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.
Pros Of Small Business Grants
The number-one pro when using small business grants is they do not need to be repaid. This is welcome news for many small businesses that may have financing difficulties that make it challenging for them to repay a traditional business loan.
Another pro is that information about the availability of small business grants is relatively easy to find online. There are a number of free resources that can point you in the direction of the many grants that are available:
- SBA provides limited grant funding to eligible community organizations to promote entrepreneurship and certain businesses in specific industries.
- Grants.gov offers information on federal small business grants.
- Small Business Innovation Research Program is a federal funding program available to small businesses focusing on federal innovation and research.
- Small Business Technology Transfer Program is focused on research and development.
- National Institutes of Health Research GrantPrograms offers independent scientific research grants, including the very popular R-series grants, through the National Institute of Allergy and Infectious Diseases and other institutes and centers.
Most generally if you are qualified for one grant program, the odds are that you can qualify for others as well.
Minority Business Development Agency
The Minority Business Development Agency helps grow minority business enterprises through its programs, services, and funding.
- Award amount: Up to $350,000 initial grant
- How to apply: Visit the website for more information.
The MBDA offers business centers across the nation that offer high quality, technical assistance to minority business enterprises,” according to its site. Entrepreneurs can receive mentoring, counseling, and assistance with funding and growth.
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Kind Words From Past Customers
Small Business Owner
I had already applied for a SBA 7a loan with my local bank and they were unable to assist as they had already met their SBA loan limits. I looked for other resources and found Fundera. They were great to work with – got me pre-approved within two days and had final approval and loan closed soon after that. I would highly recommend them to anyone needing financing for their small business.
Small Business Owner
I reached out to Fundera for help with obtaining an SBA loan to grow my business…they did a lot of hand holding, answered dozens of my questions, and made the process of filling out the paperwork very easy. Their upfront due diligence paid off…as I received an offer from the bank within a few business days, and funding within just 2 business days of submitting a signed contract with their recommended bank.
Small Business Owner
What a great experience!…did an awesome job of going through the process of the SBA loan considering the in depth required information. They were great at going over the steps and were very well organized all the way to approval, making it pretty easy. They also did a great job at taking time to understand the business and our current needs. Would definitely use them again when looking for funding.
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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.
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What Is The Difference Between A Grant And Loan
By definition, a loan is money given to you or your business that you will be expected to pay back. A grant, on the other hand, will not ever need to be paid back, so its essentially free money.
Additionally, a loan often requires that you qualify for it based on revenue, credit score, and experience. Grants also have requirements, but they vary widely. In most cases, grants are based on a businesss goals and financial need and less on its history.
A grant can be an appealing option for your small business because it provides you with a financial jumping-off point no matter what stage of growth you are in. Learn more about ways to secure money for your small business.
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How To Qualify For A Small Business Grant
Eligibility requirements vary based on the type of grant youre applying for. A grantor may require that your business operates in a specific industry, fits its definition of a small business and meets a minimum annual revenue threshold.
Before you apply for a small business grant, review the requirements carefully to ensure you have the best chances of qualifying.
An Update To Find A Grant
As we near the final stage of the pilot, this is a brilliant time to update you on how far weve come and unveil the latest, exciting development to Find a Grant– you can now use the streamlined grant application process to apply for a limited number of grants on the service!
Seven months ago, Find a Grant was released onto GOV.UK and over 38,000 people have used the site since.
Your support has attested to the pilots principle. So many of you have shown an interest, used the site and given us invaluable feedback. The Apply for a Grant stage to Find a Grant should take this even further by improving your experience applying for government grants.
Ive written before, since the start of the pilot, I have been astounded by the immediate support the Government Grant Community has offered. I continue to be heartened by this and grateful for their involvement, helping us co-create a platform that makes finding, and now applying, for grants simpler, faster and fairer for everyone.
Apply for a Grant
Excitingly, the long anticipated development, Apply for a Grant, is here!
The grants that can currently be applied for directly on Find a Grant, through this new application system, include:
And, keep an eye out to see if anymore grants will become applicable directly on the service, soon!
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Business Term Loan Details
|As fast as one day|
- Suitable for a wide range of business purposes
- Term loans from online lenders can fund quicklywith fewer requirements than traditional lenders
- Can be a great way to finance a larger investmentwhile building business credit
- Shorter-term loans can be expensive
- Often require collateral or a personal guarantee
What Is A Startup Small Business Grant
A startup small business grant is monetary funding from the government or an organization that is given in order to help small companies and nonprofits succeed in building and growing their business. Unlike loans, you dont have to pay this money back. Theres no collateral that youre required to put up, and you wont need to pay fees or interest. The best part about grants is that the money is yours to keep, and youll never have to pay it back after using it for your startup.
While grant money is awarded to you, it may come with rules that dictate how you can spend it. For example, lets say you apply for a grant that is to be used to advance the technology in your business so that you and your team can work faster and produce more of your product. If you were to use that money to pay your team instead of to buy new technology and equipment, you may have to pay the funds back. You may be guilty of fraud, too, which could cause legal issues for you and your business.
