local government.
Editors note: Looking for the right loan for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
Fedex Small Business Grant
FedEx hosts a small business grant contest to provide funding for ambitious entrepreneurs. The contest has tough competition, with nearly 18,000 applicants for the tenth annual grant in 2022.
- Award amount: $15,000$50,000
- How to apply: Visit the FedEx website for specific application details.
This grant is open to small business models with a story worth telling,” so if you plan to apply, pinpoint what makes your business unique.
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Live Your Dream Award
Each year, the Live Your Dream Foundation grants $2.1 million in educational funds to women on behalf of Soroptimist International. This foundation focuses on women who have survived sexual violence or other traumatic events.
- Award amount: $1,000$16,000
- How to apply: Visit Soroptimists portal for more information.
The Live Your Dream Foundation offers programs and funding that help women build confidence, advance their careers, and overcome unexpected situations. Though prize money ranges from $1,000 to $10,000, becoming an international finalist allows winners to receive a maximum of about $16,000.
The Second Service Foundation
The Second Service Foundation’s mission is to inspire and support military entrepreneurs. It grants businesses funding, shares educational content, provides mentorship and coaching, and hosts networking events.
- Award amount: $4,000$15,000
- How to apply: Visit the website for more information on grant offerings.
Since 2016, the foundation has built a strong community of over 85,000 members and helped more than 5,000 entrepreneurs build their businesses.
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How Do I Apply For A Government Business Grant
Each scheme is different, but check you meet the general terms and criteria before you get too far into the application process. Most grants are very specialist, such as creating a specific type of business or building a business that will help regenerate a local community. Here are our tips of successfully applying for a new business grant.
Talk to the grant body talk to the grant awards body to assess your chances of making a successful application.
Read the grant objectives take time to learn why this grant is being awarded and what it aims to achieve, such as hiring staff from a local community or developing environmentally friendly products. Write your application referring to the objectives as closely as possible to stand the best chance.
Have a great business plan as with other types of funding, the awards body for the grant will expect to see a professional business plan and, if youve started trading, examples of your business position and balance sheet.
Focus on the grant use grants are usually awarded for a specific project, such as buying IT equipment or funding broadband installation. Use the application to show how this will help grow your business and benefit others, rather than on the IT equipment itself.
Check your funding most grants will look to match the amount youre willing to invest, so if youre seeking a grant of £10,000 then make sure youve a matching amount available.
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Fuel Growth In Your Startup With A Small Business Grant
The first few months of running a business are often the most challenging. It takes time for a business to become profitable, but costs can add up quickly.
Small business grant programs can make a world of difference for a new small business owner. Not only do they provide a vital injection of funds, but they can also help to establish connections in your industry and build buzz around your product.
If your business has the potential to innovate your industry and build new technologies to serve the public good, chances are youre a great candidate for a small business grant.
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Private Grants For Startups
These corporations and nonprofit organizations offer business grants to startups for a variety of uses. Usually, they have fewer restrictions on how you use the funds though they’re often smaller.
4.0 Essentials Fellowship program
The 4.0 Essentials Fellowship program is for early stage entrepreneurs who want to address a problem with education in their local communities. It’s not just about funding. You can receive the following resources to help bring an idea to life.
- Grants to test out your ideas and invest in your new business.
- Coaching from former fellows.
- Training to teach you how to efficiently test and grow your startup.
- Access to a network of other educators.
Applications typically close in April and are available on the 4.0 website.
Visa Everywhere Initiative
Each year, Visa runs a global startup competition to fintech startups that specialize in payment processing, digital services and security and small business recovery.
- First place wins a $50,000 grant.
- Second place wins a $15,000 grant.
- Third place wins a $10,000 grant.
- All top three winners are eligible to also win the Audience Favorite prize of $25,000.
Idea Cafe Small Business Grant Program
Each year, Business Owners Idea Cafe offers one $1,000 grant to a small business startup. Past winners are mostly consumer-serving businesses, like cafes and jewelry stores but there’s no restriction on who can apply.
WomensNet Amber Grant
Private Small Business Grants
In addition to government grants for small businesses, some private corporations and foundations also offer small business grants, including some small business startup grants. Private grants require their own applications and may contain eligibility restrictions limited to certain industries.
| Grant Program |
|---|
| Startup businesses focused on payment solutions for consumers or businesses |
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B The Office Of Economic Development
You can also turn to the local EDA in your area. These offices are run by the Economic Development Administration and they offer small businesses help with grants, technical assistance, and other resources to help them grow.
EDA grants are changing all the time so check in here for information about whatâs currently available.
Find your local EDA resources here.
Operation Hope Small Business Development Program
The Operation HOPE Small Business Development program is designed to help small business owners in underserved communities. The nonprofit organization offers an eight-week entrepreneurship training program to provide minority business owners with business training, personal development, access to professional services, and financial counseling.
The program also helps business owners create and maintain a business plan, as well as gain access to funding and other business resources.
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A The Federal State Technology Partnership Program
FAST currently provides $3 million in total funding for outreach, financial support, and technical assistance to next generation research and development focused small businesses.
Theyâre especially interested in women, socially/economically disadvantaged individuals, and applicants from underrepresented or rural areas who are competing in the SBIR and STTR programs.