Friday, September 16, 2022

Government Grants Available For Small Businesses

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Low Carbon Innovation Grants helps companies to develop a low carbon product or invest in low carbon technology. Again, the council will cover 40 per cent of improvements, providing funding between £1,000 and £50,000. Its intended for energy efficient upgrades and putting eco-friendly waste management systems in place.

Business Growth And Digital Growth Grants

Business Lincolnshire is awarding grants to SMEs looking to increase turnover or create jobs. It can contribute between 40 per cent and 50 per cent of your overall costs, ranging from £1,000 to £5,000. Your firm must be based in the Greater Lincolnshire area and your grant activity proposal must be agreed with a Business Lincolnshire adviser.

Applications can be for a capital or revenue grant.

Theyre available through the Lincolnshire Growth Hub Business Growth Grant , for purchasing equipment, software and specialist consultancy support.

Alternatives To Grant Funding

If youre not sure whether grant funding is right for you and your business, there are alternatives to consider, including business loans and equity finance.

With a business loan, you simply borrow a lump sum of money and then repay this sum with added interest. You can typically borrow up to 25% of your annual turnover or £10,000 to £50 million. Lenders include high-street banks, challenger banks, online lenders and small local specialists.

Equity finance, on the other hand, is a way of raising fresh capital by selling shares of your company in return for a share of the profits, usually a share in the ownership of the business and/or a share in the running of the business. It can be a good option for new or small businesses finding it hard to get a loan.

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Corporate Small Business Grants

A growing number of private corporations and large businesses are looking to give back to the community. One way they do this is by offering small business grants to local business owners. This is becoming an increasingly popular option for those who dont want to wait for government agency grants to come through. Lets look at some of the popular corporate small business grants.

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Grant funding provides financial assistance to help U.S. based businesses and nonprofit entities. Financial assistance will be allocated to eligible, qualified small businesses and nonprofit entities based on the availability of funds, program guidelines, and the submission of all required information and supporting documentation. Applications are now open for eligible businesses, subject to availability of funding.

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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.

Malvern Hills Enterprise Scheme

The Enterprise Scheme aims to support new and young businesses. The scheme will encourage the occupation of vacant commercial premises, help regenerate town centres, stimulate entrepreneurship, create new jobs and enhance the sustainability of new businesses.

Pre-start and new businesses trading for less than 36 months can apply for a grant of up to £500 or £1,000 if they meet the following criteria:

  • The business is in or moving into premises that are liable to business rates
  • The business employs or will employ two or more FTE employees
  • The business operates in the low carbon economy
  • The grant will be used towards expenditure that supports the business environmental sustainability

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How Do I Get Started

Yes, there is grant money available from private foundations and government entities. No, it is generally not available to individuals to start for-profit businesses. There are a few private sector competitions listed below.

The first step you can take is to talk with an SBDC Business Advisor. Starting a small business in Alabama, or taking steps to save or grow it, is a lot easier after youve talked with a small business expert.

Even though many publications and talk shows publicize grants to small businesses, there are only certain types of government grants available to small businesses. SBA, for instance, offers Small Business Innovation Research and Small Business Technology Transfer grants. Grants from other agencies may also be available for new technologies, inventions, or products. The U.S. government does not currently provide grants for starting or expanding a small business.

The U.S. Small Business Administration administers the nationwide SBDC program while implementation of program in Alabama rests with the Executive State Director and the participating organizations within the state.

Dos And Donts Of Winning Business Grants

Small businesses remain concerned despite government assistance

Lets start with some basic dos and donts of trying to win grants.

Do:

  • Make a schedule several grants are only open to applications once a year. Give yourself enough time to put together an application well before the due date.
  • Write a business plan first most grants will ask for one. More importantly, you should know exactly how the grant money will help your enterprise. Heres our guide to writing a simple business plan.
  • See what companies have been funded in the past this can help you determine which grants you have a better chance of winning. If theyve funded similar types of businesses, thats a good sign.
  • Get help from community business organizations I went through many types of organizations that provide assistance to small business owners. This includes helping you find grants and presenting your company in the best light.
  • Consider professional help if you come across a grant that requires a well-written cover letter or essay, consider hiring a professional grant writer if you can afford it. Its usually only worth it for big grants.

