It's been a while since I've done this but getting a small or micro business grant is hardly a unicorn. Long story short, it takes working with a small business development center (SBDC) as well as ample amounts of patience and time. You also have to make sure that your paperwork is submitted as required and on time. It also helps to apply and submit everything ASAP because competition is probably three times as stiff as it was back then.
Based on what I learned from numerous small business consultants, having your ideas on paper isn't enough. You have to be able to convince everyone that your offerings matter - even if your offerings seem like a luxury or trivial. While having a snazzy slogan, unique elevator pitch, or mission statement is a good start, it should all tie into the story you will tell.
Share Your Story for Money
Yup, storytelling goes a long way when it comes to gaining capital and even making consistent sales. While every story should be different from the competition, here are some questions that can start as a good template -
- Why did I start my business?
- What events led to my initial success?
- How this XYZ concept began in the first place?
- Who was my influence?
- When did I first experience success?
See what I did? The five Ws and an H can answer many questions when in doubt. In the meantime, you can use this storytelling guide to build on your initial questions. The consultant may assist you with the application process and may even help you create a story based on their personal observations. This can be a good thing because many consultants who work for SBDCs have extensive education and/or proven experience. Creating an impressive package benefits both parties since most development centers operate as nonprofits.
Get That Money Honey!
Before you click any link, you may want to create your own listings based on the demographics that apply to you. You can decrease your competition by searching for grants that are limited to -
- Residents in your state
- Women
- Minorities (especially Indigenous groups)
- Veterans
- Disabled
- Those with a specialized interest
- Felons
This is to say that your dreams of opening a vegan educational toy business can become a reality if you happened to do time at one point in your life.
Here's a list I compiled last year and will update monthly based on some legit sources I discovered as well -
Small-Business Grants: Where to Find Free Money
Small-business grants provide free money for startups and existing
businesses, including those impacted by the coronavirus pandemic.
Grants.gov: Grants.gov is a
comprehensive database of grants administered by various government agencies,
such as the Departments of Education and Veterans Affairs.
Small Business Innovation Research
and Small Business Technology Transfer programs: The SBIR and the STTR
grant programs focus on research and development for technology innovation and
scientific research. The programs help connect small businesses with federal
grants and contracts from 11 government agencies.
To qualify, you must operate a for-profit business, have no more
than 500 employees, and meet other eligibility
requirements.
USDA Rural Business
Development Grants: The U.S. Department of Agriculture administers the Rural Business
Development Grant program, which provides financing to strengthen and grow
small businesses in rural communities.
Businesses must have fewer than 50 new employees, less than $1
million in gross revenue, and be located in an eligible rural area to qualify. Applications are accepted through the USDA Rural
Development’s local or state offices.
» MORE: Government small-business loans: SBA
loans and top options
State and Regional Small Business Grants
Economic Development Administration: This U.S. Department of
Commerce agency provides grants, resources, and technical assistance for
communities to support economic growth and encourage entrepreneurship and
innovation.
Each state’s agency helps businesses find financing (including
state or regional grants), secure locations and recruit employees. You can
search the economic development directory for regional offices and local resources.
Small Business Development Centers: Your local SBDC
provides support for small businesses and aspiring entrepreneurs. They’re often
associated with local universities or a state’s economic development agency,
and many can help connect you with small-business grants, as well as other business financing opportunities — plus, counseling, training, and technical assistance.
Minority Business Development Agency
Centers: The MBDA runs a national network of business centers dedicated to
growing and promoting minority-owned small businesses. These centers help
business owners access capital, secure contracts and compete in emerging
markets.
Your local MBDA center can help you apply for debt-based financing as well as federal, state, and local business grants. The agency usually holds an annual small-business grant competition and provides updates on this contest on its website.
Many corporations and large companies have a philanthropic
component that includes small-business grants. While some provide grants to
nonprofits servicing specific industries only, some also give to for-profit
companies.
