How to get a small business grant: all you need to know
Often, people ask me- how to get a loan to start a business. I ask them why they are waiting for loans when they can get free grants now. Startup business grants are free money to get your business going. But how to get a small business grant?
That’s a query I receive day in and day out. However, I understand your initial success is mainly connected to the funding. The rest of the ideas will be implemented once you get the funding.
Sba small business grant or small business hardship grants are standard in the US. But getting grants takes a lot of work. I know there are creditors to give small business loans. However, grants are difficult to obtain.
To get a grant, you need to know where you can apply for one. Federal schemes and state policies help entrepreneurs get small business grants. Meanwhile, you can apply for private small business grants, too. Often, people search online for information on how to start a small business at home.
You can get grants now with a unique business idea or a solid pitch. After that, starting your home-based business would be easy.
How to get a federal small business grant
Many people ask me how to get a small business grant from the government. But why are so many entrepreneurs hooked on SBA grants? The answer is that the government has the most comprehensive funding pool for small businesses in the US.
The current government is trying to create an ecosystem of small businesses. In the long run, it will dissolve the capitalist conglomerate that big brands make. Such oligopolistic clusters exist in almost all industries. And the government wants to break it.
It’s time to apply for your grant. Now, let me tell you- the process may seem intimidating in the first place. However, government grants have no parallel in the US business circuit.
Where can I get a small business grant from the U.S. government
Well, there are a lot of schematics for getting a government grant in the US. If you need to learn how to get a small business grant, visit Grants.gov. You will see a detailed list of accessible grants councils. Now, let’s discuss the common business grants for which small businesses may be eligible.
SBIT and STTR grants
The SBIT and STTR grants help businesses related to research and development in the tech sector. Around 12 government granting societies contribute to small businesses working in this niche. But non-profit companies can only get this grant.
Rural grants
Where to get a small business grant, mainly for profitable businesses? I get this question very often nowadays. In the same vein, you can apply for the Rural Business Development Grant programs. Under this program, small businesses in tier 3 and rural sectors can get grants. However, you must have fewer than 50 staff members and a gross turnover of less than $1 million to be eligible.
PRIME
The US SBA does not give funds to small businesses directly. However, the PRIME scheme is a grant program that benefits disadvantaged microenterprises.
A funding pool
The Economic Development Administration creates fund pools to encourage small businesses and entrepreneurship in a local area. If you want such grants, set up your factory in remorse areas. And if you recruit locals, getting shares from the common fund would be easier.
- The MBDA
The MBDA runs a fund for disbursing minority small business grants. Credible minority-run small businesses can get funds from this scheme.
State Trade Expansion Program
Can I get a small business grant if I have severe prospects for international expansion? Yes, I can, and for that matter, anybody can. The State Trade Expansion Program now provides grants to cover the costs of taking your business to global waters.
The NASE campaign
Small sole entrepreneurs can be eligible for grants up to $4000 in the US. NASE provides small grants to self-employed entrepreneurs. How can you get a small business grant through this scheme? Firstly, you must prove that you are making money through your venture. Secondly, you should be able to support the local economy through the venture.
CO-100 awards
How to get a small business start up grant if your business is profitable and showing prospects for more considerable economic turnover? You can nominate for America’s Top Business Awards if your business is reaching new heights daily. The CO-100 awards financial grants to the most growing businesses through this program.
How to get free small business grants from private bodies?
Many banks and financial organizations are granting small funds for small business growth. For example, SCORE runs a pitch competition involving entrepreneurs with exclusive business ideas.
If you are seeking the easiest grants for small business, you can opt for this option.
You must submit your participation by July 31st of the year to register yourself. But you will get a grant if your pitch is selected. Therefore, it’s time you start scanning for a robust and scalable business idea.
Verizone’s grant program is another popular private small business grant program in the US. But what do I need to get a small business grant through this campaign?
I took a grave interest in their program. Then, I found out that Verizon runs a campaign called the Digital Ready program. First, you can visit the Verizon website. Then, you can apply for business counseling and a grant of upto $10000.
An array of coaching sessions follows a series of live events. If you can show excellent prospects there, you will also be deemed eligible for the grant. The following $10,000 grant for small business can be yours!
Besides federal grants for small business start-ups, MNCs like Amazon offer grants to help small businesses prosper.
I came across the Amazon Small Business Grant Program recently. It takes place annually. Firstly, your business should have $1 million or less in annual revenue. If you fit in, you will move on to the next stage.
Every year, 15 businesses get grants from Amazon—the amounts granted range between $15000 to $25000.
Often, entrepreneurs have no idea how to market a small business. Once they get such a grant, they can invest in many creative ideas. Could you read my other blogs to know better.
Doordash relief scheme
I want to draw your attention to this particular scheme. People often ask me how to get government grants for small businesses when their current livelihoods are at stake.
Maybe your restaurant or street-side shop washed away, and you need funds to restart. What will you do now?
Without a doubt, you can apply for the Doordash disaster relief program. Under this campaign, Doordash offers relief funds to restart your business. Lucky businesses can also get grants upto $10000.
How to get a small business grant: step-by-step
There are numerous sponsors offering grants to you. However, you need to pass each eligibility criteria. Here’s how you can move through the stages while applying for one:
Eligibility Criteria
Don’t just apply blatantly. Instead, wait and see if the one is most suitable for you. It will save you time and effort both. You must also see that each scheme is based on a separate theme. If you can comply with it, then go forward. If not, you will be rejected upfront. Some of the other essential eligibility criteria are:
- Number of employees in your organization
- Your annual revenue
- Is your business female-led
- Are you contributing towards the planet or the people
- Is it a nonprofitable business
- Can your business make it to the international stage
Create a case file with all backups
Need to learn how to grow your small business? I may tell them- to get a freean unrestricted grant. But it’s not that easy. You need to produce certain documents to apply for each grant scheme. So, let’s check if you have everything sorted:
- Your business plan at first
- Then, your EIN credentials
- Followed by your DUNS number
- After that, your revenue history
- Your business account bank statement
- Your tax clearance status
Small business grants for women in the US
How can a woman get a small business grant? I got this question from various local female entrepreneurs. And I’ve got good news for them.
There are several female entrepreneurship grants in the US. Besides your growing revenue or unique ideas, you will also get a grant if you are a woman leading a business.
Some entities like Amber Grant provide $10000 monthly to prospective female-led entrepreneurs. Similarly, FedEx, Tory Burch Foundation, and others offer grants to women entrepreneurs.
FAQs:
There are a lot of queries regarding how to get a small business grant. So, I decided to address some repeating questions separately:
What is the $10,000 grant in Washington state?
The grant offers $10000 to companies with less than ten employees. However, companies affected by Covid-19 are mainly eligible for the scheme.
How do you get startup funding?
Other than grants, you can also expect funding from the following sources:
- Angel investors
- VCs
- Bank loans
- Crowdfunding
- Bootstrapping
How to get a government loan to start a business?
Many people ask- how to get a small business grant from the government schemes. However, the SBA grants are given to eligible businesses only.
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