Finding a Grant to Start Your Business
Modern times have become trying for a lot of businesses. High inflation and the global pandemic are crippling our economy in uncontrollable ways. It can be hard to successfully start and run your new business in times like these. Fortunately, finding a grant to start your business will be easier after reading this article!
Recent tax hikes have made survival increasingly difficult. Nonetheless, with the help of the U.S government and some private companies, you can still find grants to start a business. They offer grants that are available at different times and for different businesses. To help you avail them, we have gathered a list of sources you can approach to fund your business today.
Types of Small Business Grants Available
Grants are an excellent way to push your business in the right direction. You don’t have to pay back the money, and you can continue on your lifelong dream. Fortunately, various government agencies and private corporations provide grants to small businesses. Government grants are generally specific and target particular businesses. On the contrary, private companies are more flexible with their funding terms. This allows them to offer grants to a broader business range. Some niche groups such as women, cottage industries, or minorities can also apply for grants tailored to their needs. Special assistance for businesses affected by the ongoing COVID-19 pandemic is also available.
Small Business Grants for Coronavirus Relief
Keeping in view the present environment, the U.S government has been providing grants to businesses affected by the pandemic. The downside is that these programs are erratic, and their availability varies.
Initially, it offered three programs, but only one is still accepting new applications. It is the EIDL – Targeted Economic Injury Disaster Loan Advance. This grant is for small businesses in low-earning communities affected by COVID-19. It offers up to $10,000 to small businesses that they don’t have to pay back. The U.S Small Business Administration approaches small businesses themselves on approval. Visit their website for more information about the eligibility criteria and application process.
Other Grants Provided by the Federal Government
The federal government is one of the largest grant providers to small businesses. It caters to different companies, from child care services to research. Although the application process may seem grim, it’s not difficult. Hence, the federal government provides an ideal starting point for small businesses.
Moreover, federal government grants are accessible quite easily on the internet. The weblink grants.gov helps you decide which program you are eligible for. Moreover, you can find the most suitable agency willing to offer you a grant to get your business started. Alternatively, some services provide grants for research businesses. So your business has to be around scientific research or innovation to qualify. Moreover, it must be for-profit with less than five hundred employees.
Thanks to SBIR and STTR grant programs that connect you to twelve agencies for a contract.
Finally, you can find federal government grants for growing a large business on usa.gov. The website has fewer restrictions and helps find funds for a company relatively faster.
Grants Offered by Regional Governments
Every U.S state provides you the chance to start or improve your business. The Economic Development Directory contains offices and people to contact in your specific state. Moreover, Small Business Development Centers help local, aspiring companies. These centers are present throughout the U.S and have a network of local companies willing to help. They also provide training and exposure, helping you learn how to start a business.
Business Grants Offered by Corporations
Many private companies also offer grants to individuals for starting a small business. Usually, the business has to be for-profit to secure the funds. However, they sometimes grant it as a goodwill gesture too. Some of the grants for new and existing businesses are as follows.
● FedEx Small Business Grant Contest
FedEx holds an annual competition in which it gives away $250,000 to twelve companies. The first prize winner gets $50,000 alongside an additional $7,500 worth of FedEx services. This contest allows entry of any U.S firm older than six months with a maximum of 99 employees.
● Grants by National Association for the Self-employed
Members of NASE can request a monthly grant for operating a small business. They provide up to $7,000 per month, including $3,000 for college-going dependents. Moreover, members can apply for this grant at any time. NASE reviews all applications every quarter.
● Grants by American Express
American Express has recently partnered with Main Street America. They’re currently offering $5,000 to small-time construction businesses. In total, they will issue 250 awards in four quarters. The program started in November 2021. The eligibility favors small business owners who have been most affected by COVID-19.
Government grants are an excellent way to jump-start your business. The current economic situation has pushed the government to offer more grants. Moreover, private corporations have also come forward to help. If you’re planning on getting funding for your business, now is the right time to apply.