Ultimate Guide to Small Business Grants

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As a small company owner, you are constantly on the lookout for funds to help you expand your operations, and when something like a worldwide epidemic strikes, that need only grows.

In our comprehensive guide, we have curated a wide range of grant opportunities to choose from, whether you’re searching for funding to help you weather the remainder of the COVID-19 epidemic and its aftermath or just looking for a small business grant to help your firm grow.

What are Small Business Grants?

Small business grants are funds provided to a company by an organization for the purpose of achieving a particular goal. The Small Business Administration offers grants to entrepreneurs to help them with their start-up, company growth, as well as research and development.

Grants, in contrast to small business credit cards and loans, do not have to be returned, and they will not have an impact on your company’s credit score.

Grants, on the other hand, are subject to conditions, with the money having to be used in a certain manner specified by the grant giver. Furthermore, if you do not follow the regulations, you may face consequences.

Small Business Grants

Grants for Coronavirus-related small businesses

In order to provide economic assistance to hit small businesses, non-profits and Venues Act, the US Small Business Administration has established new Small Business Coronavirus award programs:

  • Shuttered Venue Owners Grant (SVO Grant): The Shuttered Venue Operators Grant program awards business grants totaling $15 billion to live performing arts organizations, movie theater operators, and other qualifying closed venues. The SVO grant application period began on April 8 and will close on June 30. Companies must’ve been in operations as of February 29, 2020, in order to be considered for the award.
  • Targeted Economic Injury Disaster Loan Advance: The Small Business Administration (SBA) offers Targeted Economic Injury Disaster Loan Advances of up to $10,000 to small companies in low-income areas who have suffered a revenue loss as a result of the coronavirus outbreak. Because it is not a loan, the advance is more like a gift than a loan since it does not necessitate repayment. The Small Business Administration (SBA) will contact qualified companies.
  • Restaurant Revitalization Fund: Food businesses like as restaurants and other food facilities that suffered revenue losses as a result of the pandemic were eligible to receive upwards of $10 million in financing from the Restaurant Revitalization Fund. This program’s applications were due to be submitted by May 24th.

Grants for small businesses from the state and regional governments

  • The Economic Development Administration is a U.S. Department of Commerce organization that offers funds, resources, and technical help to communities in order to promote economic development and foster entrepreneurship and innovation. Each state’s agency assists companies in obtaining funding (including state and regional subsidies), securing physical sites, and recruiting workers, among other things. You may look for regional offices and other local resources by searching the economic development directory.
  • Small Business Development Centers (SBDCs): Your local SBDC is a resource for small companies and prospective entrepreneurs in your area. They’re often connected with local colleges or the state’s economic growth agency, and many may aid company owners in connecting with funding options, and also counseling, training, and technical support, among other things.

Corporate small businesses grants

The charitable component of many businesses and big organizations includes small-business grants, which are available to qualified applicants. Some grant funds are restricted to nonprofit organizations that serve particular sectors, while others are made available to for-profit businesses.

  • Small Business Grant Competition from FedEx: The company’s annual grant competition gives $250,000 to 12 small companies, along with a $50,000 grant plus $7,500 in FedEx printing and business services to the grand prizewinner, who also receives a $50,000 grant. The entry period for the 2021 tournament begins on February 16. The contest is available to for-profit small companies located in the United States that have been in operation for at least 6 months and employ no more than 99 people.
  • National Association for the Self-Employed: A monthly small business award of up to $4,000 is available to members of the National Association for the Self-Employed, and an annual college scholarship of $3,000 is available to members’ dependents of NASE members as well. Applicants must submit a completed application each quarter, with completed applications evaluated in each of the four quarters.

Local Small Business Grants

Small business funding programs are funded by a combination of statewide government grants and grants from local governments, municipalities, and nonprofit organizations. The trend continues, with lower payloads and less competition being carried out. If you assist your community in a real and verifiable manner, you will have a significant advantage when applying for small business grants in your area.

In addition, is your small company dedicated to promoting health, environmental awareness, or other comparable causes and initiatives? If that’s the case, you’ll be looking into further regional grants to compete for—and perhaps get money for your environmentally friendly company. Because small business grants for local entrepreneurs are so regionally unique, we’ve selected just a few examples to demonstrate the kind of possibilities that may be available in your city or town. Again, be sure to search for programs that are comparable to these in your own community.

