Getting money free is not so easy, especially when you are looking funds for your business. You must have to stand apart from others in order to get funds for your organisation from investors. Similarly, banks provide loans to businesses with some securities. But, Small business grants are promising you free money. Originally a grant is free money, but it also has some hidden costs. Here we are assembled each available grant database in a single spot. Here are some ways on how to apply for a grant and how to win a grant.
Small Business Grants
Small business grants are money given by an organization for a specific business or purpose.
Business grants are basically available to small business owners and for their start-up period, for the expansion of the company, or any research and development process.
Small business grants are not like small business loans or credit cards that need to be repaid. Even small business grants never hurt your business or your business credit score.
There are also some restrictions on small business grants such as the amount of money being spent properly is indicated by the grant provider.
If you do not follow that outline well then you may also get some punishment. Therefore, you should follow the rules first. If you want a business grant for your business then you need to follow guidelines else you will get some penalty.
Types of Small Business Grants
As such, business grants are divided into two types.
- Government Small Business Grants
- Private Small Business Grants
Federal and state grants require you to pay attention to government databases that are based on your industry and location.
But they generally paid grants specifically for organized and old-fashioned people.
Small business grants are basically provided by corporations. These private business grants require a less careful application. But it has more competition for funds.
Here is another type of private business grants known as Foundation Grants. But this grant is specifically for charitable foundations or specifically for charitable purposes.
We cannot find a step database for every kind of grant, however, here we are listing some popular small business grants available in the market.
Things you need to know when you apply for small business grants:
By the way, getting funds for your business is not an easy task. To obtain a business grant is a long process that many business owners have to apply for a grant. If the applicant is small then the competition is high.
If you get a grant for your business it is important to stand out from the rest. Note the strict requirements of each grant application before starting the business grant process.
Read the grant application thoroughly and you can provide complete information. A piece of incomplete information cannot perform the screening process. Follow the instructions to the letter – If a section ask for maximum one page, don’t write to much or less.
You must have a sense of what grant officer are looking for? What are their needs? Such time, constraint, etc. Just reach out to them once you have all ideas.
Make sure business proposal should be well-crafted or well-planned including your company success, your target market, goals, and future plans in order to get selected.
A well-crafted business plan speaks to the growth and future success of your company. How funding will power your business? How a business grant will help you reach your goals? Everything should be clearly mentioned in your application.
After submitting your grant application you can follow up to the grant officer – it is okay to keep in touch in a non-informative manner.
Federal Small Business Grants
Well, federal agencies distribute federal grants to small businesses for specific industries such as – scientific research, conservation, technology. Federal trade grants also help fund non-profit organizations, educational institutions, local governments. Federal grants do not cover the costs of business or operating expenses originally initiated. The federal trade grant focuses on research and development.
Official Additional Point for Grant – Grants.gov
The official access point for trade grants is grants.gov.
It is the official uniform mark for grants administered by the government or government agencies. This is a lot of information on the federal grant process.
First, start your search for grant opportunities and go for the eligibility box and check the small business. Read thoroughly about the eligibility for each grant and apply through the grants.gov – register an account, follow each step thoroughly on www.grants.gov.
Challenge.gov is a list of creative, technical, and scientific contests and awards run by agencies on the federal government to drive innovation.
You can search through the open contestants on their homepage to see the type of challenge, prize money, host agency, etc. If you like something for your business then you are registered for an account to submit your entry.
Grant Watch is an official website in the United States and Canada to search for funds through federal, state, local, foundation, and corporation grants. Filter your search for small business grants or go to the section specific to the business. To become a member you need to pay before you see eligibility for a grant.
Small Business Innovative Research Program (SBIR)
Small Business Innovation Research is a competitive grant program that encourages small business in united states for federal agencies to engage in research and development.
It is an award-based program for high-tech innovation by the US Small Business Administration. You must work for a benefit business with less than 500 employees and meet all eligibility requirements.
Small Business Technology Transfer Program (STTR)
The Small Technology Transfer Program is another competitive grant program that expands funding for innovative research and development for federal agencies.
SBIR and STTR programs basically encourage research participation programs. Each is required to collaborate with non-profit research institutes during its initial phase.
