Intro: Find Small Business Help with Grants for Small Business Owners
Starting a small business is in many ways part of the American dream.
However, there’s one large obstacle standing in the way of quite a few aspiring entrepreneurs, and that’s how to get money to start a business in the first place. Luckily, there are many government grants for small business, as well as private grants, if you only know where to look for them.
If you find yourself searching for grants for small business owners, you’re in the right place.
We’ve compiled a selection of some of the best grant options, both public and private, and the best places to find small business help, whether you’re looking for federal small business grants or privately funded grants for small business owners. Are you looking for…
- Scientific development research grants?
- Economic development grants?
- Grants based on minority status?
- Grants based on your industry?
- Grants for startups?
- Competitions to win grants based on your business skills?
If any of the above sound like the private or federal small business grants you’re looking for, then it is possible to find the small business help you need, starting from the U.S. Small Business Administration and working your way outward.
Whether federally or privately funded, following your dream is easy when you’re enabled to take the proper steps, not only benefiting you and your family, but also your community and clients.
Check out some of the many small business help options below so you can decide what works best for you and your personal entrepreneurial and small business goals.
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Research Grants for Small Business Owners
The Small Business Administration offers research grants for small business owners when those business owners are involved in some sort of scientific research or development.
These are available through both the Small Business Innovation Research and the Small Business Technology Transfer programs, which are very helpful when you are just discovering how to get government grants.
Both of these programs are extremely competitive, though, so don’t expect these small business government grants to come easy. You may be eligible if you meet the following requirements:
- Your business is American-owned and independently operated
- You’re a for-profit business
- The principal researcher involved in the grant is employed by the business
- Your company’s size is under 500 employees
In general, if you’re looking for government grants for small business based around research, you’re going to meet all of the above requirements already.
The research grants are funded by various federal departments, from the Department of Defense to the Department of Education to the Environmental Protection Agency to NASA. Because of this, you can generally find a fit for anything you may be researching.
You can further search for federal small business grants at grants.gov, which is a database of all the federal grants available currently.
You can search by choosing your eligibility status, the agency you wish to work with, the industry you work in, and more. Then, you can click through the various pages to discover if a particular opportunity is a good fit.
If you’re not able to acquire one of these federal small business grants, don’t be discouraged. There are plenty of private sectors that will help you figure out how to get money to start a business.
However, in the meantime, it is a great idea to keep connected with the Small Business Administration, as they can offer you invaluable help in other areas of starting your own company, beyond government grants for small business.
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Specialized Government Grants for Small Business
Of course, research grants aren’t the only type of federal small business grants that you can find. There are also specialized government grants for small business, which are more likely based on your individual needs.
For example, the Rural Business Development grant, offered by the United States Department of Agriculture, is available for small business help in rural areas for companies with fewer than 50 employees and making less than $1 million in gross revenue each year.
These grants are given in the amounts of $10,000 up to $500,000, depending on the need. Such government grants for small business are great for
- Buying land
- Construction
- Renovation
- Distance learning and training
- Community economic development and more!
Another type of specialized government grant for small business include those based on minority status. These can be found within the Minority Business Development Agency, which is additionally found under the U.S. Department of Commerce.
This federal agency provides small business help to African Americans, Asian Americans, Hasidic Jews, Hispanic Americans, Native Americans and Pacific Islanders.
While their grant competitions aren’t frequent, they are available, and they may be easier to obtain than a research grant, a trend you’ll soon discover when researching how to get government grants.
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Private Grants for Small Business Owners
There are many non-government grants for small business as well. You can find much of this small business help under private companies and associations meant to assist small business owners, but without any connection to federal small business grants.
The National Association for the Self-Employed is one such organization. While not very large, their grants for small business owners may be easier to obtain than government grants for small business.
If you apply for an NASE Growth Grant, you and your business could receive up to $4,000. Over its existence, the NASE has awarded more than $600,000 in small business help. If you’re wondering how to get a grant for a business through NASE, you’ll need to do the following.
- Already be a member of the NASE, and in good standing
- Show your business’s need for a grant
- Give a detailed explanation of how you’ll use the grant
- Show how the grant will help you succeed
- Provide a resume and/or a business plan
Another private organization to offer non-government grants for small business is the National Minority Supplier Development Council. Its aim is to offer small business help to certified minority-run businesses.
Female small business owners can enjoy similar non-government grants for small business, with monthly grants awarded by the Amber Grant for Women. The private organization gives $500 to small businesses each month, with each monthly winner entered to win an annual grant of $1,000. This may be one of the easiest grants for small business owners to apply for, as it’s all done online with a few clicks and is awarded monthly, so you always have additional chances to win.
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Competition Grants for Small Business Owners
In addition to private and government grants for small business, those asking how to get money to start a business can also join many, many contests to win grants for small business owners.
