Us Department Of Energy And Environmental Protection Agency
The DOE and EPA are among the federal agencies that offer grants to small businesses. The Energy Department leverages the SBIR and STTR programs to award grants for research and technology on energy production and use, and the EPA awards grants to businesses assisting in environmental clean up and protection.
What Is The Difference Between A Grant And A Loan
Grants and loans have the same function: to provide business capital. However, there are key differences in how grants and loans are structured.
A small business loan is funding secured by a financial institution to cover business expenses. These are the four most popular loan options:
- Personal Loan
- Equipment Financing
A personal loan is one you take out in your name using your credit and financial information. This option can be a bit risky because it doesnt protect you from bankruptcy, and you can ruin your own credit if you default on the loan.
But, interest rates for these loans are much lower than traditional business rates. You may be able to borrow up to $40,000 if you have a credit score of 680 or higher.
A business credit card is another loan option for business owners. Many credit cards offer low introductory APR rates and a large line of credit. They also offer other perks such as a rewards program.
Equipment financing is great for business owners that need lots of equipment to get their business up and running.
They can either lease or finance the equipment. Leasing requires no money down, while financing requires owners to use the machines as collateral.
Although the lines of credit are for your business, the card activity affects your credit score. Late payments and high credit utilization will lower your credit rating.
Department Of Employment Small Business And Training
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Employer Health Tax Relief
We increased the Employer Health Tax exemption from $490,000 to $1 million starting in 2020.
Along with doubling the exemption, we doubled the instalment threshold from $600,000 to $1.2 million starting with the 2021 tax year.
What this means for you
As an employer, this means additional EHT relief of up to $9,945 per year, for a total of up to $19,500 in annual EHT savings per eligible employer.
The annual tax return form is not changing. Only the amount that you enter for the exemption claimed will change. Tax rates and eligibility criteria for the tax exemption remain the same.
In 2021, all employers will begin remitting monthly instalments when their annual payroll exceeds $1.2 million.
If your business no longer needs to make instalment payments or file an EHT return as a result of the increased exemption amount or instalment threshold, you do not need to notify the Ministry of Finance.
Write And Submit A Grant Proposal
Various government small business grants exist that provide funding for a wide range of problems. Some of these government small business grants are discussed later in this article. Each grant has specific requirements you should ensure that your business can meet these requirements before investing time and money into creating a grant proposal. It often works best to hire a grant proposal writer because writing a grant proposal is a time-consuming and detailed process.
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Federal Government Grants For Small Business
In addition to COVID-19 assistance, the federal government offers additional grants for small businesses. The SBA, the National Institutes of Health and Department of Agriculture are among the federal agencies that fund small business grants.
One place to start your search for federal government small business grants is grants.gov, a comprehensive database of funding opportunities from federal agencies. It might be a good starting point, but the breadth of the database may make it a bit unwieldy, too. Here
National Youth Development Agency
The NYDA provides grant finance in the form of micro-finance grants for survivalist youth entrepreneurship and co-operative grants for greater participation of youth in the co-operative sector.
The objective of the Grant programme is to provide young entrepreneurs with an opportunity to access both the financial and non-financial business development support to establish their survivalist businesses. The programme focuses on youth entrepreneurs who are just coming into existence and are beginning to display signs of future potential but are not yet fully developed.
The grant finance starts from R1 000 to a maximum of R200 000 for any individual or youth co-operative. Young people interested in accessing the grant programme will have to commit to participating in the NYDA mentorship and voucher programme for a minimum of two years.
The program consists of both pre and post-approval assistance.
State Trade Expansion Program
The STEP is a collection of government grants, and other support the Small Business Administration can offer assistance with obtaining or understanding STEP. This program focuses specifically on helping small businesses with export development. Grants are awarded to state entities. Small businesses can then apply to programs offered by these entities so that they can benefit from export development opportunities. Feel free to send an email to to better understand how your business can benefit.
Va Vr& e Business Ownership Track
If you’re a veteran with a disability and an entrepreneurial passion, reach out to the VR& E Self-Employment Track program. This program helps coordinate services to build your business starting with your business plan. Team members assist in small business operations, marketing, and finances.
- Program benefits: Assistance with your business plan, training, and guidance.
- Where to apply: For more information, visit their website.
14. Boots to Business Training Program
Although not a grant, this program offers entrepreneurial training to veterans to launch their business. The two-day training connects veterans with experts and their networks. After initial training, veterans and their spouses can go on to take additional coursework offered by Mississippi State University at no cost.
