The Best Small Business Grants To Apply For In 2024
One may encounter difficulties to fund business operations as a small business owner. So a business grant is essentially free money, this might appear more appealing than standard funding sources depending on your situation. Grants are an excellent method to start and expand a business without risking your financial future. There are numerous grants available for small businesses. Determine which ones you could be eligible for so you can begin applying and earning. We have put together a list of small business grants you might be eligible for in 2022.
What Is A Small Business Grant?
A grant is money provided to an individual, business, or corporation by the federal, state, local governments, as well as private businesses or corporations. Grants do not have to be repaid in any way. Some grants are given out based on whether the company is minority-owned, women-owned, or veteran-owned. Researching and applying for funding takes time and work, but the result can be worthwhile if your small business receives a grant. Also, you will be competing with other small businesses for the grant. Even tiny grants can attract hundreds of applicants. To qualify for a grant, you may need to meet fairly precise requirements. Those who are willing to put forth the effort, however, may be awarded.
Federal Small-Business Grants
Small business grants are available from many branches of the federal government. Grants are given out by the government to support people in need and to encourage the economy. As a result, they frequently choose non-commercials businesses such as technology, health, science, and education. Although applying for federal grants can be terrifying, they are excellent chances for small-business owners trying to expand.
Grants.gov: Grants.gov is a comprehensive database of grants which is administered by several government agencies like the Department of Education and the Department of Veterans Affairs.
Small Business Innovation Research and Small Business Technology Transfer programs: Businesses that enhance research and development or technology innovation for commercial reasons are eligible for funds under the SBIR and STTR programs. Current federal agencies that award SBIR and STTR funding include the Departments of Commerce, Defense, Education, and Transportation. If you want to apply for SBIR or STTR awards, you must go through the SBIR office of the government agency that will be granting the grant, not the SBA.
USDA Rural Business Development Grants: The Rural Business Development Grant program is administered by the United States Department of Agriculture, and it offers funding to help small businesses in rural areas strengthen and expand. The grants can be used to fund improvements like the construction of renewable energy systems or the buying of energy-efficient agricultural processing and production equipment. To qualify, businesses need to have less than 50 new employees, gross revenue of less than $1 million, and be situated in a qualifying rural area. USDA Rural Development accepts applications through local and state offices.
State And Regional Small-Business Grants
Grant money can be provided by state and regional governments to assist in business development. This money, though, may be difficult to come by. Furthermore, when money is made available, businesses must adhere to the government’s aims or mission.
Economic Development Administration: Each state’s agency assists businesses in obtaining funding (includes state or regional grants), securing locations, and recruiting staff. One can look up regional offices and local resources in the economic development directory. This agency of the United States Department of Commerce provides grants, resources, and technical support to communities in order to help them grow economically and stimulate entrepreneurship and innovation.
Small Business Development Centers: The objective of the Small Business Development Centers is to offer entrepreneurs with information and tools to help them grow their businesses across the country. They assist anyone who wants to start a business by providing funding, training, and mentoring. They provide loans, investment capital, surety bonds, and grants, among other things. The majority of resources necessitate a variety of data and business standards.
Corporate Small-Business Grants
These grants might have a variety of requirements, range in amount, and be tailored to very specific or wide sorts of businesses. Some grant to Nonprofits that serve specific industries solely, while others also provide to for-profit businesses. Since they are not featured on popular grant sites such as Grants.gov, they frequently have less competition than other grants.
FedEx Small Business Grant Contest: The FedEx Small Business Grant Contest is aimed at assisting small businesses in expanding and scaling their businesses. FedEx hosts a small business grant competition every year to help ambitious entrepreneurs get funding. The company’s annual grant competition awards more than $250,000 to ten small businesses, which included a $50,000 grant and $4,000 in FedEx print and business services to the top three winners. The competition is open to for-profit small enterprises in the United States that have been in operation for at least six months and employ no more than 99 people.
