How Do I Qualify For A Small Business Grant
Each grant has specific qualifications youll need to meet in order to apply. Its important to review these first so you dont waste your time applying for grants you arent eligible for.
Some may require you to be in a certain industry. Others may require you to be in business a certain amount of time or be generating a certain revenue. You may have restrictions on how you use the funds.
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.
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.
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Local Small Business Grants
Local municipalities may offer grants to help business grow programs that can benefit their region. For instance, some cities are helping restaurants in the wake of the COVID-19 pandemic by covering the cost of outdoor patio heaters. By doing so, restaurants get help meeting consumer demand while abiding by health guidelines for eating outdoors during the pandemic, even during cold weather. Other grants may be targeted to help a region increase its appeal by encouraging certain types of businesses. There can be grants for startups, grants to improve environmental practices, or grants for small businesses trying to expand into a particular field such as optics, renewable energy, or manufacturing. Check with your city or county for opportunities.
Canadian Emergency Response Benefit And Canada Emergency Commercial Rent Assistance
The CPA has been actively working with various federal government departments to advocate for changes that support small businesses facing impacts of the COVID-19 pandemic. Specifically, the CPA called for changes to the criteria for the Canada Emergency Business Account and Canada Emergency Wage Subsidy to be expanded to enable the programs to be available for a variety of business and income models, including those with contractors, sub-contractors, and those whose income comes from dividends, for example.
On April 16, the Prime Minister announced that the criteria for the CEBA, is being expanded to include companies with payroll between $20,000-1.5 million. Although it doesnt go far enough, this news is most welcome. The CPA is continuing to actively advocate for the criteria for both the CEBA and the CEWS to be further extended. Additional information on the CEBA can be accessed here:
A few additional details on the CECRA are available here:
Today, March 27, the Prime Minister announced that there are additional new measures to support small businesses and help them protect the jobs that Canadians depend on and pay their workers and bills during these difficult times.
To further support small businesses, the Government of Canada will:
Additional information on eligibility and requirements is available here: Backgrounder
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Government Funding For Manufacturers: Build A Plan
Canadian manufacturers are a primary target for some of the most valuable government funding programs available. While its possible to access funding programs on a project-by-project basis, we recommend incorporating grants and loans as part of your overall growth strategy. To do this, we recommend that all manufacturers take time to construct a government funding plan.
Government funding plans are a proactive means to offset a portion of all strategic project costs with manufacturing grants and loans.
The first step is to identify all company investments over the coming 12-24 months. With this roadmap in mind, it becomes easier to align government funding programs, either independently or by using a Canadian Government Funding Planner. Mentor Works routinely supports Canadian manufacturers with government funding planning, application, and reporting. To learn more about some of these success stories, check out our Client Spotlight blogs.
Please Note: Agri-food manufacturers will find more applicable funding programs from the Top 4 Funding Programs for Ontarios Agri-Food Industry.
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Libraries often work in conjunction with local Chambers of Commerce or business organizations already and may be able to connect you with experts who know the local lay of the land and help you find business grants specific to your community.
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State And Regional Small
Economic Development Administration: This U.S. Department of Commerce agency provides grants, resources and technical assistance to communities to support economic growth and encourage entrepreneurship and innovation.
Each states agency helps businesses find financing , secure locations and recruit employees. You can search the economic development directory for regional offices and local resources.
Small Business Development Centers: Your local SBDC provides support for small businesses and aspiring entrepreneurs. Theyre often associated with local universities or the states economic development agency, and many can help connect business owners with financing opportunities, as well as counseling, training and technical assistance.
Why Are Government Grants For Small Businesses So Important In 2021 And Beyond
Government grants for small businesses are particularly important for developing a countrys micro, small and medium enterprises sector. Because these grants are funded by tax dollars, they have more restrictions than grants offered by private entities like FedEx and Cartier, as well as foundation grants like WomensNets Amber Grant.
Chief amongst these restrictions is an emphasis on how the money will be used to help the business make a meaningful impact in the community. Grants from the federal government were created to encourage businesses to be community builders and contribute to economic growth. A business that focuses on community development and innovation is sustainable and respected. This is the primary reason government grants for small businesses will remain relevant in 2021 and beyond.
Furthermore, many grant opportunities tend to reward innovation and scientific research. More grants tend to be offered in these categories because they give the country a competitive advantage. After all, it pays to stay ahead of the game.
Find more information on How to Start a Business here.
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Other Government Funding Options For Your Business
These federal and state programs can also help finance your business:
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Small Business Investment Company Program – The SBA partners with private investment funds licensed as SBICs to provide growth capital to small businesses. Find out if SBIC financing is right for your business.
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Small Business Innovation Research and Small Business Technology Transfer Programs – The SBIR/STTR programs are competitive and awards-based. They encourage small businesses to pursue federal research or research and development projects. While exploring their technological potential, businesses can profit from commercialization. Learn how to apply.
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State and Local Business Assistance – Find out about state and local business financial assistance where you live. This includes financing for business expansion, state credit initiatives, and more.
Assistance For Small Businesses
The COVID-19 public health crisis and resulting economic crisis have created a variety of challenges for small, micro, and solo businesses in communities across the country. The Treasury Department is providing critical assistance to small businesses across the country, facilitating the urgent deployment of capital and support to help these organizations not just persevere, but recover on solid footing.
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Qubec Canadian Government Grant Loan And Funding Programs Mentor Works Can Write For Your Business
Québec government funding programs can support a wide range of strategic projects, including business expansion, research and development, hiring and training, and capital investment.
Many of these programs are administered by the Canada Economic Development for the Regions of Quebec . By being proactive and applying for funding prior to the start of projects, companies can access government grants and loans that provide a boost to company investments and greatly improve project outcomes.