Every year, FedEx offers one such competitive opportunity. The company hands out small business help in the form of grants to award to entrepreneurs in the United States who show true passion. Winners have access to a community of self-starters like themselves, as well as increased exposure. You can check back later in the year for information on how to get a grant for a business in the Spring 2017 competition.
Popular clothing label Eileen Fisher offers grants for small business owners as well, with its Eileen Fisher Women-Owned Business Grant program.
Every year, $120,000 is awarded to up to 10 recipients, for a minimum grant award of $12,000. In addition, each grant winner enjoys a trip to New York City. Want to know how to get a small business grant from this fashion empire? Meet the following requirements and apply for the competition.
- Business must be majority women-owned and women-ran
- Revenues must not exceed $1 million per year
- Business must be founded on environmental or social change
- Business must be in operation for at least three years
Image Source: Pexels
If you’re willing to relocate, Arch Grants is a definite answer in how to get a grant for a business.
Created with the goal of moving more successful new businesses to the St. Louis region, the competition will grant you $50,000 in cash, plus help from top-tier services in the city, including accounting, legal, IT, marketing, etc. Next year’s competition may just be your ticket to small business success!
If you’re not ready to relocate, but you have a killer elevator pitch, you may be able to win some small business help by using your excellent speaking skills. The Black Enterprise Elevator Pitch Competition just requires a YouTube video pitching your product or service. If you win, you’ll receive $10,000.
Startup Grants for Small Business Owners
Of course, you may not be in what you feel is the best place to seek small business help from some of these organization, whether for private or federal small business grants.
Maybe you’re just planning the initial stages of your business, or maybe you’re a brand-new startup with great ideas, and you just need the financial backing to make them work. Luckily, there are grants for you, too, so you’re not left wondering how to get money to start a business successfully.
Image Source: Pexels
Y Combinator is perfect if your small business idea includes a tech startup or something completely groundbreaking. Submit your application during the organization’s next batch of funding cycles.
A group of finalists are flown out to the headquarters for interviews. Companies awarded grants must move to the Bay Area for a few months, as it’s considered the prime spot for a startup. You’ll receive all the small business help you need, from expert advice to company set up — way beyond just funding.
The Startup Challenge is held in California each year, and startups are judged by a panel of experienced businesspeople. Anyone can enter, and you’ll win up to $20,000, plus legal services worth $10,000. If you can prove your startup idea is the best, you can get the grants for small business owners that you need.
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Tips on How to Get a Small Business Grant
Whichever of the above options you decide to go with when attempting to obtain either government grants for small business or private grants for small business owners, it’s still very important to pay attention to how you’re applying and the kinds of documents you’re submitting with your application.
After all, many of the grants and monetary opportunities you’re applying for will be distributed by individuals with no real hands-on knowledge of your product or service. In order to snag those government grants for small business, it’s crucial to put your best foot forward on paper.
A vital first step when it comes to finding the right grants for small business owners in relation to your own business is to successfully pinpoint your needs.
Before any federal organization, private organization, or competition is going to give you any small business help, they’ll want to know that you have a firm grasp on your company’s future. Know exactly what you need grant money for and how you would plan to allocate it were you to receive it.
Beyond the small business government grants and the benefits that come with, you’ll also need to know the rest of your company’s finances inside and out. A firm, detailed and extensive business plan is needed; otherwise, you’ll be stuck asking how to get a grant for a business for a very long time. A good business plan contains not only your highly detailed finances, but also everything you sell, your inventory, a project timeline and more. When you’ve written your business plan, give it to a trusted friend or advisor for feedback.
Additionally, compile all of the documentation you expect to need before applying for any federal small business grants. From tax documents to receipts to accounting paperwork, it’s likely that you’ll need it all to receive a grant, specifically government grants for small business.
When you have all of your information compiled, search out the grants for small business owners that you want to apply for. Maybe you like a few of the grant opportunities listed above, or perhaps you already have a few others in mind. Whatever you choose, do thorough research into the grant itself, its stipulations, and the company or department offering. Then, make a list of deadlines. By following these tips, you’re one step closer to getting small business government grants.
As a recap, do you know how to get a small business grant? Just gather the items in the list below.
- Detailed reasons your business needs a grant
- Detailed ways you would use grant money if awarded
- A thorough business plan
- Financial documentation for your business, as well as other paperwork, such as business licenses, etc.
- A list of grants you want to apply for and their corresponding deadlines
Finding Grants for Small Business Owners Is Easier Than You Think
Hopefully, you’ve been able to use the resources above to better understand your own grant needs, whether you prefer federal small business grants or private grants for small business owners.
While starting a small business can be difficult, you shouldn’t be left to wonder how to get money to start a business in the first place. Accomplishing your entrepreneurial dreams can be easy when you put in the effort, research, and hard work needed to find the right financing and grants to make it happen.
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