Where to Find Money for your Small Business? Get Small Business Grants!
Blog Post
Small businesses can receive grants from the federal government, state governments, and even private entities such as corporations and foundations. Small businesses owned by women, people of color, and other minority groups, as well as veterans, can apply for specific grants. Think With Niche understands the importance of Small Business Grants in shaping the future of the Small Business Ecosystem! Hence, we have made an extensive list of grants that small businesses can capitalize on for their growth and success! #TWN
Grants for small businesses, including those affected by the coronavirus pandemic, provide free money to new and existing businesses.
It takes time and effort to research and apply for funding, but the payoff can be significant if your small business receives a grant. Here's a list of federal, state, and private small-business grants and resources to get you started.
Federal Small-Business Grants
Government agencies are among the largest providers of business grants, funding everything from environmental conservation to child care services. Although applying for federal grants can be intimidating, they are excellent opportunities for small-business owners looking to expand.
Grants.gov
Grants.gov is a comprehensive database of grants administered by various government agencies, including the Departments of Education and Veterans Affairs.
Small Business Innovation Research and Small Business Technology Transfer Programs
The SBIR and STTR grant programs are focused on R&D for technological innovation and scientific research. The programs assist small businesses in obtaining federal grants and contracts from 11 government agencies.
To be eligible, you must run a for-profit business, have no more than 500 employees, and meet other requirements.
USDA Rural Business Development Grants
The Rural Business Development Grant program, administered by the United States Department of Agriculture, provides funding to help small businesses in rural communities strengthen and grow.
To be eligible, businesses must have fewer than 50 new employees, gross revenue of less than $1 million, and must be located within an eligible rural area. USDA Rural Development accepts applications through local and state offices.
State and Regional Small-Business Grants
Economic Development Administration
Economic Development Administration, an agency of the United States Department of Commerce, provides grants, resources, and technical assistance to communities to promote economic growth and entrepreneurship.
Each state's agency assists businesses in obtaining funding (including state or regional grants), securing locations, and attracting employees. You can look for regional offices and local resources in the economic development directory.
Small Business Development Centers
Small businesses and aspiring entrepreneurs can get help from their local Small Business Development Centers. They're frequently linked to local universities or a state's economic development agency, and many can help you find small-business grants and other forms of financing, as well as counseling, training, and technical assistance.
Minority Business Development Agency Centers
The Minority Business Development Agency Centers manages a nationwide network of business centers devoted to the growth and promotion of minority-owned small businesses. These centers assist entrepreneurs in obtaining capital, obtaining contracts, and competing in emerging markets.
You can get help applying for debt-based financing as well as federal, state, and local business grants at your local MBDA center. The agency usually holds a small-business grant competition every year and keeps track of the results on its website.
Corporate Small-Business Grants
Many large corporations and corporations have a philanthropic component that includes small-business grants. While some grants are only given to nonprofits that serve specific industries, others are given to for-profit businesses.
FedEx Small Business Grant Contest
The company's annual grant competition awards over $250,000 to ten small businesses, with three grand prize winners receiving a $50,000 grant and $4,000 in FedEx print and business services. The competition for 2022 is now closed, and voting will begin on March 22. On May 4, the winners will be announced. The competition is open to for-profit small businesses based in the United States that have been in operation for at least six months and employs no more than 99 people.
National Association for the Self-Employed (NASE)
National Association for the Self-Employed members are eligible to apply for monthly small-business grants of up to $4,000 and an annual $3,000 college scholarship for their dependents. Completed applications are reviewed quarterly in January, April, July, and October, and grants are awarded throughout the year.
Fast Break for Small Business
LegalZoom, the NBA, WNBA, and NBA G League have partnered with Accion Opportunity Fund to provide small-business owners with $10,000 grants and up to $500 in LegalZoom services. This program aims to assist businesses in underserved and underrepresented communities. The application period is open twice a year.
Patagonia Corporate Grants Program
Through the Patagonia Corporate Grants Program, nonprofits working to preserve and protect the environment can apply for a small-business grant. The retailer seeks innovative businesses with quantifiable projects that have specific goals, objectives, and action plans. These non-profit grants typically range from $5,000 to $20,000.
Visa Everywhere Initiative
The Visa Everywhere Initiative is a grant competition that provides funding to forward-thinking startups in five different regions around the world. Applicants must demonstrate how they have created a product or service that creatively incorporates Visa's products.
Visa will choose the top five finalists in each region, and these companies will compete in a global finals event. The overall competition winner receives a $100,000 small-business grant. Second- and third-place finalists, audience favorites, and regional and local winners all receive additional grants.
COVID-19 Small-Business Grants
Although many federal, state, and private grant programs are no longer accepting applications, there are still a few options for small businesses in need of assistance as a result of the COVID-19 pandemic. Here's what you should know:
SBA Small-Business Grants
The US Small Business Administration's COVID-19 relief grant programs, such as the Shuttered Venue Operators Grant and the Restaurant Revitalization Fund, are now closed and no longer accepting new applications. Likewise, the deadline for applying for the $10,000 EIDL advance, or grant, has passed.