The Québec business grants and loans listed on this page may offer support for your organizations upcoming projects. To discuss your eligibility and receive assistance with the application process, please contact Mentor Works.
Use the filtering options below to help sort the available Canadian government funding programs.
The Way It All Comes Together
The Alberta government works with the federal government to come up with money.
This money comes from taxes , comes from investments and various government run activities.
These funds then end up in a government bank account sort of.
From there, various government agencies and officials look around the Alberta economy and determine what more is needed in other words, they look to see how they can bring more money into the economy , while ensuring the economy is growing.
They may say things like, the manufacturing sector needs to increase in Alberta by x % this year, so lets allocate a specific amount of funding towards that.
Perhaps the real estate market needs to grow, the tech sector, medical industriesetc
Whatever the government sees fit, this is what they put the money towards.
Luckily, majority of small businesses fit into the various industries that the government likes to invest in which means, more money, more funding for you!
From there, the government allocated these funds to the various agencies who will be responsible in disbursing the funds to the appropriate sources in order to meet the growth expectations.
You apply for these programs from these funding agencies and if youre eligible, you get the funds.
These funds that you get are then used towards growing your business within that specific sector. This can mean spending the money to hire staff, to train employees, to pay to ensure your success to grow your revenue.
A smart investment.
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Idaho State Trade Expansion Program Grant
Many states actually have a STEP program, Idaho included. However, they each have individual application processes and qualification criteria, so youll want to make sure you double-check what you need to do to apply. In Idaho, these government grants are primarily for small businesses that want to enter international markets.
Federal And State Small Business Grants
The Small Business Administration points out that the federal government tends to focus its grants on nonprofits, educational institutions, and state and local governments. However, opportunities for federal small business grants may exist if your business is involved in research and development or wants to expand training for employees. These grants can help cover employee training expenses, often for both new and existing employees. Each training program is different some will reimburse companies for a percentage of their trainer fees while others will also cover space rental expenses. A few programs will even cover the wages of the employees being trained. Reach out to the U.S. Department of Labor and state economic-development agencies to find out which opportunities might be available for your business.
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No Federal Grants For Businesses
The federal government does not offer grants for starting or growing a business. It only provides grants for nonprofit and educational institutions. These organizations focus mainly on medicine, technology development, and other related fields. Find out more about federal grants.
Some state and local programs offer business grants. They usually require you to match the funds. Or, they may expect you to combine the grant with other forms of financing, such as a loan.
Alberta Government Funding Guide For Small Business
Alberta heavily relies on small business and entrepreneurship to boost the economy, to increase the employment rate and to bring money into the local communities.
In order to achieve success, the local and provincial government of Alberta provide small businesses with funding options to ensure business owners have what they need to cover their startup or expansion costs.
Doing so, ensures success of small businesses Alberta wide.
The problem:
While there are a number of government funding agencies in Alberta, the majority of them dont promote themselves.
In other words, they are a bit difficult to locate, and quite a bit of red tape is there to be able to find them, get the info from them and to apply to them.
This at no fault of their own is unfortunately how it works.
These funding agencies dont spend money to promote themselves as they prefer to allocate the available funds toward funding individuals and businesses in need.
With that in mind, business owners, unless they know where to look and what to look for, unfortunately end up not finding the funds they need.
Time to change all of that!
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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.
Gofundme Small Business Relief Fund
Crowdfunding company GoFundMe has partnered with partners to provide a COVID-19 relief fund for small businesses. Your business may receive a matching grant when you raise $500 through your own GoFundMe campaign, as long as you can verify that your business has been negatively impacted by the coronavirus. Funds must be used to pay business expenses or care for employees.
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How To Get Economic Incentives
First you have to find them. Then you have to apply for them.
Resources for finding economic incentives:
- SBA: The main incentive offered by the SBA is loan guarantee programs. By making these guarantees, commercial lenders are more willing to give loans to qualified small businesses. The SBA offers a variety of programs, such as the 504 loan program to help you buy or modernize commercial property in which you run your business. The SBA also has a link to help you find grants.
- Your states, countys, and citys Office of Business Development or Department of Economic Development.
- Coming soon: is creating an app using AI to help small businesses find economic incentives. Well let you know when this goes live.
Resources for help in applying for economic incentives:
The source of the economic incentive usually provides some guidance on how to proceed. But this may not be sufficient. After all, when applying for certain incentives, theres a strict application process, including a letter of intent, a preliminary application, and a supplemental application accompanied by various exhibits, valuations, and analyses.
Depending on the incentive, you may need to work with a professional. For example, when it comes to tax breaks, your CPA is a good resource to help determine whether you qualify.
For a loan application, again, your CPA can help. When seeking special grants, you may need the help of a consultant who specializes in this area.
How To Claim The Credit
To claim a general business credit, you will first have to get the forms you need to claim your current year business credits.
In addition to the credit form, in most cases you may also need to file Form 3800.If you file a Form 1040 or 1040-SR Schedule C, you may be eligible to claim the Earned Income Tax Credit . To learn more about EITC, refer to Its easier than ever to find out if you qualify for EITC, or use the EITC Assistant to find out if you are eligible.
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Financial Grants For Small Businesses
A grant is a designated amount of money given by an organization for a designated purpose. Small business grants can come from municipal, state, or federal governments and even corporations. Grants are not a loan. Financial grants to small businesses do not have to be repaid. Through a grant, a small business can secure funding to advance a specific program or initiative that can help it grow. The following list of different types of grants highlights what each may offer.
Navs Quarterly $10000 Business Grant
Each quarter, Navâa financing marketplace for businessesâawards a $10,000 grant to a small business .
You donât need to meet any special criteria to apply. You just need to sign up for a free Nav account and post on social media about what your business plans to do with the grant.
You can learn more here.
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