  • The Cleveland Department of Economic Development is responsible for the city’s economic development. There are a variety of small company incentives and programs available in several areas, notably Cleveland, which we will use as an illustration in this section.
  • Abatements in Taxes for Job Creation. Your small company may be located inside an Enterprise Zone or a similar kind of region, and as a result, you may be eligible for tax breaks on investments or activities that generate new employment. Although they aren’t exactly small business grants, they do provide extra funds to your company, which you may put to use in order to expand.
  • Grant Program for Tech Delta. Small technology firms in Cleveland that generate five or more jobs may apply for this square feet financing incentive – $5 per square foot, up to a maximum of $50,000 to grow operations and reduce rental expenses.
  • Ben Franklin Technology Partners. BFT Partnership has been investing in early-stage companies in north and central Pennsylvania for almost three decades. Tech companies have the opportunity to obtain up to four injections of capital each year totalling about $500,000. A one-off investment up to $250,000 may be available for small manufacturers. Visit out their website for additional information on qualifying requirements.
  • The Chicago Small Business Improvement Fund is a non-profit organization dedicated to assisting small businesses in the city of Chicago. This fund assists small companies in repairing and renovating their facilities. This may include updating window and flooring materials, changing signs, or buying adjacent land for future expansion. Keep in mind that you would only get this matching grant once you had completed and paid for your renovation project. As a result, you should proceed with caution, as many other companies are likely to be vying for small company grants of this kind.
  • The New York City Fashion Manufacturing Program is a collaborative effort between the fashion industry and the city government. The Fashion Manufacturers Institute (FMI) provides business subsidies to fashion manufacturers in New York City that need to buy equipment, improve their facilities, or educate their staff.
  • Grants for Centers for Advanced Tech with in Buffalo Niagara Region. These small business grants are awarded in the Buffalo Niagara area of New York to companies who collaborate with colleges or universities on research and development projects that aid in the commercialization of technology and the advancement of the product to market. There are a variety of grant programs across the state.
  • Grants for land, health, and community development. The Land, Health, and Community Grant is a privately owned organization that provides grants to small businesses in Central Illinois that are just getting off the ground. Food service groups, the local agricultural economy, and organizations promoting sustainable practices are all eligible to apply for grant funding.
  • Building Improvement Program for Commercial and Residential Buildings in Downtown Orlando. Business grants ranging from $15,000 to $120,000 are available via this Orlando program to groups that make renovations to buildings within the borders of the metropolitan Orlando Community Redevelopment Agency (CRA). This initiative promotes the repurposing of abandoned or underused buildings with the goal of improving the look of downtown Orlando while also assisting in the long-term sustainability of the area.
  • Southeast Michigan Resilience Fund is a non-profit organization dedicated to promoting community resilience in Southeast Michigan. The Southeast Michigan Resilience Fund assistance program, which is focused in investing in storm – water infrastructure services and restoring the region’s unique natural areas, awards small business funding ranging between $50,000 to $300,000 to business owners working on projects which support either of these objectives.
  • True CoOp Program in the state of New Mexico. Neighborhoods and towns, as well as governments, provide tourism subsidies to companies that encourage travel and tourists to their respective areas of jurisdiction. This specific initiative works with small companies to assist them in promoting the aspects of their event or venue that are distinctively New Mexican in nature.

Small-Business Grants for Women

Small-business subsidies are basically free funding to women entrepreneurs, as opposed to corporate credit cards or loans you have to repay. It is understandable that the rivalry for small-business funding is intense, and that it takes a significant amount of time and work to be successful in obtaining one. However, if you are ready for the effort, the rewards may be well worth it.

