Wednesday, September 21, 2022

Government Grant Programs For Small Business

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Need More Resources For Your Small Business Or Startup

Canadian Government Grants For Small Businesses

Finding ways to fund your startup is just one of many details to sort through as you get your small business off the ground. Its important to seek all the help you can. ZenBusiness is here to help support you as you pursue your dream, with informative articles and worry-free services, such as filing options, business plan formation, and domain name registration. Check out our available products and pricing today to get started.

Usda National Institute Of Food And Agriculture

The NIFA offers grants to support research education and extension efforts across a wide-range of agricultural and behavioral sciences, including health, food science, natural resources and more. This site provides a list of grants and more information and resources for the grant application process.

Alternatives To Small Business Grants

If you do not have the time to spend on the grant-writing process, consider applying for a line of credit or a small business loan.

Lines of credit are available to you at any time. Their downside is that they have limits, which are higher than a credit card but much lower than an installment loan. Before signing up for a line of credit, make sure it is large enough to meet your needs. If it isnât, you run the risk of accumulating debt without accomplishing your goals.

Small business loans can go a long way towards turning your small business plans into reality. The downside of small business loans is that the interest rate can depend on your credit score.

In addition to using traditional banks for a line of credit or a small business loan, we recommend that you consider online lenders

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How Do I Apply For A Targeted Eidl Grant

If you previously applied for an Economic Injury Disaster Loan, you will receive an invitation inviting you to apply for the targeted grant.

If you have not yet applied for EIDL you can do so at SBA.gov. If your business appears eligible, you will be invited to apply for the Targeted Advance. You do not have to accept the EIDL loan to get the grant, if you qualify.

Important! Check your spam folder for email from the SBA and watch out for scams. The SBA is contacting previous applicants directly by email with instructions to determine eligibility and submit documentation. The SBA advises:

Any EIDL Grant previously received will be subtracted from the $10,000 EIDL Grant.

Small Business Grants For Specific Demographics

Pocatello starts small business grant program

Small business grants arent readily available to people wishing to start businesses. However, there are demographics that the government may want to promote and offer helpful resources for their businesses. Three of the largest groups are veterans, women, and minorities. Learn more about each of these subsets in the following sections:

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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.

Corporate Small Business Grants

Government grants for small businesses are great, but the requirements are often hyper-specific, or the funding amounts arent that large. Big corporations, on the other hand, will often provide small business grants to contest winners. For you, its money to grow your business. For them, itâs a PR win, netting loyal corporate customers and a lot of goodwill.

The difference here is that many corporate-sponsored small business grants involve pitch competitions or something similar. Not all do, of course, but youâll want to be aware that applying to a corporate grant might involve more work. With that, though, comes the potential for publicityâand for runner-up prizes if you dont win first prize.

Recommended Reading: How To Scam The Government For Money

Good For: Technology Companies

The federal research SBIR grant program is for entrepreneurs focused on innovations in technology that have the potential for commercialization. You can check its funding opportunities here. Focus areas from the past include clean and safe water, homeland security, land revitalization, green construction, advancement of health care, and more.

Small Business Grants For Veterans

Financing a New Business : How to Apply for a Government Grant for Small Business

While grant money is available to disabled veterans, there arent as many resources offered for all veterans. Funding is available in the form of low-interest business loans. Below are a few common funding programs for veterans:

  • Vocational Rehabilitation and Employment

Provided by The United States Department of Veterans Affairs , this program provides funds to disabled veterans. To be eligible, veterans must have experienced a service-connected disability that causes employment barriers. The VA requires applicants to receive a disability rating.

  • Vets First Verification Program

The VA also offers this program for existing veteran business owners. It isnt a grant, but it does provide services to veteran business owners. They receive priority on contracts at the federal and state government levels, access to capital, and tax benefits. The program offers training and other resources to help these business owners learn how to manage their operations.

