Money for Small Business

How to Find Money for Small Business Owners

Attention small business owners looking for money! Please read this article: How to Find Money for Small Business Owners.

Small-business grants can provide you free money to startups or existing businesses, even it may take some time or effort to research options or apply for relief.

The great news is growing several grants and free resources are available to small businesses, including relief for businesses impacted by the COVID-19.

Below is a list of state, federal, and privately funded business grants for different small businesses.

How to Find Money for Small Business Owners

 

Federal small-business grants

Govt agencies are the big distributors of grants, supporting various enterprises from environmental conservation to kids care services. The application procedure may be intimidating, but federal grants are the best opportunities for small-business owners looking to grow.

Grants.gov: It is a comprehensive, and database of grants administered by government agencies, like the US Department of Education, the Department of Veterans Affairs.

Small Business Innovation Research or Small Business Technology Transfer programs: The SBIR or the STTR grant programs concentrate on research and development for technology innovation or scientific research. The programs assist connect small businesses with federal grants as well as contracts from 12 government agencies. For qualifying, you should have a business, having no more than 500 workers, and meet eligibility requirements.

USA.gov: You would not find any federal small-business grants here, but this government website offers resources for starting and growing a business, including a link to GovLoans, which has info on the available federal small-business loans.

State and regional small-business grants

One organization known as Economic Development Administration provides grants as well as technical assistance to people for supporting economic growth, and entrepreneurship. Every state’s agency assists businesses discover financing, secure locations, and recruit workers. Y

ou may search for the economic development directory for regional offices or local resources.

Small Business Development Centers: This provides support for small businesses and entrepreneurs. They are associated with local universities as well as the economic development agency of the state, or several can help connect business owners with financing opportunities and counseling, training, and technical assistance.

Corporate small-business grants: Several corporations and big companies have a philanthropic component that involves small-business grants. While most provide grants to nonprofits servicing particular industries, some give to for-profit companies.

FedEx Grant Contest: The company’s annual competition can grant you $250,000 to 12 small businesses, having a $50,000 grant and $7,500 in FedEx print as well as business services to its grand prize winner. The contest entry period takes place earliest in the year. The contest is open to the US-based for small businesses that operate a minimum of 6 months, having 99 workers.

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National Association for the Self-Employed People: Its members can apply for monthly grants up to $4,000 and $3,000 college scholarship for members’ dependents annually. The application time for this scholarship program runs from January and one through April 30.

Caleb Brown Entrepreneur’s Community Grant

This can provide a $1,000 grant for promoting young urban entrepreneurs who plan for rebuilding neighborhoods, local blocks or communities by providing training or jobs to the next generation. The grant is open to startups as well as young businesses in urban areas. This contest runs each month.

Department of Defense Grants

The DoD offers grants to small businesses through the STTR program as well as some other initiatives, like the Defense Enterprise Science Initiative. The Office of Naval Research, the Air Force Office, and the United States Army Research Institute are all looking for research or development of technology that’ll help them reach their goals.

Department of Energy Grants

The DOE offers grants through the SBIR or STTR programs for innovative research as well as development leveraging technology developed by a university and a DOE National Lab. Check online for their current grant openings.

National Institute of Health (NIH) Grants

NIH is a federal agency within the Department of Health or Human Services (HHS). They offer business grants to very small businesses developing as well as researching biomedical technology.

Department of Justice Grants

The DOJ allocates grant funds to projects that support law enforcement, public safety activities, programs for improving the criminal justice system, and more. Here is an overview of the agencies within the DOJ that provide grants in recent years they provided over 20 different grant opportunities.

Department of the Interior Grants

The DOI offers small business grants, for instance, there is an outstanding grant offered by the United States Geological Survey for the collection of topographic elevation data. Find different DOI grants on grants.gov.

USDA Rural Development Business Grants

The Department of Agriculture provides both loans as well as grants to businesses and cooperatives in rural places to create quality jobs. They fund community projects like the development of housing, community facilities, as well as other services.

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The Save Small Business Fund

Starting on April 20, the United States Chamber of Commerce Foundation opened its Save Small Business Fund to small employers through the US. Eligible businesses employ between three and 20 people, are situated in an economically vulnerable community and are affected by the pandemic. If you qualify, you can obtain a $5,000 grant to cover business costs. To apply, all you require is your W-9 Form. Grants will be awarded on a rolling basis unless funds are depleted.

Economic Injury Disaster Loan Advance Grant

Thanks to the CARES Act, small business owners applying for an Economic Injury Disaster Loan (EIDL) through the SBA may request an emergency cash advance of up to $10,000, for being disbursed within 3 days. This advance may be forgiven by the SBA if you spend it on maintaining payroll, paid leave, increased prices, mortgage, lease payments, and other financial obligations. The good part of this advance: You can yet keep and use this advance as a grant even if you do not end up qualifying for an EIDL.

Apply for an EIDL on the website of SBA. On April 27, Congress has authorized a more $60 billion to finance the Economic Injury Disaster Loans program for businesses impacted by the coronavirus pandemic. The SBA announced on April 27 that it will continue to review existing apps in its queue on a first-come, first-served basis and supply info for new applicants as soon as possible. This new round of funding is expected to go rapidly as business owners seek not an EIDL loan, but the cash advance of up to $10,000 that the SBA promised applicants.

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