  • Grants.gov. Grants.gov is a directory of government funded grants, which includes grants for small companies, that may be found on the Internet. If you want to apply, you must first acquire a DUNS number for your company (a nine-digit identification number that is unique to your company), then register to conduct business with the United States government via the System Award Administration website, and then establish an account on Grants.gov.
  • Small Business Innovation Research and Small Business Technology Transfer are two initiatives that support small businesses. The Small Business Administration (SBA) supports these two main programs, which provide funds to small companies that make significant contributions to government research and development. Grant opportunities are posted on the websites of 12 government agencies, such as the ministry of Agriculture, Justice, and Human services. The SBIR website provides a searchable database of current funding opportunities. Applicants must own and run a for-profit company with less than 500 workers and satisfy all other qualifying criteria in order to be considered.
  • The Girlboss Foundation has awarded a grant. The Girlboss Foundation, established by businesswoman Sophia Amoruso in 2014, rewards women and female entrepreneurs twice a year. Each award winner will receive a total of $15,000 in funding. Grants are only available to women who own and operate businesses in the fields of design, fashion, music, and the arts. Selections are made based on criteria such as originality and inventiveness, business acumen and management, and evidence of a financial need, among others.
  • Women’s Business Centers are a kind of business incubator that helps women start and grow their own businesses. The Small Company Administration (SBA) supports about 100 Women’s Business Centers across the US, which are intended to assist female entrepreneurs with business growth and access to financing. A number of organizations, like the California Capital Financial Development Corp., disburse funds directly to small businesses, while others assist you in locating small-business grants and loans that you may be eligible for.
  • Managing the administration of economic growth. The economic development tools available in every state and many communities are geared at building strong local economies. Several economic development districts exist in California, for example, including the Superior California Economic Development District, that offers funding to small and medium-sized businesses throughout the state.
  • Small Business Development Centers.  Small Business Development Centers (SBDCs) funded by the Small Business Administration (SBA) are located at hundreds of locations throughout the country, most of which are schools and universities. SBDCs provide free, one-on-one business counseling services, such as assistance with creating a business plan, analyzing markets, and obtaining funding.
  • Amber Grant.  On a monthly basis, Amber Grant Program gives a $10,000 grant to a different woman-owned company. Every year, each of the twelve grant recipients is given an extra $25,000 at the conclusion of the fiscal year. The program itself is very straightforward: Explain your company’s mission and goals, as well as what you plan to accomplish with the grant money. There is a $15 registration fee. The winners are chosen by the foundation’s advisory board, which looks for women who have a strong sense of purpose and a compelling narrative to tell. Businesses based in the United States and Canada are able to participate.
  • Grant from the Eileen Fisher Women-Owned Business Foundation. Women’s apparel company Eileen Fisher grants a maximum of $100,000 to about ten women-owned businesses each year via its Eileen Fisher Women’s Business Awards program. A minimum of 51 percent of your company’s owners and executives must be women. Your company must also have been in business for at least 3 years and generate about $1 million in yearly sales, as well as be committed to social or environmental change.

Small-Business Grants for Minorities

In order to establish or grow a small company, minority business owners must overcome a number of obstacles, including obtaining cheap small-business financing. Grants and financial support for small businesses may assist in bridging the financing gap.

  • Grants.gov. Grantseekers may discover and apply for government funding opportunities via the Grants.gov website. Contains data on over 1,000 grant programmes, such as the Department of Trade and the US Small Business Administration, spanning all 26 federal grant-making departments. Obtaining a DUNS identity from Dun & Bradstreet is required before applying for federal grants. You must also register to do business with the United States government through the System Award Management website, as well as creating a Grants.gov account before applying for federal grants.
  • The Rural Business Enterprise Grant Program of the United States Department of Agriculture. It is a USDA award supporting the growth or extension of small companies in rural regions, whether they are owned by minorities or not, according to the USDA. Applicants must have less than fifty workers, generate less than one million dollars in revenue, and are situated in an approved rural region in order to be considered for the program. These grants, which are usually awarded in amounts ranging from $10,000 to $500,000, are intended to be used for a wide range of objectives, involving training and technical support, the purchase or development of property, plus long-term business planning. Once a year, applications are solicited via the USDA’s Rural Development state offices in order to be considered.
  • The National Association for the Self-Employed is a non-profit organization that advocates for those who are self-employed. Small companies and entrepreneurs may benefit from the educational tools and awards offered by this nonprofit trade organization. A fund of up to $4,000 is available for active members of the association who provide a comprehensive explanation of how they intend to utilize the money, as well as evidence that the award will help their company develop. You must also submit supporting documents to be considered for the grant.
  • FedEx Small Business Grant Contest is open to all entrepreneurs. Ten small companies are awarded grants of upwards $25,000 each year as part of a FedEx Small Business yearly grant program. Since 2013, FedEx has given away over $375,000 in awards to business owners. Entry is open to any for-profit small company that has been in operation for at least 6 months and is seeking to grow.
  • Organization for Minority Business Development (MBDA). By linking minority-owned small companies to financial resources, government contracts, and market possibilities, this development authority of the United States Department of Commerce works to encourage the growth of the nation’s minority-owned small businesses. In order to get more information, you should contact your local MBDA business center.
  • Council for the Development of Minority Suppliers (NMSD). In addition to being a corporate member organization, the council is dedicated to expanding business possibilities for certified minority-owned companies. It is the operator of the Company Consortium Fund, a non-profit business development program that provides funding programs as well as business consulting services to its participants.
  • The Small Business Administration’s 8(a) Business Development Program. Small-enterprise owners who are economically or socially disadvantaged may be eligible for aid via the Small Company Administration’s 8(a) program, which offers business development support, training, and managerial and technical advice. An eligible small company must be majority owned and managed by a person who has been exposed to ethnic bias or prejudice and who has been put at a competitive disadvantage because of their race or ethnicity in order to be eligible for the program. 
  • The Operation Hope Small-Business Empowerment Program is a program that helps small businesses grow and succeed. Aiming to help budding entrepreneurs in low-wealth areas, which often include minority populations, the Operation Hope initiative was established. The method integrates professional training and financial advice with access to small-enterprise funding alternatives to provide a comprehensive package for entrepreneurs. Participants undergo a 3-month training program, as well as seminars on topics such as company finance, credit, and money management, among other things.

