Tuesday, September 20, 2022

How To Get Government Funding For Small Business

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Startup Business Grants From Companies And Nonprofits

Free Money: How to Get a Small Business Grant

Lots of corporations and large nonprofits, like the U.S. Chamber of Commerce, organize grant competitions. Some national opportunities include:

iFundWomen. iFundWomen partners with other corporations to administer business grants. You can fill out a universal application to receive automatic notifications when youre eligible to apply for a grant.

Amber Grant for Women. WomensNet gives two $10,000 Amber Grants each month and two $25,000 grants annually. Filling out one application makes you eligible for all Amber Grants. To qualify, businesses must be at lesat 50% women-owned and based in the U.S. or Canada.

National Association for the Self-Employed. Join NASE, and you can apply for quarterly Growth Grant opportunities. There are no time-in-business requirements for these grants of up to $4,000, but youll need to provide details about how you plan to use the grant and how it will help your business grow.

FedEx Small Business Grant Contest. This annual competition awards grants to small-business owners in a variety of industries. You can when each application period opens. To be eligible, youll need to have been selling your product or service for at least six months. Be mindful, though, that each grant cycle receives thousands of applications.

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Collins says the program will help small businesses capitalise on the surge of online activity caused by the COVID-19 pandemic.

When the pandemic hit, Australians turned to the internet for their shopping, and many have stayed there, she said.

This program helps businesses to recognise and grasp the opportunities that going online can offer, so they can survive and grow.

We know people want to support their local small businesses, and we want to make that easier by helping them get online.

Funding for the digital grant program will be broken down into three tranches: organisations in NSW and the ACT will receive $6.51 million, as will those across SA, Victoria and Tasmania.

Grant recipients in Queensland, WA, and the NT will share in $5.58 million.

Applications open September 19. Successful grant recipients will offer their advisory services over three years, starting in April 2023.

Funding for the expanded digital ASBAS program arrives just days ahead of the Jobs and Skills Summit, where lawmakers, small business leaders, and policy heavyweights will discuss the competencies needed to drive productivity into the future.

Some groundwork has already been laid: bookkeeping platform MYOB and the government-backed Digital Skills Organisation last week declared a new partnership, designed to formulate a digital fluency standard for SMEs.

Provincial And Local Government Grants

While the federal government provides small business grants to manage nation-wide and global solutions, provincial and local governments award grants to focus on needs related to local issues.

For example, the Canadian Institute of Health Research awards federal grants that cover the expanse of healthcare research. Meanwhile, the City of Toronto awards a grant focused on social enterprise, and the province of British Columbia offers grants to businesses working in natural resources and applied sciences.

Two common trends show up in provincial and local government small business grants.

First, provincial and local governments use grant money to ignite product innovation and create jobs. Second, they fund projects that meet a specific local need.

Learn more about specific provincial grants:

12. Atlantic Canada Opportunities Agency

What is it?

The ACOAâs Business Development Program funds entrepreneurs starting up, expanding, or seeking to modernize their business. The program supports SMEs and co-operatives and provides access to capital in the form of interest-free repayable assistance. The BDP also provides funding, via non-repayable financial aid, to not-for-profit organizations supporting Atlantic businesses.

How much is awarded?

Who can apply?

Most business sectors are eligible except retail/wholesale, real estate, government services, and services of a personal or social nature. To be considered, your project should:

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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.

How To Get Small Business Grants In Canada

How To Get Small Business Loan From Government?

Many funding programs have firm policies about which companies may receive funds and even how recipients can use your grant money. If your organization, business objectives, demographic targets, or size donât fit with the goals of the grant, you wonât likely receive it. Thatâs why youâll need a detailed business plan as part of your application.

To help you access all your options, weâll review four types of small business grants along with 20 different grants opportunities available to Canadian SMEs:

  • Federal government grants
  • Provincial and local government grants
  • Government grants for women small business owners
  • Corporate or private grants for small businesses
  • NGO grants for minority small business owners

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Grants And Help For Your New Business

If youve launched a new business or become self-employed, help is at hand. Government support such as grants, low-cost business advice and mentoring will help you get off the ground.