Dont:

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Are Federal Small Business Grants Better Than Small Business Loans

It depends. Small business grants and small business loans each have their place in small business financing. Your choice depends on:

  • How quickly you need the funds
  • Whether you are working on a single project or multiple projects
  • Ability to repay the loan

In an ideal world, a small business would be fully self-funded and self-sustained. In fact, this is the recommendation for startup businesses. However, there may come a point at which additional funding is needed to facilitate business growth. The table below explains the pros and cons of small business grants from federal agencies and small business loans, so you can determine which funding option makes most sense for your business.

Lancashire Manufacturing Growth Fund

The Lancashire Manufacturing Growth Fund wants to support relatively significant projects with a value of around £10,000, which would warrant a grant of around £3,00. Itll fund 30 per cent of your project. Again, those projects that lead to job creation and increased productivity are most desirable.

Provided by Staffordshire Moorlands District Council, small businesses based in Stoke on Trent and Staffordshire can get £1,000 grants which must be matched by at least £667 of your own funding.

Typical expenditure would include:

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National Association For The Self

The National Association for the Self-Employed Growth Grant was established in 2006. Over the years, NASE has awarded roughly $1,000,000 to entrepreneurs to help grow small businesses.

  • Award amount: Up to $4,000
  • How to apply: Visit NASE’s website for information on the grant and how to become an NASE member.

You must be a member of NASE to apply for this grant, but winners can receive up to $4,000 to go toward marketing, team growth, and other needs.

Small Business Grants: Here Are 23 You Can Apply For In 2022

What Government Grants Are Available For Small Businesses

Its a difficult time for small businesses affected by the coronavirus outbreak. However, governments at the local, state, and federal levels, as well as private companies may give out grants. Researching and applying for funding requires time and effort, but if you are successful in getting a grant, everything is worthwhile. Here is a breakdown of small business grants to get you started.

Author: Dale Cudmore

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Who doesnt like free money? Thats what small business grants are, right?

It could help you pay salaries, buy stock, or reach new customers.

While grants are free in the sense that you dont have to pay them back, theyre not handouts.

You cant just go to a website and ask for one small business grant please, and expect to get it.

You must apply for a grant, which can take a decent amount of work and effort. Then, youre up against other small businesses that also want the grant. Its common for even small grants to get hundreds of applicants. That said, a list of small business grants is a good starting point.

Ive compiled a list of 23 small business grants, but before I get to that, there are 3 more things you should understand:

  • Almost all grants are for existing businesses if you havent started your company, its almost impossible to win a grant. Look for a loan instead.
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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.

    North Of Tyne Growth Fund

    The North of Tyne Growth Fund is a £4.6m programme of investment part-funded by ERDF that supports SME growth.

    You could be eligible for a grant of up to 30 per cent of expenditure if you are an SME planning capital investment of at least £67,000 and expanding or establishing in Newcastle, Tyneside or Northumberland.

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    Business Grants For Women

    On top of all the grants weve looked at so far, there are several grants and resources specifically for small women-owned businesses.

    I encourage you to visit your local Womens Business Centers if possible there are over 100 across the United States. They will be able to point you towards additional grant options or help you find alternative funding methods.

  • The Amber Grants: Each month, one small business owned by a woman wins a $10,000 Amber Grant. You will need to get votes to win, so it helps to have a strong social network. At the end of the year, the 12 recipients have a chance to win the annual $25,000.
  • The InnovateHer Challenge: This is a grant for women entrepreneurs that is funded by the SBA every year. There are 3 winners, with first place receiving $40,000, second winning $20,000, and third being granted $10,000. Its a fairly prestigious grant that comes with a lot of publicity for the recipients businesses as well.
  • To become eligible, you first need to win a local InnovateHer challenge to qualify for the national competition.

    Any type of business is eligible to compete, but those geared towards women and their social problems typically do best.

  • Cartier Womens Initiative Award: These grants are prestigious awards that can make a huge difference for any small business. There are 21 finalists , who all get personalized coaching, training, networking opportunities, and media visibility. That alone is worth a lot of money.
  • Fedex Small Business Grant

    Grants available for Council Bluffs small businesses and residents

    FedEx hosts a small business grant contest to provide funding for ambitious entrepreneurs. The contest has tough competition, with nearly 18,000 applicants for the tenth annual grant in 2022.

    • Award amount: $15,000$50,000
    • How to apply: Visit the FedEx website for specific application details.

    This grant is open to small business models with a story worth telling,” so if you plan to apply, pinpoint what makes your business unique.

