How to Get a Small Business Grant

Whether you’re starting your first small business or looking to expand, getting a small business grant is a great way to get the funding you need.

There are a lot of small business grants out there, but it’s important to find ones that fit your needs. Some have broad requirements, while others are more targeted to specific industries or demographics.

NIFA

The National Institute of Food and Agriculture (NIFA) offers a number of grant opportunities throughout the year. These are available to small businesses, nonprofits and local government entities, and they come with support and guidance. If you’re interested in obtaining a grant, be sure to review the eligibility requirements before submitting your application.

NIFA grants are available for a variety of purposes, including expanding your business, enhancing your company’s competitive edge and helping you get established in your market. Each grant has a unique set of requirements that you’ll want to meet before submitting your application.

One of the most effective ways to get small business grant funding is by working with a local SBDC advisor. These advisors can help you with your business plan, create a compelling pitch and guide you through the application process. They may also be able to connect you with state and local resources, like business financing companies that specialize in minority business development.

Another way to get a small business grant is by working with the Minority Business Development Agency (MBDA). The MBDA runs a network of centers around the country, dedicated to helping minority-owned business owners access capital, secure contracts and compete in emerging markets.

A third option is by working with a community group that offers grants to small businesses in their area. These organizations focus on specific communities, and they can provide funding for a variety of needs, from marketing to inventory.

There are also several NIFA programs that offer grants for research and innovation. These programs are designed to transform scientific discoveries into products and services that have commercial potential or societal benefit.

These programs include the Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer (STTR) program. The two programs are geared towards small businesses that want to pursue research in the fields of science, technology, engineering and math.

If you’re looking for a grant to help with your small business, be sure to check out the NIFA website to see what type of opportunities are available. You can also contact your local SBDC advisor or a business center in your area for more information about these programs.

COVID-19 Relief Grant

If you own a small business in one of the five boroughs of New York City, you might be eligible for a COVID-19 Relief Grant. In fact, according to a recent Comptroller’s audit, the Small Business Service (SBS) gave out more than $19 million in grants to help NYC businesses cope with the coronavirus outbreak.

These grants are intended to support small businesses with 20 or fewer full-time employees, nonprofits and residential landlords that have seen a significant decrease in their revenue or sales due to the coronavirus. The program is aimed at preventing financial distress and promoting economic growth in the five boroughs, where small businesses make up 90% of all commercial entities and are responsible for generating nearly 50% of the city’s tax revenues.

A number of states have also launched grant programs to assist businesses that have suffered a significant reduction in their income. In addition to funding business operations, these programs can help small businesses acquire equipment, upgrade their technology or cover a portion of overhead costs.

For example, California’s Theatre Bay Area CA$H Grant program provides funding to individual theatre artists and small, professionally-oriented companies that operate under $100,000. The American Guild of Musical Artists also offers COVID-19 emergency assistance to members of its organization, which is comprised of classical singers in the region.

In Rhode Island, the Providence Business Loan Fund offers emergency loans to Providence-based small businesses and for-profit independent arts and cultural organizations that have experienced severe financial distress or economic harm due to the coronavirus. The funds are designed to be used as a bridge between existing debt and new capital, and can be applied for on a one-time or ongoing basis.

There are also some federal government programs that may be of interest to small businesses, including the U.S. Small Business Administration State Trade Expansion Program, which assists small businesses interested in exporting their products to international markets. The SBA also has a Small Business Relief Grant program, which can be used to fund a variety of business-related expenses.

In addition, several state governments have partnered with local agencies to offer a variety of assistance programs to small businesses. Some of these grants are directly administered by the local government, while others are distributed through local and regional organizations and institutions of higher learning.

GrantWatch

The grant-seeking process can be intimidating for new business owners, but with the right knowledge and preparation, you can land a small business grant that can help your company grow. To find the best funding opportunities for your business, use a resource such as GrantWatch to browse grants from foundations, corporations, state and local governments and the federal government.

Grants are typically “gifted” money that you don’t have to repay, which makes them a great option for startup companies. However, it’s important to keep in mind that grant funds are often more limited than loans and are generally only used for specific projects or initiatives.

When applying for a grant, be sure to research the funder’s history. You should also consider the requirements of the grant before you submit an application. Some nonprofits have strict guidelines, and it’s important to know exactly what the organization is looking for before you apply.

One of the most important tips for getting a small business grant is to create an accurate budget. This will allow you to identify exactly how much money the funder will be spending on your project. This is important because it will allow you to make a stronger case for why you should be awarded the money.

Ideally, you should create a detailed budget that lists all the expenses related to your project. This includes equipment, employee salaries, consultants, capital expenses and more. This will ensure that the funder knows exactly how much they’re investing in your project and will give them confidence that it will be successful.

If you’re not sure how to go about preparing your budget, you can always consult with an accountant or financial consultant who can provide you with an estimate. You should also consider setting up a savings account to cover any costs that the grant won’t cover.

Aside from the above-mentioned tips, it’s important to remember that when you’re looking for a small business grant, it’s crucial to start locally. Nationwide grants can be attractive because of their large awards, but you should first check out what has worked for others in your area.

General Government Grants

Grants come in many forms, with different requirements, and it’s important to review them before you apply. Some may require a certain number of years in business or a specific industry, while others may only be available to early-stage companies. You also might need to show proof that you’re using the funds for a good cause.

Some grants are nationwide, and their awards can be substantial. It’s tempting to start with them, but if you’re not sure whether your company will be successful in a national competition, consider starting with smaller grants local to your area first. For instance, Miami-Dade County offers a Mom and Pop Small Business Grant Program for businesses in each of 13 county commission districts.

Another option is to search online for grants that are specifically geared toward your industry or business type. While these can be tough to find, they’re usually worth the effort.

These types of grants are often more attainable than other kinds of government funding, and they can be a great way to boost your bottom line. They’re often a little smaller than federal or state grants, but they still represent an invaluable source of free money for your business.

The downside of these kinds of grants is that they’re considered income for tax purposes. So if you’re not careful, you could end up paying more taxes than you would have otherwise, particularly if you’re a sole proprietor.

One way to avoid this is to talk with your accountant or a tax professional about your grant winnings and how it might impact your taxes in the future. They can help you plan ahead and set aside your winnings before the IRS sends them to you.

You can also use a site like GrantWatch to help you find and apply for business grants. It’s a subscription-based service that has a database of thousands of grants offered by both federal, state and local governments, as well as foundations and corporations.

In addition, check with your local small business development center (SBDC) or SCORE for tips and advice on the grant application process. These organizations offer free training and mentorship to American entrepreneurs, and they can help you identify local grants that might be suitable for your company.