You must operate a non-profit business with less than 500 employees, which exceeds the required qualifications. Both these programs were offered through the Department of Energy and the Department of Defense.
State Small Business Grants
State small business grants are limited by industries even they are usually very competitive. But go with what your state and your region have to offer.
Economic Development Administration
The Economic Development Administration is a department of the Commerce Agency that provides grants, resources, technical assistance to encourage entrepreneurship and innovation.
You can easily find grant opportunities and search for a state agency. Every local small business helps with financing, secure office space, staff recruitment.
State Business Incentive Database
The State Trade Incentive Database is a national database for economic developers, economic researchers, finance professionals.
Community and Economic Research Council created to provide a database on incentive programs from all united states and the region.
Before registering, read on to decide the right thing for you for membership benefits and pricing.
Small Business Development Center
Small Business Development Centers basically provide support for small business. Desired entrepreneurs from all existing businesses in the US remain competitive in the market.
Small Business Development Centers are also associated with the state’s economic development agencies.
Small business development centers also help finance, network, opportunities, connect with business advisors.
Corporate Small Business Grants
Corporate small business grants actually focus on corporate funding or provide grants for startups for corporate. You must have a very good idea or concept to get funds from corporate small business grants. Now the government is focusing on start ups, even providing grants for them. Even the government is focusing on corporate-sponsored finance.
Large companies such as FX and Visa will provide huge amount of money to small business to enter the market. Even they are the power of a runner up award or provide publicity for your business. Some companies fund for small business specifically designated for their industry.
Fedex Small Business Funding Contest
The FedEx Small Business Grants Contest gives the top prize of $25000 with funding for print and business services.
FedEx is only open for non-profit business for 6 months in operation. The highest number of employees does not exceed 99.
Visa Everywhere Initiative
The Visa Everywhere initiative is a world-wide innovative program that encourages small businesses to resolve payment issues.
The event raised more than $2 billion in funding and chose its finalists to present each year.
National Association of the Self-Employed
A member of NASE can apply for a small business grant. Each grant is being awarded approximately $4000 monthly. Read their guidelines well to get this grant.
Patagonia Corporate Grants Program
The Patagonia Corporate Grants Program is funding for new non-profit organizations.
They fund about $10000 – $20000. They usually give funds to organizations that work to protect and conserve the environment.
New Quarterly $10,000 Business Grant
Neo’s is a financing marketplace for quarterly business awards. Each quarter they award $10,000 to the small business.
Demographically Specific Small Business Grants
Demographics Specific small business grants are basically grants for specific businesses.
As if you are a woman, veteran, owner of a minority business, there are many government funded financial grants. Their purpose is to help under the presented demographics.
Eileen Fisher Women-Owned Business Grants
This business grant program owned by Eileen Fisher, women’s clothing retailers.
Eileen Fisher’s total award is $ 100,000 in grant money to up to 10 female business owners per year.
Make at least 51% of the leadership and ownership of your business. You must have operated for at least 3 years. They must earn less than $1 million in annual revenue and must focus on environmental change.
The Amber Grant is funding women and the businesswoman. Amber grant awarded once, and $2000 for businesswoman. Each and every year, Amber grants fund $25000 to women entrepreneurs.
It is very easy to apply online. There is only $15 fee. It is run by WomenNet, a female organisation. It is an organization run by women entrepreneurs.
US Department of Agriculture Grants
The US Department of Agriculture provides a variety of grants to small businesses and non-profit organizations operating in rural areas.
They offer different types of business loans – you can easily get grants or loans with zero interest.
Veteran Small Business Award
The Veterans Small Business Award is awarded for up to $ 15,000 in awards by Street Shares, who are more than 50% of the Veteran’s or Veteran’s spouse or business owners. Their mission is to inspire, educate and support veterans to start small businesses.
First Nations Development Institute grants
The First Nations Development Institute is a non-profit organization that has successfully provided grants totaling more than $29 million to help Native American, Alaska Native, Native Hawaiian.
This is a list of available small business grants, you must keep in touch with these organisation to get new opportunities. There are many other small business fund options such as SBA loans, traditional bank loans.
Well free money can be a scam but business grants are not. Business grants promote economic development, start ups, corporate and truly support the development of the country.