- Program benefits: Training, coursework, and networking opportunities.
- Where to apply: For more information, visit their website.
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Rural Energy For America Program
This grant program, run by the Department of Agriculture, centers on small businesses in eligible rural areas looking to purchase, construct, or install renewable energy systems or energy efficiency improvement technologies. You can partner one of these federal business grants with a USDA loan guaranty as well, and together theyâll back up to 75% of your eligible project costs.
Government Funding Options For Small Businesses
The federal governments Paycheck Protection Program provided small-business owners with just under $800 billion in COVID-19 relief, according to the U.S. Small Business Administration.
The PPP concluded on May 31, but as businesses forge ahead in the recovery process, they may find a continued need for affordable financing. Here are some of the government funding options that are still available and how to get them.
COVID-19 Economic Injury Disaster Loans
If your business lost money as a result of the pandemic, you may be eligible for a COVID-19 Economic Injury Disaster Loan. The SBA can issue these loans through Dec. 31 of this year, or until funds run out, whichever is sooner.
New changes to the program have increased the maximum available loan amount from $500,000 to $2 million, extended the payment deferment period to 24 months for all loans and expanded the use of funds to include payment of nonfederal and federal debt.
COVID-19 EIDLs are funded by the SBA directly but unlike PPP loans, they cannot be forgiven.
However, businesses in low-income communities may be eligible for a COVID-19 EIDL advance of up to $15,000 that does not need to be repaid. Business owners can get an advance without getting a loan.
You can apply for a COVID-19 EIDL for free using the SBAs online portal and if your business is eligible for an advance, the SBA will reach out to you directly to submit an application.
SBA 7 loans
Local loan and grant programs
Who Qualifies For A Startup Small Business Grant
In general, government startup small business grants arent available for starting a business, paying off debt, or covering operational expenses. And unless your business is a nonprofit or is launching a project related to areas such as technology, medical research, or education, government grants may be hard to find. That being said, there are startup small business grants available for specific business types and owners, including:
Where To Find Government Grants For New Businesses
Government grants are available for UK businesses, as well as via the Welsh and Northern Ireland Assemblies, and from the Scottish Parliament. If youre starting a UK business, begin with the useful Business Finance Support Finder. The Welsh government has access to a similar list of grants at its Business Grants website. Enterprise Ireland has access to funding for small businesses up to larger enterprises, while the Scottish governments Funding Opportunities website provides access to over 600 grants and funding options.
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What Are Small Business Grants
Money is available from various organizations, including federal agencies, state and local governments, and private resources. These funds are in the form of loans and grants and provide funding for specific purposes.
With federal grants, the money is given to organizations or individuals that need capital to accomplish specific goals. Unlike a business loan, this type of funding doesnt have to be paid back.
While the thought of receiving free money appeals to many, its quite challenging to obtain these grants. It isnt money that can be used for whatever purpose the funding recipient wants. Instead, it must satisfy the objectives of the grant providers.
If you find a grant for your small business, youll need to explain how youll use the money. In addition, you may be required to follow a rigorous reporting schedule.
Before pursuing a grant, you should compare available grant options. The grant organizations will publish their guidelines, which every applicant should read carefully. The application process can be extensive, so you should avoid applying for grant programs that you dont qualify for.
Find Out How You Can Take Advantage Of These Government Grants To Start Or Grow Your Business
- Government grants are free federal, state and locally funded programs offered to help launch or grow small businesses.
- Only apply for grants that you are eligible for and can meet all the conditions of the grantor.
- Look to your local government for coronavirus-relief programs specific to your community.
- This article is for new or existing small business owners who want to secure a government grant to help them launch or grow their organizations.
Launching and expanding a small business is expensive, and there are several financial routes you can take to secure funding. For many small business owners, government grants are a desirable option. Several grants are provided by federal, state, and local governments to help small businesses launch, grow, and develop their companies. Learn what the best government grants in 2020 are, how to apply and five tips to help your business get one.
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Federal Government Tax Credits
Many tax credits provided by the federal government help Ontario businesses defray the cost of hiring and research & development.
Heres a sample a federal tax credits for Ontario businesses:
- For businesses that use apprentices, the Apprenticeship Job Creation Tax Credit gives the business a tax credit when apprentices meet certain criteria while employed in an apprenticeship program.
Provincial government loans support a wide range of activities, including capital investment, green/clean tech, and more.