Small-Business Grants and Resources for Veterans

Veteran small-business entrepreneurs contribute significantly to the economy of the United States. According to the most recent statistics from the United States Census Bureau, veterans control 7.2 percent of the nation’s 5.5 million companies that employ people. Small-business grants, loans, and other funding options for veterans are all available to help new companies get off the ground, and here are the kind of tools that may help.

  • Boots to Business is a free, 2 day education and training program provided by the United States Small Business Administration for military personnel who wish to start their own businesses. The curriculum comprises a 2 day introduction to entrepreneurship courses and an eight-week online entrepreneurship course that offers guidance and methods for setting up a company, including how to prepare a business plan. All active-duty military personnel who are transiting out of the service, as well as their partners or spouses, are eligible to apply for the scholarship.
  • The Institute for Veterans and Military Families (IVMF) is a program that offers education and training to veterans who are interested in pursuing careers in business. Entrepreneurship Bootcamp for Veterans with Disabilities (EBV), Veteran Women Igniting the Spirit of Entrepreneurship, and the Boots to Business program are among the programs offered.
  • Military Reservist Economic Injury Disaster Loan: When an important employee is summoned to active service, the Small Business Administration (SBA) offers loans to assist small companies meet their “ordinary and necessary” operational costs while the person is away on active duty. The rate of interest on such loans is 4%, and the maximum loan loan amount is $2 million, with a maximum loan duration of 30 years. There is no maximum loan amount.
  • Patriot Boot Camp. Veterans and their spouses are welcome to participate in Patriot Boot Camp, a three-day training program provided by this non-profit organization. It offers access to resources for establishing a company, such as mentors, educational training and programs, as well as financial assistance.
  • Service-Disabled Veteran-Owned Small-Business Program: In this program, the Small Business Administration (SBA) assists businesses who meet certain criteria in obtaining sole-source government contracts for up to $5 million.  The participants must have a minimum of 51% of the company and, as assessed by the Veterans Affairs Department and the Defense Department, a service-related disability, among other requirements.
  • The StreetShares Foundation In collaboration with JP Morgan Chase, digital lender StreetShares announced on Nov. 10 that it would give $10,000 in 3 monthly prizes to qualifying veterans, reserves or active-duty military personnel, and military spouse small-business owners over the course of three months. According to StreetShares, winners are selected based on a variety of factors, including the quality of their company concept, the potential effect and usage of granted money, and the impact of the firm on the service and veteran communities.
  • Vets First Verification Program. In order to compete for VA set-aside contracts, veteran-owned companies may utilize the Vets First Verification Program website, which is maintained by the Department of Veterans Affairs.
  • Veteran Entrepreneur Portal (VEP). Founded in 2010, the Veteran Entrepreneur Portal (VEP) links veteran business owners and entrepreneurs with funding, resources, and opportunities available from the federal and state governments.
  • V-Wise. This three-phase program provides tools to assist female veterans in establishing themselves as successful businesses. It consists of a 2-week online program, a 3 in-person training event, as well as continuing mentoring, training, and support for those who are starting or expanding a company. The program cost 75$ and is available for all honorably released female soldiers, female servants and the above-mentioned female partners or wives.
  • Warrior Rising. Veteran entrepreneurs founded Warrior Rising, a non-profit organization that assists veterans who wish to establish a company by offering start-up funds, training sessions, one-on-one mentoring, and connections to a network of other veteran entrepreneurs and possible financing sources.