  • The Street Shares Foundation

This foundation offers programs for veterans, including occasional grants. The company suggests veterans sign up to receive updates, or they can view the foundation website for listings. When funding is available, there are three awards given as follows:

  • 1st Place $15,000

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Enhancing The Canada Small Business Financing Program

Small businesses need access to financing in order to invest in people and innovation, and to have the space to operate and grow. To make sure small business and independent entrepreneurs can access the capital they need to recover, innovate, and grow in the long-term:

  • Budget 2021 proposes to improve the Canada Small Business Financing Program through amendments to the Canada Small Business Financing Act and its regulations. These proposed amendments are projected to increase annual financing by $560 million, supporting approximately 2,900 additional small businesses. Proposed amendments include:
  • Expanding loan class eligibility to include lending against intellectual property and start-up assets and expenses.
  • Increasing the maximum loan amount from $350,000 to $500,000 and extending the loan coverage period from 10 to 15 years for equipment and leasehold improvements.
  • Expanding borrower eligibility to include non-profit and charitable social enterprises.
  • Introducing a new line of credit product to help with liquidity and cover short-term working capital needs.

Supporting Jobs And Growth In All Communities

As Canada builds back better, no community will be left behind. From the outset of the pandemic, regional development agencies have been on the ground across Canada, helping businesses weather the effects of the pandemic. Through the $2 billion Regional Relief and Recovery Fund, they have been providing liquidity to businesses, helping bridge them to the recovery, and preserving more than 125,000 jobs. To ensure businesses in every corner of Canada have the support they need to get through the pandemic and that they are brought along in our economic recovery:

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United States Department Of Agriculture

USDAs business programs provide financial backing and technical assistance to stimulate rural business creation and growth. Loans, loan guarantees and grants are available to individuals, businesses, cooperatives, farmers and ranchers, public bodies, non-profit corporations, Native American Tribes and private companies in rural communities. For more information, please visit the USDA website.

Complete Your Recovery Plan

Launch Online BC Government Grant Program for Small ...

A recovery plan is a list of specific actions your business can take to support continued operation under the new normal conditions of COVID-19. It must be realistic and easy to put in place. It must explain the timeframe for the action to be complete and how much each action will cost.

Please note: The development of a recovery plan usually takes an applicant less than an hour.

Options to complete your recovery plan

If your application meets the eligibility criteria, you have three options to complete your recovery plan:

  • You can prepare your own recovery plan .
  • Small Business BC will match you with a professional service provider to prepare your recovery plan
  • You can prepare your recovery plan and use your own professional service provider. Please note:
    • If you use your own professional service provider, they must register and be confirmed by Small Business BC on the expressions of interest page to receive funding
    • If you do not use a professional service provider or use an unregistered one service provider funding will not be provided

    A professional service provider must be:

    • Certified Bookkeeper in good standing with CPB Canada or the Canadian Institute of Bookkeeping
    • Certified Professional Financial Planner
    • Practicing Lawyer in good standing with Law Society of B.C.
    • CPA in good standing with CPA of B.C.

    Submitted recovery plans will be evaluated. If your recovery plan is approved, grant funding will be provided.

    Read Also: Government Loan For New Business

    Small Business Technology Transfer Program

    The STTR program is another competitive grant program that expands funding opportunities for innovation research and development for federal agencies. Both the SBIR and the STTR programs encourage research partnerships, but STTR requires each applicant to collaborate with a non-profit research institution during the first two phases of the program. To qualify, you must operate a for-profit business with less than 500 employees and fulfill all eligibility requirements.

    You can also find SBIR and STTR programs offered through the Department of Energy and Department of Defense.

    See a list of solicitations posted by federal agencies and filter by program, agency, or phase. Click any headline for further details on how to apply.