Heres a small sample of the business loans offered by the Ontario provincial government:
Ben Franklin Technology Partners
Ben Franklin Technology Partners has been investing in startups in central and northern Pennsylvania for more than 30 years. Tech startups can potentially receive up to four yearly infusions of cash totaling around $500,000. Small manufacturers may be eligible for a one-time investment of up to $250,000. To learn more about eligibility, check out their website.
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Canadian Government Grant Loan And Funding Programs Mentor Works Can Write For Your Business
Canadian government funding programs can support small businesses, large corporations, non-profits and post-secondary research institutions. However, the key to accessing these programs is knowing which ones provide the best fit for your organization and upcoming projects.
Mentor Works team of Canadian government grant & loan application writers have an average success rate of 86% across all government funding programs and provide our clients with an average of 95% time savings. Speak with a member of our team to find out what programs your business may be eligible for by calling us at or visiting our Get Funding Help page.
Government Grants For Small Businesses In 2021
Daymond John, renowned Shark Tank investor, once said, No matter what business youre in, business is business and financing and money are critical.
Business financing is often a sore point for small business owners because it is difficult to acquire. Get a loan and pay high interest rates. Get an investor and reduce your equity. The gains of sourcing financing can be lost when the stakes are so high.
Thankfully, small business grants provide a solution that removes the risks associated with high interest rates and lost equity.
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Corporate Small Business Grant Options
Many organizations provide funding to small businesses in the form of grants. For example, the National Association for the Self-Employed awards one $4,000 grant every month to active members. Only members are eligible to receive these grants based on a needs assessment by the organization.
The credit card company, Visa, also offers grant money for small businesses, called the Visa Everywhere Initiative. The initiative provides funding to small business owners presenting innovative ways to solve payment issues. If you run a technology company that deals with payments, this could be a good funding challenge to explore.
Government Grants For Small Businesses
Government grants are a desirable source of funding for many small businesses. Well-known sources for government grants include agencies like Grants.gov, Challenge.gov, the U.S. Small Business Administration , and the U.S. Economic Development Administration , but small businesses should look to every tier of the government to find the best grant for their business.
If this is a funding option you are considering, check out these government grants for small businesses.
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Small Business Grants For Women
Here are some small business grants for women-owned businesses:
- Amber Grant for Women: Each month, the Amber Grant Foundation awards $10,000 to one women-owned business, and at the end of the year, one of the 12 monthly winners receives an additional $25,000 grant. The short application requires a $15 fee, and asks what you would do with the money.
- Cartier Womens Initiative: The Cartier Womens Initiative is a set of entrepreneurship programs for women business owners, including a fellowship program and several awards offering grants of $100,000.
- Tory Burch Foundation Fellows Program: This yearlong fellowship provides mentorship and business guidance to 50 women business owners, along with a $5,000 grant for business education.
If none of these grants are the right fit, or if you need more funding, consider small business loans for women.
Federal Business Grants For Small Business
Although there are plenty of federal business grants for small businesses, they are primarily open to companies in the science, technology, or health fields. If your business is involved in research and development or in scientific initiativesâincluding environmental and climate initiativesâthen federal grant programs might be able to cover some of your expenses and help with your small business funding.
Here are the top federal business grants for small business:
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Finding The Best Startup Business Grant For Your Small Business
Australia is home to more than 2.3 million small businesses. It should come as no surprise, then, that there are plenty of grants to support SMEs.
Startup business grants are funding programs that provide businesses with much-needed capital to realise an idea. There is a wide range of options, including government funding grants and industry-specific grants. However, knowing which ones are available and which to apply for can be challenging.
In this post, we look at the best small business grants out there, from government grants to private funding.
Cartier Womens Initiative Award
- What it is: A grant awarded to 21 female entrepreneurs around the globe each year.
- How to apply: Follow the application instructions here.
- Potential benefits: All 21 finalists will receive either a first prize of $100,000 and one-on-one mentoring or a second prize of $30,000 in prize money.
The Cartier Womenâs Initiative Award is awarded once a year to 21 female entrepreneurs around the world. The Cartier award grant is intended for women business owners in the early stages of development of their business . The business should be generating revenue, but need not be profitable. The top seven finalists will win $100,000 and one-to-one business mentoring from an expert that Cartier finds for you. The remaining 14 applicants will win a $30,000 prize.Each of the 21 small business grant award finalists will receive a spot in the INSEAD Social Entrepreneurship Six-Day Executive Program , as well as the opportunity to participate in entrepreneurship workshops, business coaching seminars, and networking opportunities.