Help from the government shouldnt be mistaken for free money. If your business is still young, most government assistance focuses on building your skills and knowledge, and linking you with advisors and networks.

There are many free or low-cost opportunities available if youre in the early stage of business.

The more fully formed your business idea is, the more help youll be able to get. Whether youre self-employed, own or run a business, its a good idea to do some business planning before you approach any advisors, mentors and funding officers.

Specialty Small Business Grants

Some organizations set aside funds for certain groups of business owners who face unique challenges, including minorities, veterans and women.

  • Black Founder Startup Grant: SoGal Foundation, along with its partners, offer several cash grants that range from $5,000 to $10,000 to Black women and nonbinary entrepreneurs. To qualify, you must have a legally registered business, identify as a Black woman or Black nonbinary person and plan to seek investor funding to scale.
  • The Veteran Small Business Award: The Street Shares Foundation hosts a pitch contest each year for veteran-owned businesses that have a social impact on the military community. If you qualify, you must create a pitch video and submit an online application. Applications are closed for 2021.
  • The Amber Grant Foundation: The Amber Grant foundation awards $14,000 each month and $25,000 in December to women-owned businesses. While applying for this small business grant is easyyou only have to fill out a short formthe application fee is $15.

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South African Women In Construction

Sawic is a national association of women enterprises or professionals and technical staff in all areas of construction, from the skilled trades to business ownership, with international affiliation to the National association of Women in Construction . Sawic administers, facilitates, advocates and lobbies all the Departments of Public Works for the empowerment of its members.

Contact Sawic: 012 337-2400/2174

State Trade Expansion Program

A Quick Guide to Small Business Grants (Its FREE Money!)

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.

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Fuel Growth In Your Startup With A Small Business Grant

The first few months of running a business are often the most challenging. It takes time for a business to become profitable, but costs can add up quickly.

Small business grant programs can make a world of difference for a new small business owner. Not only do they provide a vital injection of funds, but they can also help to establish connections in your industry and build buzz around your product.

If your business has the potential to innovate your industry and build new technologies to serve the public good, chances are youre a great candidate for a small business grant.

Government Grants For Small Businesses In 2022

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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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 for regional offices and local resources at the EDAs website.

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 mentors and networking opportunities and training on basic business skills.

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The Different Types Of Small Business Grants

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There are two main types of grants: government and private.

To find federal and state grants, you can browse government databases based on your location and industry. But these are often paid services that are poorly organized and outdated.

Corporations provide grants to small businesses as well. These private grants usually have less rigorous application requirements, but more competition for funds.

You can also apply for a foundation grant. This is another kind of private grant, but instead of a corporation, youâll receive grant money from a charitable foundation.

Unfortunately, the internet hasnât invented a one-stop database where you can search for every kind of grant. So weâve compiled a list of the top government and private grant databases, complete with quick navigation links.

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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
  • Foundations
  • Businesses

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.

Know What Youll Be Spending The Grant Money On

Some organizations may stipulate what grant money will be spent on, but even when they dont, its still important to have an idea of how you plan on using the money. When an organization is determining whether to issue your business a grant, having a business plan and knowing how the money will be spent will help them understand more clearly how your business aligns with their mission.

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Natural Resource Sales Assistance Program

In addition to the billions of dollars spent purchasing goods and services, the federal government also sells large amounts of natural resources and surplus property. The SBA Natural Resource Sales Assistance Program sets aside a percentage of these goods for bidding by small businesses only. In addition, federal agencies sometimes divide surplus materials into smaller parcels, making it easier for small businesses to purchase. The five categories are:

  • Timber and related forest products.
  • Strategic materials.
  • Leases involving rights to minerals, coil, oil and gas.
  • Surplus real and personal property.

The program also provides training for small businesses on government sales and leasing.

Orlando Downtown Commercial And Residential Building Improvement Program

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This Orlando program provides business grants between $15,000 and $120,000 for organizations that make improvements to buildings within the downtown Orlando Community Redevelopment Agency boundaries. This program encourages the reuse of vacant or underutilized properties and hopes to improve the appearance and support the long-term viability of downtown Orlando.