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    The Us Veterans Administration

    The VA sets aside contracts for Veteran-Owned Small Businesses and Service-Disabled Veteran-Owned Small Business . To qualify, applicants must first register with the Vets First Verification Program.

    For SDVOSB eligibility, participants must hold at least a 51 percent ownership stake in the business. Their service-connected disability requires VA or Department of Defense determination.

    Women In Engineering Grant 2022

    Get it Made has launched a grant for female-led engineering enterprises to encourage the next generation of women in UK engineering. The Women in Engineering Grant is for female leaders looking for funding to move their organisation forward. The recipient of the grant will receive £10,000 so that they can scale up production and move their business forward.

    To apply, the leader of the organisation must be female and the organisation must reside within UK engineering and have fewer than ten employees. In the application, you must state the goal or mission of your product or company, how the grant will be used and what difference the grant will make to your organisation.

    Complete the application form by midnight GMT on 31 July 2022. The winner will be notified by email.

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    Be Both Realistic And Optimistic

    In exchange for not having to repay the money offered in a grant, they often come with terms and conditions for how the money is used. Government grants often have stricter requirements than those from private corporations .

    The good news is, you may be able to apply for multiple grants to fulfill different needs within your business. Plus, some grants can be renewed if youre able to verify that youve used the funds as prescribed.

    Consider Hiring A Grant Writer

    Pin by Top Government Grants on Small Business Resources

    Grant writing is an art, so consider hiring a grant writer. A grant writer will know what kind of language to use to make your application stand out, which can make quite the impact when you’re competing.

    It’s worth noting that grant writers can be expensive. So, if you’re strapped for cash, you may want to hold off and consider taking some free grant writing courses instead.

    Before applying to grant programs, ensure you’ve covered all your business’s legal bases and have a story to tell along with a business plan to show.

    Get help managing your business.Get help managing your business.

    About the Author

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    Business Grants Vs Business Loans

    As discussed above, with a grant you do not have to repay the funds. However, if you have just launched your business or youre in the early startup phase, you may not be eligible for many grants. Another potential limitation with grants is that many grants have strict requirements concerning the grant application process and the grant proposal. If your application or proposal doesnt meet the specific requirements mandated by the agency, your request will be rejected.

    If youre just starting out in business and its unlikely that you will be awarded a grant, you may want to consider finding a loan provider.

    One advantage of a business loan is that you can secure the capital you need to meet your needs, whereas with a grant, the amounts are fixed and may not sufficiently meet your companys needs. Another advantage is that some lenders may have more relaxed requirements, such as a lower minimum monthly income or lower minimum time in business.

    Growth Deal Funding Black Country

    The Growth Deal aims to drive business growth, give people new skills, test new innovations, invest in transport infrastructure and regenerate key sites for employment in the Black Country. It wants to maximise the economic impact of growth opportunities from the automotive, aerospace and construction sectors which prominent manufacturing areas in the Black Country. Funding is awarded on a case-by-case basis.

    The only grant available is the Site Investigation Fund, aimed at private sector landowners seeking to de-risk and address uncertainty on their sites.

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    Fedex Small Business Grant Contest

    Every year, FedEx awards $250,000 to 10 up-and-coming small businesses. In addition, it offers a $50,000 grant and $4,000 in FedEx print and business services to the top three winners. To be eligible, the small business should be U.S.-based, in operation for at least six months with less than 99 employees.

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    Grants are funds awarded by government agencies, foundations, and corporations that you dont need to repay. As such, grants can be an important source of growth for small businesses.

    Additionally, there are a number of grants designed specifically to help certain types of businesses. These might be businesses in a specific industry, started by women, run by veterans, and so on.

    If youre interested in using a grant to help fund your business, consider these tips.

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    Free Government Grants For Small Businesses

    byKyle BernalJuly 4, 2022, 11:37 am

    Over 99% of businesses in the United States are considered small. Its equivalent to almost 32.5 million firms, according to Small Business Administration statistics in 2021. The federal government has shown continued interest in their success by providing grant money to eligible entrepreneurs to support their businesses. Here, you will learn the ups and downs of small business grants, tips on how to apply, where to find them, and a list of grants you may qualify for!

    How To Find A Grant For A Small Business

    A quick Google search will pull up millions of results for business grants. So many possibilities are out there that it can seem impossible to narrow down the prospects. But there are a few resources that can not only help you find the right grants for your business, but even assist in the application process, and help you identify grant opportunities that cant be missed.

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