Federal and state agencies, in addition to private businesses, offer small-business grants. Here’s a list of resources.
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Small-business grants give free cash for startups and existing businesses, although it could take some time and effort to investigate alternatives and apply for relief.
The good news is a rising number of grants and free resources are accessible to small businesses, including relief for businesses affected by the coronavirus pandemic.
How to Get Small-Business Grants
Following is a list of federal, state and privately funded business grants and resources for small businesses.
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- Coronavirus small-business grants
The U.S. Small Business Administration and several large corporations are supplying coronavirus small-business loans or grants.
Amazon Neighborhood Small Business Relief Fund: Amazon has made a $5 million relief fund to provide grants to encourage neighborhood small businesses in Seattle (South Lake Union and Regrade areas ) and Bellevue, Washington.
To be eligible, your company must be a service or retail institution, and have fewer than 50 employees or less than $7 million in yearly earnings.
Economic Injury Disaster Loans: The SBA provides EIDL advances of around $10,000 for businesses experiencing a loss of revenue due to this coronavirus crisis. The progress works more like a grant in relation to a loan, as it doesn’t need to be paid back.
Verizon Small Business Recovery Fund: The regional Initiatives Support Corporation is offering grants to aid companies in underserved communities.
- Federal small-business grants
Government agencies are among the biggest vendors of grants, supporting a range of enterprises from environmental conservation to child care services. The application process can be intimidating, however, national grants are excellent chances for small-business owners looking to grow.
Grants.gov: Grants.gov is a comprehensive, however daunting, database of grants managed by various government agencies, like the U.S. Department of Education and the Department of Veterans Affairs.
Small Business Innovation Research and Small Business Technology Transfer programs: The SBIR and the STTR grant programs concentrate on development and research for technology innovation and scientific research. The programs help connect small businesses with federal grants and contracts from 12 government agencies.
To qualify, you need to operate a for-profit company, don’t have more than 500 workers and meet other eligibility requirements.
USA.gov: You will not find any federal small-business grants here, yet this government website provides resources for starting or growing a company, including a URL to GovLoans, which has information on the types of available national small-business loans.
- State and regional small-business grants
Every nation’s agency helps companies find financing (including state or regional grants), protected locations, and recruit employees. You can search for the economical development directory for regional offices and neighborhood resources.
Small Business Development Centers: Your regional SBDC provides support for small businesses and aspiring entrepreneurs. They are frequently associated with local universities or the state’s economic development agency, and many can help associate business owners with financing opportunities, as well as counselling, training and technical assistance.
- Corporate small-business grants
Many businesses and large companies have a philanthropic component that includes small-business grants. While some provide grants just to nonprofits servicing specific sectors, some give to for-profit companies.
FedEx Small Business Grant Contest: The company’s yearly grant competition awards $250,000 into 12 small businesses, including a $50,000 grant and $7,500 from FedEx print and business solutions to its grand prizewinner. The contest entry period generally takes place early in the year.
The competition is available to U.S.-based for-profit tiny businesses which have been working at least six months, with no longer than 99 workers.
National Association for the Self-Employed: NASE members may apply for yearly small-business grants worth around $4,000, as well as a yearly $3,000 college scholarship for members’ dependents. The application period for the scholarship program runs from Jan. 1 through April 30.