National Association for the Self-Employed: You may be eligible for NASE’s $4,000 monthly grant if you are self-employed. This isn’t free, and it’s probably not worth it if all you want to do is apply for the grant. Completed applications are reviewed quarterly in January, April, July, and October, with grants being given throughout the year.
Wells Fargo Community: Wells Fargo is giving grants to educational institutions and Nonprofits. Businesses can apply at any time of year, and the grant has no set amount. Every year, Wells Fargo gives millions in grants.
Visa Everywhere Initiative: The Visa Everywhere Initiative is a grant competition that provides funding to tech startups from around the world in five different regions. North America, Europe, Asia Pacific, Latin America, and CEMEA are all covered by the Visa Everywhere Initiative. Business owners from all across the world are eligible for grants, which differ by region in terms of application deadlines and award timelines. A $50,000 prize will be awarded to the ultimate worldwide winner.
Business Grants For Women
Certain grants are solely available to women who own and operate businesses. They occur at all levels of government, as well as in corporations and foundations. These grants are intended to assist women in starting new businesses and competing in their industry’s marketplace.
The Amber Grants: Their goal is to assist women in achieving their life goals. The Amber Grant Foundation is a group of entrepreneurial women that help other women get started in their own businesses. Women entrepreneurs receive $10,000 per month and an additional $25,000 per year from the organization.
Cartier Women’s Initiative: Cartier has given the Cartier Women’s Initiative Award to 21 female entrepreneurs since 2006. Women-owned businesses that have a positive impact on social or environmental issues are eligible for this grant program. There are 21 finalists, three from each of the world’s seven major regions. Each of the 21 finalists receives one-on-one coaching, training, networking opportunities, and media exposure. The first-place winner will receive a $100,000 grant, while the second-place winner will earn $60,000 and the third-place winner will receive $30,000. In addition, winners will receive executive coaching and the opportunity to attend a number of training workshops.The Cartier Women’s Initiative Award program has a great probability of awarding grants to women from all over the world.
Tory Burch Foundation Fellows Program: This Fellows Program offers a one-year fellowship, a $5,000 grant, workshops at the Tory Burch offices, and the chance to pitch their businesses. The Tory Burch Foundation selects 50 Foundation Fellows every year. To qualify, you had to be a woman-identifying entrepreneur who owns the majority(51%) or equal ownership in a qualifying business. The business must be profitable and have made at least $75,000 in revenue in the previous year.
Business Grants For Veterans
Veterans can apply for grants, loans, and other resources to help them start and expand a business. For veteran-owned businesses, here are some small business grants:
The Streetshares Foundation: On Veterans Day in 2016, the StreetShares Foundation was established. They founded their foundation with the goal of inspiring and assisting military businesses. They grant funding to businesses, educational content, mentorship and coaching, and networking events. Since 2016, they’ve grown to over 85,000 members and assisted 5,000 entrepreneurs in growing their businesses.
Boots to Business: The US Small Business Administration offers a free two-step education and training program to service members who desire to become businesses. The Boots to Business program is an entrepreneurship training for active service military, veterans, and their spouses, instead of a grant. The SBA may provide five years of assistance to grantees.
Warrior Rising: Warrior Rising is a nonprofit organization that provides workshops, training, and grants to ambitious veteran business owners to help them meet beginning costs. This non-profit, which was established by entrepreneurial combat veterans.
Business Grants For Minorities
When it comes to beginning or expanding a small business, minorities encounter a variety of obstacles, including obtaining inexpensive small-business loans. Grants and financial aid for businesses might help close the budget gap. The following are a few of the minority small business grants that are available.
Minority Business Development Agency (MBDA): The Minority Business Development Agency (MBDA) grants funds to groups that run Minority Business Centers across the United states. This organization can offer advice and resources, such as where to go for funding and grant opportunities. The group can also assist small business owners in forming joint ventures.
SBA 8(a) Business Development Program: The 8(a) Business Development Program, while not officially a grant program, allows small business owners from socially or economically disadvantaged groups to compete for some federal government contracts. The company must be 51 percent owned and operated by a U.S. citizen who is socially and economically disadvantaged to be eligible.