    State Covid Small Business Grants

    In addition to SBA grants, several states have open applications for COVID-19 small business grants. For example, the New York State COVID-19 Pandemic Small Business Recovery Grant Program offers grants of up to $50,000 to to small businesses that did not receive a RRF grant, and Ohio offers industry-specific grants for restaurants, lodging and entertainment venues, as well as grants for small businesses that started up in 2020. Check your states business agency website to learn more about small business grants in your state.

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    Small Business Grants In Canada

    Pa. governor promotes grant program that helps small businesses

    Starting a new business is exciting. However, the major challenge small businesses face is the lack of finances to fund their operations. You need money to carry out various activities and scale your business to the next level.

    Small business grants can come in handy. In Canada, you may realize its challenging to find a grant. Although there are grants available, most of them are for specific groups of people participating in some things and certain places. Government grants round up in some industries like biotechnology, agribusiness, environmental technology and more.

    Read Also: Government Help For New Business

    Need Help Finding Canadian Government Funding

    Are you uncertain of your eligibility for any of the Canadian government funding programs listed above? The majority of government grants for small businesses are reserved for established SMEs . If you are established, please send us a message or register for an upcoming small business funding event. From here, we can further evaluate your eligibility for specific Canadian government funding programs and help you choose the funds most optimal for your business growth plans.

    Shuttered Venue Operators Grant

    The SBA introduced this COVID-19 grant as part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. Shuttered Venue Operators Grants are available to individuals such as movie theater operators, talent representatives, and others who were affected by having their venue closed due to the pandemic.

    Eligible applicants can receive a grant worth up to 45% of their gross earned revenue. The maximum grant amount is $10 million. To be eligible, applicants or venues must have been in operation as of February 29, 2020, and have not applied for or received a PPP loan on or after December 27, 2020.

    As of August 2021, applications for Shuttered Venue Operators Grants are closed. The SBA intends to open the program for supplemental grants worth 50% of the original award amount, capped at a total of $10 million, but has not yet announced additional details. Visit the SBA website for updates on this timing.

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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.

    Small Business Grants: The Pros And Cons

    How to get a small business government grant â Canada ...

    As a small business owner, you may find it difficult to fund your operations at times. When you run into situations like this, you are likely to inquire about a small business loan or another loan program offered through your financial institution.

    Depending on your situation, a business grant may seem more attractive than traditional funding options since they are essentially free money. Grants are a great way to help establish and grow your business without mortgaging your future.

    Grants can come in many forms: smallbusiness grants, federal grants, state grants, county grants, local grants and grants from private businesses. Also, it is important to note that grants for small businesses can be supplemental to any other traditional method of funding a business, such as a loan, microloan, or line of credit.

    But all business grants have their advantages and disadvantages. There are many things to consider when pursuing this type of funding for your business.

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    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.

    Build A Strategy For Ontario Government Funding

    Ontario businesses can access grants and loans through federal government funding, federal funds targeted at businesses in northern Ontario and southern Ontario , and Ontario provincial government funding. There are many sources of funding, which makes strategic planning critical to funding success.

    Companies should build a government funding strategy that uses funding programs to reduce the cost of strategic projects. One of the best government funding tactics to use is stacking together different types and sources of funding. This can significantly improve the scope and success of projects. Please note that multiple federal or provincial programs cannot be stacked only one federal and one provincial funding program may be used per project.

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    Jack Daniels Pitch Distilled

    Jack Daniels hosts an annual pitch competition with the goal of inspiring entrepreneurs to surface the next big idea. Small business startups can apply and if accepted, theyll pitch their ideas at the Pitch Distilled event to a group of business owners. The winner of this pitch contest will win a $5,000 prize, plus advice and guidance from the panel of judges to help make their idea a reality.

    Veteran Small Business Award

    SBS FINANCE | Accessing government grants for your small business

    The Veteran Small Business Award provided by StreetShares Foundation awards up to $15,000 to veterans or spouses of veterans that own over 50% of the business. Itâs mission is to inspire, educate, and support veterans as they start small businesses.

    Read the full terms and conditions for eligibility and application guidelines.

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