Business Grant Startup – Small Business Grants: 21 Options to Apply for Free Funding for Your Business by Siege Media, Contributor
No matter what kind of small business you own, there are grants available to help your business grow. Read on to learn more about the 21 funding options and databases.
Business Grant Startup
Small business grants provide funds to grow your business in a number of ways. In many cases, you can use the grant for things like operations, marketing or expanding your team. It is crucial to find out which ones you may be eligible for, so you can start applying.
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In this article, we’ll cover the basics of grants and give you tips on how to get more out of them.
Small business grants are seed money provided to entrepreneurs to grow their businesses. Grants are considered “gifts” and you don’t have to repay them. From time to time, you may be required to pay tax on the amount you receive, so take this into consideration and consult a tax professional.
Tip: Search grant databases, such as GrantWatch, to find grants available in your industry. GrantWatch is an online hub for more than 26,000 grants in the U.S. and Canada, where you can easily browse a variety of funding opportunities by filtering your specifications.
A loan is money that you must repay to a creditor who lent you money. A grant, by contrast, is “given” money that you don’t have to pay back.
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You have to apply for both a grant and a loan, but a loan application considers your ability to repay while a grant application considers your merits as it applies to grant rules.
There are several types of grants available to small business owners, which fall into four broad categories. Your eligibility for these grants will depend on your products and services, how you own your business and the mission of your business.
There are plenty of grants available to entrepreneurs. Find funding from the following sources to help your business. These grants were available at the time of publication, but may no longer be available.
The U.S. Department of Health and Human Resources created Grants.gov in 2002. This is an e-government program run by the Office of Management and Budget. The program provides resources and assistance to fund-seekers in finding and obtaining funding.
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The site allows you to search for federal grants and check your eligibility before applying. You can also track your grant application after submission.
While some grants have regulations such as industry, business type, size and location, your local chamber of commerce should be able to connect you with grants that are right for your situation. Their team can also provide funding services, tips and resources for your small business.
The Small Business Innovation Research Initiative (SBIR) is a competitive funding program for small businesses. The program helps entrepreneurs in funding research and development industries to support scientific and technological innovation.
A solid business plan is a must before applying. A plan will clarify the direction of your business and how it will benefit your community.
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The Small Business Technology Transfer Program is similar to SBIR but focuses on the technology industry. The grants go to businesses in the tech sector.
FedEx hosts a small business funding competition to provide funding to ambitious entrepreneurs. The competition was competitive, with nearly 18,000 applicants applying for the tenth annual grant in 2022.
The grant is geared toward small business models with a “worth telling” story, so if you’re planning to apply, identify what makes your business unique.
The National Association of Self-Employed Employers (NASE) Growth Grant was established in 2006. Over the years, NASE has provided approximately $1,000,000 to entrepreneurs to help them grow their small businesses.
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You must be a member of NASE to apply for this grant, but winners can receive up to $4,000 for marketing, team development, and other needs.
Several small business grants are dedicated to women, and more grants appear every year to address funding inequality.
WomensNet established the Amber Grant Foundation in 1998. Its mission is to help aspiring female small business owners fund their dreams in honor of the fund’s namesake, Amber Wigdahl.
According to the WomensNet website, during the first week of each month, a woman pursuing her entrepreneurial passion will be awarded $10,000, from “scientific inventor to baker.” It also awards a woman $25,000 at the end of each year.
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Each year, the Live Your Dream Foundation provides $2.1 million in educational grants to women on behalf of Soroptimist International. The foundation focuses on women who have survived sexual violence or other traumatic events.
The Live Your Dream Foundation provides programs and funding to help women build self-confidence, advance their careers and overcome the unexpected. While prizes range from $1,000 to $10,000, being an international finalist can earn up to around $16,000.
This grant program is for environmentally friendly and sustainable women-owned businesses around the world. Cartier offers three funding types: Regional Awards, Diversity, Equity and Inclusion Awards, and Technology Pioneer Awards.
The American Association of University Women offers not only academic and research grants, but also career development grants for women who wish to change careers or re-enter the workforce.
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In addition to individual career development grants, AAUW provides funding for programs that encourage and launch young girls’ careers in technology.
Stacy’s Snacks, a women-led brand, launched the Rise Project to help women grow their businesses in the food industry. In addition to mentoring and opportunities in the community and networking, the program provides funding.
Designer Tory Burch has launched a fund to mentor and uplift women entrepreneurs from all walks of life.
In addition to monetary grants, the scholarship program offers a one-year educational model with instruction tailored to your needs. The foundation also offers fellow grantees a peer network and access to Burch’s New York office.
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Many small business grants celebrate this diversity by offering grants specifically for minorities to help you and your business grow.
According to its website, MBDA offers business centers nationwide that “provide high-quality technical assistance to minority-owned businesses.” Entrepreneurs can get mentorship, counseling, and help with funding and growth.
Sephora, a cosmetics retailer, launched the Accelerate grant program to uplift minority business leaders. Each fall, the program helps fund and mentor entrepreneurs in the beauty industry.
While the awards for this grant are not monetary, they do involve significant financial stakes. Winners can attend a six-month bootcamp and be eligible to launch their products directly with Sephora.
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The National Minority Supplier Development Council is the premier corporate membership organization that provides business services and networking opportunities to connect you with investors and build your practice.
While grant opportunities are key, access to NMSDC’s roster of mentors and community small business advisors is top-notch.
The SBA grant program offers a number of funding options – research and development, export and related awards. Grants vary by year and eligibility may vary for each grant.
The SBA also offers Veterans Business Outreach Center services to veterans to help assist with operations, funding and other business needs.
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The mission of the Second Service Foundation is to inspire and support military entrepreneurs. It provides funding for businesses, shares educational content, provides guidance and mentoring, and hosts networking events.
Since 2016, the Foundation (formerly known as The StreetShares Foundation) has built a strong community of over 85,000 members and helped over 5,000 entrepreneurs build their businesses.
If you are a Veteran with a disability and a passion for entrepreneurship, please contact the VR&E Self-Employment Program. The program helps coordinate services to build your business – starting with your business plan. Team members assist small business operations, marketing and finances.
While the program is not a monetary grant, the resources provided to recipients are valuable for planning and expanding a business as a veteran.
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You will most likely need funding to take your business model to the next level. Instead of applying for a business loan, consider these start-up grants.
The Building to Scale (B2S) program aims to build a regional economy by funding scalable start-ups through various grant competitions. Total funding is in the millions, with $45 million in federal funding available to start-ups in 2022.
Already provided $6 million in grants and services to small businesses through the NBA, WNBA and NBA G League.
Small business grants come in many forms and have different requirements. While you’re not guaranteed funding, there are a few things that can increase your chances of being selected.
Tips For Finding Small Business Grants In Canada
Nationwide grants are attractive because of their size. Before you spend countless hours preparing to submit a national grant, consider starting locally.
Look for any small grants offered in your town or city. Then, expand to state and district levels. These grants may not be as large as some grants given to the entire country, but you will also be competing with smaller pools of funding and have a better chance of winning funding
If you find a grant that looks like a good fit for your business, do some digging to see who the previous winners are. Note any patterns you see between businesses.
Seeing what types of businesses receive certain funding can help you narrow down what you can do if your business is a good fit