How Do I Qualify for a Small Business Grant?

For the most part, government-sponsored small company subsidies are not accessible for the purposes of establishing a firm, debt repayment, or supporting operating costs. In addition, unless your company is a non-profit or is starting a project in a certain field including technology, health research, or education, obtaining government funding may be difficult to come by. While this is the case, there are particular kinds of small business funding available for certain types of businesses and individuals, including:

  • Innovators
  • Businesses that are environmentally friendly
  • Businesses in rural areas
  • Businesses that are run by women, veterans, or minorities
  • Organizations that are not for profit5

Unfortunately, just putting in the phrase “small company grants” into your web browser may not always result in an up-to-date or comprehensive list of grant funding structured according to the kind of business you are looking for. However, by visiting certain networks and agencies, such as those mentioned below, you could be able to obtain funding for your small company.

  • Grants.gov
  • Small Business Development Centers (SBDCs) are listed on SBIR.gov.
  • Grants for Rural Business Development from the USDA
  • The National Association for the Self-Employed is a non-profit organization that advocates for the self-employed (NASE)
  • FedEx Small Business Grant Contest Minority Business Development Agency FedEx Small Business Grant Contest FedEx Small Business Grant Contest (MBDA)
  • Women of Asian Descent Donors’ Circle

How to Apply for a Small Business Grant

Each award for which you apply has its own set of criteria as well as its own application procedure. Nonetheless, bear the following considerations in mind while applying for business grants:

  • Carry out your study. Businesses may take advantage of a variety of grants, as shown by this list, and new programs are being introduced all of the time. Because grants are just so competitive, you will have the best chance of success if you look for smaller, more specialized opportunities. Studying your public funds, and any industry and professional organizations that you are a member of, may assist you in discovering additional possibilities that your company may be qualified for. Make certain, however, that they are genuine awards, and be on the lookout for frauds.
  • Make certain that you fulfill all of the criteria. When it comes to business grants, there are a slew of criteria that need to be fulfilled before a company can be considered eligible. Make certain that your company satisfies all of these criteria before submitting an application; otherwise, you will be losing your own resources and time.
  • Make changes to your company strategy. All business grants will require that you submit a business plan in order to demonstrate that you have a very well strategy for your company. In the event that you haven’t updated your own business plan since you initially started your company, it’s worth going through it again to ensure all is up to date and that your financial information is current. Moreover, it provides you with a chance to explain how your company fits the grant’s eligibility criteria.
  • Make sure you deliver your request on time. This is a straightforward, yet critical, point. Make a note of the grant deadlines early to ensure that your proposal is complete and filed via the proper route before the deadline. With so many companies competing for limited resources, you don’t want to risk losing your place in the race by making a simple mistake that might have been avoided.
  • Follow-up is necessary. It’s essential to follow through on your grant application, just like you would if you were applying for a job, to assure it was acknowledged and to let the assessors know you’re available to give more information if necessary. Most grants will include information about when a winner would be announced; however, if this data is not provided, it is worthwhile to contact the grantor to have a better sense of when you might expect to hear back.

Final Thoughts

As you can see from this comprehensive list, there are a wide range of company grants available—and the federal government really gives a considerable amount of funding for small scale business grants in particular. Small business grant applications, on the other hand, may be time-consuming, and they may or may not result in financial assistance for your company.

If you are eligible for a funding, there is no question that the funds will be of great assistance to you as you grow your company, whether you are a startup or an established enterprise. If, on the other hand, a small business funding does not come through for you, don’t let that discourage you from continuing your company. As previously said, there are a number of different funding choices that may be tailored to fit your needs and budget—in fact, conventional finance is used by the vast majority of companies to start and expand.

September 19, 2021
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