Grant Money To Start Business – Small Business Grants: 21 Options to Apply for Free Funds for Your Business by Siege Media Contributor to
No matter what type of small business you own, there are grants available to help your business grow. Read on for details on 21 grant options and databases.
Grant Money To Start Business
Small business grants provide funds to grow your business in a variety of ways. In many cases, you can use grants for things like operations, marketing, or team expansion. Finding out what you might be eligible for is essential to getting started on your application.
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In this article, we’ll cover the basics of grants and give you tips on how to get more of them.
Small business grants are seed money given to entrepreneurs to grow their business. The grant money is considered “drawn” and you are not required to pay it back. Sometimes you may have to pay taxes on the amounts you receive, so please consider this and talk to a tax professional.
Tip: Search grant databases like GrantWatch to find grants available in your industry. GrantWatch is an online hub for over 26,000 grants in the United States and Canada, where you can easily search for various funding opportunities by filtering specifications.
A loan is financing that you have to pay back to the lender that lent you the money. In contrast, a grant is “gifted” money that you don’t have to pay back.
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You will need to apply for both grants and loans, but a loan application considers your ability to repay the money, while a grant application considers your merit as applied to the grant rules.
Grants of several types are available to small business owners and grouped into four main categories. Your eligibility for these grants will depend on your products and services, how you run your business, and your company’s mission.
There is a lot of grant money available for entrepreneurs. Look for funding from the following sources to help your business. These grants were available at the time of publication and may not be available yet.
The US Department of Health and Human Resources created Grants.gov in 2002. It is an e-government program operated by the Office of Management and Budget. The program provides resources and assistance for grant applicants to find and receive funding.
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The website allows you to search for federal grants and check your eligibility before applying for one. You can also track your grant applications once submitted.
Although some grants have stipulations such as industry, type of business, size and location, your local Chamber of Commerce should be able to put you in touch with grants that suit your situation. Their team can also offer funding services, advice and resources for small businesses.
The Small Business Innovation Research (SBIR) program is a competitive grant program for small businesses. This program helps finance entrepreneurs in the research and development industry to support scientific and technological innovation.
A solid business plan is mandatory before applying. A plan will clarify the direction of your business and how it can benefit your community.
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Small business technology transfer programs are similar to SBIRs, but focus on the technology industry. This grant is awarded to companies in the technology industry.
FedEx is hosting a small business grant competition to provide funding to ambitious entrepreneurs. The competition is fiercely competitive, with nearly 18,000 applicants for the 10th annual grant in 2022.
This grant is open to small business models with a story “worth telling”, so if you plan to apply, identify what makes your business unique.
The National Association for the Self-Employed (NASE) Growth Grant was established in 2006. Over the years, NASE has awarded approximately $1,000,000 to entrepreneurs to help grow 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 growth and other needs.
Several small business grants are available exclusively to women, and more appear every year to combat funding inequality.
WomensNet founded the Amber Grant Foundation in 1998. Its mission is to help aspiring small business owners finance their dreams in honor of Amber Wigdahl, the grant’s namesake.
The first week of each month, $10,000 is awarded to a woman pursuing her entrepreneurial passions, from “scientific inventors to bakers,” according to the WomensNet website. At the end of each year, it also awards $25,000 to a woman. .
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Each year, the Live Your Dream Foundation awards $2.1 million in educational funds to women on behalf of Soroptimist International. This foundation focuses on women who have survived sexual violence or other traumatic events.
The Live Your Dream Foundation provides programs and funding that help women build confidence, advance their careers and overcome unexpected situations. Although prize money ranges from $1,000 to $10,000, becoming an international finalist allows winners to receive a maximum of approximately $16,000.
This grant program is for green and sustainable women-owned businesses around the world. Cartier offers three types of funding: regional awards, diversity, equity and inclusion awards, and science and technology pioneer awards.
The American Association of University Women not only provides academic and research grants, but also career development grants to women who want to change careers or re-enter the workforce.
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In addition to individual career enhancement grants, AAUW also awards funds to projects that encourage and launch young women’s careers in technical fields.
Stacy’s Snacks is a female-led brand that launched Project Rise to help women grow their businesses in the food industry. The project provides funding in addition to mentoring and community and networking opportunities.
Designer Tory Burch has a fund with the goal of mentoring and uplifting women entrepreneurs from all walks of life.
In addition to a cash grant, the Fellowship program offers a year-long education model with mentorship tailored to your needs. The foundation also provides a peer network of other recipients and a trip to Burch’s office in New York.
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Many small business grants celebrate this diversity by offering grants specifically for minorities to help you and your business grow.
MBDA offers business centers across the country that provide “high-quality technical assistance for minority businesses,” according to its website. Entrepreneurs can receive mentorship, advice and assistance with funding and growth.
Sephora is a makeup retailer that launched its Accelerate grant program to boost minority business leaders. Each fall, this program helps fund and mentor entrepreneurs in the beauty industry.
Although the rewards for this grant are not monetary, they carry a considerable financial advantage. Winners receive access to a six-month boot camp and are eligible to launch their products directly with Sephora.
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The National Minority Provider Development Council is a leading corporate organization that provides business services and networking opportunities to connect with investors and grow your practice.
Although grant opportunities are ongoing, access to NMSDC’s roster of community small business mentors and advisors is top notch.
The SBA grant program offers several funding options: research and development, export, and associated rewards. Grants vary by year and eligibility may differ for each grant offer.
The SBA also provides Veterans Business Outreach Center services for veterans to assist with operations, financing 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 to businesses, shares educational content, offers mentoring and coaching, and hosts networking events.
Since 2016, the foundation (formerly 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 an entrepreneurial passion, contact the VR&E Self-Employment Track program. This program helps coordinate services to build your business, starting with your business plan. Team members assist with small business operations, marketing and finance.
Although 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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In all likelihood, you will need funds to take your business model to the next level. Instead of taking out a business loan, consider these startup grants.
The Build to Scale (B2S) program aims to build regional economies by funding scalable startups through various grant competitions. Total funding is in the millions, with $45 million in federal funding available for startups in 2022.
Supported small businesses with $6 million in grants and services with the NBA, WNBA and NBA G League.
Small business grants come in many forms and have various requirements. While there is nothing you can do to guarantee that you will get a grant, there are some things that can increase your likelihood of being selected for one.
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Nationwide grants can be attractive because of their large awards. Before spending countless hours preparing national grant submissions, consider starting locally.
Look for any small grants offered by your city or town. Then branch out to the state and regional levels. These grants may not be as large as some of the nationwide grants, but you’ll also be competing with a smaller pool and have a better chance of winning funding.
If you’ve found a grant that seems right for your business, do some digging and see who the previous winners have been. Note any patterns you see between businesses.
Seeing what types of businesses benefit from a particular grant can help you narrow down whether your business is a good fit, what you could
