Grants for small businesses provide free money to new and existing businesses, including those affected by the coronavirus pandemic.Researching and applying for funding takes time and effort, but the payoff can be significant if your small business receives a grant. To get you started, here’s a list of federal, state, and private small-business grants and resources.
Federal Small-Business Grants
Government agencies are one of the most common sources of business grants, funding everything from environmental protection to child care. Despite the fact that applying for federal grants can be intimidating, they are excellent opportunities for small business owners looking to expand.
Grants.gov is a searchable database of grants offered by federal agencies such as the Departments of Education and Veterans Affairs.
Small Business Innovation Research and Small Business Technology Transfer Programs
SBIR and STTR grant programmes support technological innovation and scientific research through R&D. Small businesses can use the programmes to get federal grants and contracts from 11 different government agencies.
To be eligible, you must own and operate a for-profit business with fewer than 500 employees and meet other criteria.
USDA Rural Business Development Grants
The United States Department of Agriculture’s Rural Business Development Grant programme provides funding to help small businesses in rural areas strengthen and grow.Businesses must have fewer than 50 new employees, gross revenue of less than $1 million, and be located in a rural area to be eligible. Local and state offices of the USDA Rural Development accept applications.
State and Regional Small-Business Grants
Economic Development Administration
The United States Department of Commerce’s Economic Development Administration provides grants, resources, and technical assistance to communities in order to promote economic growth and entrepreneurship.
Each state’s agency aids businesses in obtaining funding (such as state or regional grants), securing locations, and attracting employees. In the economic development directory, you can look for regional offices and local resources.
Small Business Development Centers
Local Small Business Development Centers can assist small businesses and aspiring entrepreneurs. Many are affiliated with local universities or a state’s economic development agency, and many can assist you in obtaining small-business grants and other forms of financing, as well as counselling, training, and technical assistance.
Minority Business Development Agency Centers
The Minority Business Development Agency Centers oversees a nationwide network of business centres dedicated to the development and promotion of minority-owned small businesses. These organisations help entrepreneurs obtain capital, secure contracts, and compete in emerging markets.
At your local MBDA centre, you can get help applying for debt-based financing as well as federal, state, and local business grants. Every year, the agency holds a small-business grant competition and publishes the results on its website.