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Federal Small Business And Startup Grants

The Canadian government leans on companies and academia to conduct research and create new technologies.

So when a political party says theyâre dedicated to economic development, environmental sustainability, finding cures for diseases or reducing unemploymentâgovernment agencies award grants to small business owners already working to achieve these objectives.

Growth grants help governments achieve a similar goal to fuel innovation through startup businesses.

The Canadian federal grant-driven approach to problem-solving means grants usually fall into one of four categories:

  • Research and development
  • Exporting grants for selling internationally
  • Nonprofit or local government work
  • Wage assistance programs
  • South African Micro Finance Apex Fund

    Samaf gives financial services to small-scale entrepreneurs living in rural and outer urban areas. Samaf does not lend money directly to the public. It uses existing institutions within communities to handle the funds and lend to qualifying entrepreneurs. Samaf has three products: the Micro-Credit Fund , the Capacity Building Fund and the Savings Mobilisation Fund .

    Contact Samaf: 012 394-1805Websites: www.samaf.org.za www.thedti.gov.za

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    Grants Loans And Programs To Benefit Your Small Business

    When you know where to look, help for your small business is there for the taking.

    There are many grant programs available to small businesses, depending on a variety of qualifying factors.

    Times are tough for small business, but help is available, from both the governmentfederal, state or localand the private sector. It may be in the form of a grant, a loan or a leg up competing in a difficult business environment. Heres a breakdown to help you sort through whats available.

    Free Grants And Grant Scams

    Small Business Grants &  UK Gov Funding

    If you receive information stating you qualify for a “free grant,” it’s probably a scam. Get information from the Federal Trade Commission so you can better recognize and avoid grant scams. If you have been a victim of a grant scam, you can file a complaint with the FTC.

    Contact your state consumer protection office if you have purchased a book or paid a fee to get grant information and are not satisfied.

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    Small Business Grants In Scotland

    If youre based in Scotland, you might be able to apply for a business grant from Scottish Enterprise.

    A new funding model was introduced in 2021 thats designed to be simpler and more inclusive. It also aims to help create jobs and promote a greener economy.

    The Scottish Enterprise website also has details on funding for businesses affected by coronavirus, as well as information on grants that are available from other organisations.

    Business Grant Vs Business Loan: Whats The Difference

    While both help you get money for your business, grants and business loans for small businesses are different beasts. The main difference between a grant and a loan is whether or not they require repayment. Loans require you to repay the money you borrow a grant does not. Grants can be awarded by government departments, trusts, or corporations and given to individuals, businesses, educational institutions, or non-profits.

    Grants can be notoriously difficult to get, so if you apply for funding and are rejected, consider other financing, including business credit cards.

    Here are other things to know about the differences between grants and loans.

  • Grants Are Taxable Income. The IRS generally considers business grants as income for tax purposes. How your business is structured and how you report income to the IRS will determine what impact this will have on you come tax time, but generally, expect that a chunk of any grant money will go to Uncle Sam. You can head off this potential business grant downside by planning ahead and asking your accountant or tax professional to factor any grant money youre awarded into your quarterly estimated payments or to help you estimate owed taxes and set aside those funds so you dont have a larger-than-expected bill come tax time. Loans, however, are not considered income in the eyes of the IRS.
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    Don’t Forget To Form Your New Business

    Once you’ve decided to set up a new company, the most important next step is to form your business.Most small businesses set up as an LLC .

    This keeps all your assets separate from the company, limiting your personal liability, while giving the pass-through tax benefits of being a sole proprietor.

    The process of forming your company can be really simple. Incfile can handle everything for you for $0 – all you pay is any state fees. Form your company for $0 now at Incfile.

    How Consultants Can Increase Revenue

    Small Business Grants and Funding to Stay Afloat During COVID-19

    Right now there are rural small business grants that allow companies to hire a consultant to help them grow their businesses. If a company is stuck in a process like manufacturing or wants someone to build their financial dashboard to better understand their financials, they can get support from the grant.

    The intention of these types of rural development programs is to increase the sustainability and revenue of companies in suburban areas. If your service can help companies in rural areas, you can increase your revenues.

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