FedEx Small
Business Grant Contest: The company’s annual grant competition awards over $250,000 to 10
small businesses, including a $50,000 grant and $4,000 in FedEx print and
business services to its three grand prize winners. The 2022 contest is closed
and voting began March 22. Winners will be announced May 4. The contest is for
U.S.-based for-profit small businesses that have been operating at least six
months, with no more than 99 employees.
National
Association for the Self-Employed: NASE members can apply for monthly small-business grants worth up
to $4,000, as well as an annual $3,000 college scholarship for members’
dependents. Grants are awarded year-round, with completed applications reviewed
quarterly in January, April, July, and October.
Fast Break for Small Business: LegalZoom, the NBA, WNBA, and NBA G League have partnered with Accion Opportunity Fund to offer $10,000
grants and up to $500 in LegalZoom services for small-business owners. This
program focuses on helping businesses in underserved and underrepresented communities.
Applications are open twice a year.
Patagonia Corporate Grants Program: Nonprofits striving to
preserve and protect the environment can apply for a small-business grant
through the Patagonia Corporate Grants Program. The retailer looks for
innovative businesses with proposed projects that are quantifiable and have
specific goals, objectives, and action plans. These nonprofit grants typically
fall between $5,000 and $20,000.
Visa Everywhere
Initiative: The Visa Everywhere Initiative is a grant competition that offers
funding to tech-forward startups across five different regions around the
globe. Applicants must show how they’ve developed a product or service that
creatively involves Visa’s products.
Visa will select the top five finalists in each region — and these
businesses will move forward to a global finals event. The overall winner of
the competition is awarded a $100,000 small-business grant. Additional grants
are awarded to second- and third-place finalists, audience favorites, as well
as regional and local winners.
» MORE: Best startup business loan options
for entrepreneurs
COVID-19 Small Business Grants
Although many federal, state, and private grant programs have
stopped accepting applications, there are still a handful of options available
for small businesses that need relief as a result of the COVID-19 pandemic. Here’s what you need to
know:
SBA small-business grants:
COVID-19 relief grant programs administered by the U.S. Small Business
Administration — including the Shuttered Venue Operators Grant and the
Restaurant Revitalization Fund — are closed and no longer accepting new
applications. Similarly, the period to apply for the $10,000 Economic Injury
Disaster Loan advance, or grant, has also expired.
State and local coronavirus small-business grants: Some state and local governments are still running grant programs
that are specific to COVID-19 relief. For example, small businesses in New York
can access free financing up to $50,000 through the New York State COVID-19
Pandemic Small Business Recovery Grant Program.
In Sonoma County, California, microbusinesses can apply for grants
of $2,500 through the California Microbusiness COVID-19 Relief Grant Program.
You can visit your secretary of state, department of economic development or
other official government websites in your area to see what options may be
available for your business.
Corporate COVID-19 small-business grants: Although some private companies have closed coronavirus relief
grant programs, you may be able to find a few options that are still accepting
applications.
The nonprofit organization Main Street America, for instance,
continues to offer its Inclusive Backing Grant Program in collaboration with American Express. This program is currently
awarding COVID-19 relief grants to brick-and-mortar businesses owned by women,
nonbinary people, and veterans of the U.S. Armed Forces.
Specialty Small Business Grants
To help spread entrepreneurial success across demographics, many
organizations focus funding efforts on specific communities.
We’ve put together lists of:
- Small-business grants for women.
- Small-business grants for
veterans.
- Small-business grants for
minority groups.
- Small-business grants for Black
women.
Alternatives to Small Business Grants
Finding and applying for the right grants for your small business
can be difficult, as well as time-consuming. If you don't qualify for certain
grants, there are other ways to fund your business. Here are some avenues to
explore:
- Best small-business loans:
Compare loan options — including bank loans, SBA loans, business lines of
credit, term loans, and equipment financing — plus, learn how to choose the
right financing for your needs.
- Small-business credit cards:
Explore dozens of cards and find the best choice for funding your everyday
business purchases — and earn rewards in the process.
- Crowdfunding for business:
Raise money for your small business by tapping into the power of the
internet and promoting your product or service through a crowdfunding
campaign.
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