State and Local Coronavirus Small-Business Grants
Some state and local governments are still administering COVID-19 relief grant programs. Small businesses in New York, for example, can get up to $50,000 in free financing through the New York State COVID-19 Pandemic Small Business Recovery Grant Program.
Microbusinesses in San Diego County, California, can apply for $2,500 grants through the County of San Diego Microbusiness Grant Program. You can check with your state's secretary of state, the department of economic development, or other official government websites in your area to see what options are available for your company.
Corporate COVID-19 Small-Business Grants
Although some private companies have closed their coronavirus relief grant programs, you may still be able to find a few that are accepting applications.
In collaboration with American Express, the nonprofit organization Main Street America continues to offer its Inclusive Backing Grant Program. COVID-19 relief grants are currently being awarded to brick-and-mortar businesses owned by women, nonbinary people, and veterans of the US Armed Forces through this program.
Specialty Small-Business Grants
Many organizations target funding efforts at specific communities to help spread entrepreneurial success across demographics.
Think With Niche understands the importance of Small Business Grants in shaping the future of the Small Business Ecosystem!
Small-Business Grants for Women
The following are some small business grants for women-owned businesses:
Amber Grant for Women
The Amber Grant Foundation awards $10,000 to one woman-owned business each month, with one of the 12 monthly winners receiving an additional $25,000 grant at the end of the year. The brief application, which requires a $15 fee, asks potential recipients how they intend to use their funds.
Cartier Women’s Initiative
The Cartier Women's Initiative is a collection of entrepreneurship programs for women business owners that includes a fellowship program and several awards worth up to $100,000.
Tory Burch Foundation Fellows Program
This year-long fellowship provides mentorship and business guidance to 50 female entrepreneurs, as well as a $5,000 grant for business education.
If none of these grants is a good fit for you, or if you need more money, look into small business loans for women.
Small-Business Grants for Veterans
Here are a few small business grants for veteran-owned businesses:
StreetShares Foundation
StreetShares is a non-profit organization that promotes veteran entrepreneurship by providing educational resources, networking opportunities, and business coaching sessions. The foundation also hosts the Military Entrepreneur Challenge, which is open to veterans and their spouses, immediate family members, or children of a military service member who died while on active duty. Applicants are eligible for one of three awards of $4,000, $6,000, or $15,000, with their selection based on a variety of factors, including their organization's social impact on the military community.
Small-Business Grants for Minorities
Here are a few small business grants for minority-owned businesses:
SBA 8(a) Business Development Program
The 8(a) Business Development Program, while not a grant program, allows small business owners from socially or economically disadvantaged groups to compete for certain federal government contracts. To be eligible, the business must be owned and controlled by a U.S. citizen who is socially and economically disadvantaged at least 51 percent of the time.
Operation Hope Programs
Operation Hope provides several programs, including an 8-week entrepreneurship training program, to help small business owners succeed in low-income communities. Its One Million Black Business and Entrepreneur Initiative (1MBB) works to close the racial wealth gap in the United States by training and coaching Black entrepreneurs to start or grow their businesses.
Minority Business Development Agency
The MBDA, which is part of the Commerce Department, assists Black, Latino, Asian American, Pacific Islander, Native American, and Hasidic Jewish entrepreneurs. This organization assists small businesses in applying for federal grants.
Service-Disabled Veteran-Owned Small Business Program
The SBA runs this program, which is similar to the 8(a) Business Development program, to assist in awarding federal government contracts to service-disabled veteran-owned small businesses.
Boots to Business
The SBA's Boots to Business program is not a grant but rather a business education course and training program for transitioning service members who want to start a business.
If you require additional funding or if these programs do not meet your requirements, look into small business loans for veterans.
Alternatives to Small-Business Grants
Finding and applying for the right grants for your small business can be time-consuming and difficult. There are other ways to fund your business if you do not qualify for certain grants. Here are a few ideas to get you started:
Best Small-Business Loans
Learn how to choose the right financing for your needs by comparing loan options such as bank loans, SBA loans, business lines of credit, term loans, and equipment financing.
Small-Business Credit Cards
Examine a variety of cards to find the best option for funding your everyday business purchases while also earning rewards.
Crowdfunding for Business
Utilize the power of the internet to raise funds for your small business by launching a crowdfunding campaign to promote your product or service.
Frequently Asked Questions
How to find grants for a small business?
Small-business grants are available from government agencies, state organizations, and private businesses. The government database grants.gov, your local Small Business Development Center and nonprofits like the Local Initiatives Support Corp are all good places to start your search.
How to qualify for a small business grant?
The awarding organization will determine the grant qualifications. Priority may be given to businesses in rural or low-income areas, as well as those run by women or minorities. Before applying for a grant, read the complete eligibility criteria to see if your company qualifies.
How are grants different from small business loans?
Small business grants are generally not required to be repaid, whereas small business loans must be repaid on the agreed-upon timeline, plus interest. Some loans will also necessitate the provision of collateral.
Are there small business startup grants?
Yes, small business startup grants are available, but they are typically for research and development in specific industries. Consider applying for a startup small business loan if you need more funds for your small business startup.
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