If you do receive a small business startup grant, its imperative that you meet the funders accounting and reporting guidelines and that you spend the money on what the grant covers and nothing else.
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Small Business Grants: 21 Options To Apply For Free Funds For Your Business
No matter what kind of small business you own, there are grants available to help your business grow. Read on for details on 21 grant options and databases.
Small business grants offer funds to grow your business in a variety of ways. In many cases, you can use grants for things like operations, marketing, or expanding your team. Finding out which ones you may be eligible for is crucial so that you can start applying.
In this article, we’ll cover the basics of grants and give you tips about how to score more of them.
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Focus On The Facts On Your Grant Application
Including numbers and figures is another great way to provide concrete proof that your business is deserving of the particular grant. For example, if you can show data that supports demand for your product and growth potential, this can illustrate your success in a direct and objective way and make your application that much stronger. If youre looking for a startup or new business grant and dont yet have these figures, going broader and citing more general statistics about your industry, like growth rate or market size, can work as well.
Overall, a comprehensive and solid business plan can distinguish your company from the pack and better explain your needs. Now is also a good time to tout any awards or accomplishments youve won in the past dont be afraid to share examples of positive recognition that can convince the committee that your company has an established, positive track record.
The Top Four Places To Look For Small Business Grants
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Technology For Sustainable Livelihoods
This is a programme of the Department of Science and Technology . It aims to create jobs for communities by helping to establish SMMEs. In particular, it makes use of technologies which can add value to SMMEs and makes them accessible to communities. At the same time, the programme helps to make these SMMEs successful by offering skills development and training.
The DST offers technological assistance in the following areas:
- Aquaculture: Communities are trained to farm indigenous fish as a business. They receive technology in terms of infrastructure and training to manage a fish farm, including diseases and harvesting.
- Essential oils: These are valuable oils that are extracted from the leaves and flowers of plants. Communities benefit from skills development and training, and their businesses are linked to the local essential oils market.
- Indigenous medicinal plants: Communities are taught to grow indigenous herbs commercially. These plants have special medicinal properties which have been scientifically proven. Communities receive training in farming methods and in how to start a commercial enterprise and their businesses are linked to local markets.
Contact the DST Technology for Sustainable Livelihoods: 012 843-6421/18
How To Get More Funds For Your Business Fast
I need money for my business!If this is a thought that has crossed your mind, youre not alone. Most small business owners need more funds at some point to keep their business afloat or take it to the next level. The good news is that there are plenty of ways to get funding for your small business. In this blog post, well explore some of the most popular options so that you can get the money you need to grow your business.
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$10000 Grant Opportunities Now Available
To be eligible to apply, users must complete any combination of 2 courses, coaching events and community events between 7/1/22 and 11/14/22, and apply by 11/14/22. Engagements through Personalized Mentoring feature are not included towards grant eligibility.
Digital Ready is our online curriculum designed to give small businesses like yours the personalized tools to succeed in today’s digital world. Learning modules, expert coaching, peer networking, access grant opportunities throughout the year and moreit’s all here, and its all part of our goal to provide resources to help one million small businesses thrive in the digital economy.
If you are a current Verizon customer, you will need to create a new account for Verizon Small Business Digital Ready.
Need help registering?
Email or call +1-916-4351.
Applying For A Small Business Loan: Common Reasons
When you’re just starting out, there are many reasons why you may wish to apply for a business loan. Loans provide money for:
- Funding startup costs
- Purchasing new equipment to improve business performance
- Covering emergency expenses
- Planning for future improvements or expansions
Its important to have a clear understanding of how youre going to use the money you obtain from a business loan. Banks arent interested in lending to companies with only vague notions of how the working capital is going to be put to work. They want to ensure that their investment creates growth within a company so that they can be assured of repayment.
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Where To Find Business Grant Opportunities
If youre looking for a grant, there are plenty of places to find options that may be right for you. While it primarily depends on the type youre looking for, a good place to discover federal grants is grants.gov, which is a large, searchable database of opportunities, categorized by organization. The Small Business Administration website also has a handful of SBA grant programs listed that can help you narrow your search. While there are not SBA grants for starting or expanding a business, there are grants for nonprofits, resource partners, and educational organizations that support entrepreneurship.
For regional or local grants, your states official web page will likely have a section for opportunities you can pursue. Of course, your own industry may have dedicated grants as well, so its worth a quick search for your particular field.
To get started with finding the best grants for your organization, here is a list of some specialized resources that may help you identify appropriate opportunities:
- Home Equity Loan for Business Funding
- Home Equity Line of Credit
- Cash-out Refinance
- Home Equity Investment for Business Funding
See if a Hometap Investment might make sense for your business needs. Take our five-minute quiz and find out today.
Types Of Small Business Grants
There are several types of grants, and you may only be eligible for certain ones. Grants generally come from the following sources:
- Federal state or local governments
Government grants are often the most involved, while grants made by businesses may include a competition aspect.
Here weve rounded up examples of some popular grants in these categories. However, dont limit your search to just these grants. Weve also included several research tools you can use to find grants that may be a fit for your business.
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