Small business grants are available to expand locally and internationally
Small business grants are given by governments and private entities to incentivize performance, become more efficient, and aid in expansion. Though the money is free and you are not required to repay it but the award amount must be used in accordance with the terms of grants for small business startups. The money is usually released in a three-phase cycle, viz.
Pre-award Phase: The award is announced, and applications are accepted.
Award Phase: The applicant is informed whether they have been approved for the award or not.
Post-award Phase: The granting authority oversees compliance during the life of the grant through regular reports and on-site audits.
Many grants for small business startups are available, with federal government agencies being the biggest contributors. The US Small Business Administration (SBA) runs two programs, viz. Small Business Technology Transfer (STTR) program, and Small Business Innovation Research (SBIR), through which it provides grants for small business startups to fund their research and development initiatives. Both programs provide $50,000 to $250,000 for six months to one year in Phase I, and $750,000 for two years in Phase II. SBA also funds State Trade Expansion Program (STEP), through which it provides money to small businesses to start or expand into international markets.
The US Department of Agriculture (USDA) provides funding to qualified small businesses in rural communities, with fewer than 50 employees, and under $1 million in annual revenue. The Environmental Protection Agency (EPA) distributes more than $4 billion annually to state governments and nonprofits to fund environmental projects.
Grants by your local chamber of commerce
Your local chamber of commerce is another great place to start your search for grants for small business startups. The grants of varying amounts are provided based on the industry type, size, and location of the business. Additionally, your local chamber of commerce should be able to connect you with other grants for small business startup opportunities that fit your situation, along with funding services, tips, and resources. Amber Grant Foundation provides grants for small business startups worth $10,000 to $25,000 to an eligible woman-owned business. A grant amount of $10,000 is given in the first week of each month. At the end of the year, the foundation also gives one annual grant of $25,000.
Minority Business Development Agency (MBDA) runs a national network of business centers, dedicated to growing and promoting minority-owned businesses. Visa Everywhere Initiative is a grant application that offers free money to tech-forward startups all over the world. The winner gets $100,000 in grants for small business startups, with additional grants being awarded to second and third-place finalists.
Get updated information on the current grant opportunities
Grants.gov is the federal government’s most comprehensive database to find information about all grants for small business startups, and other grants offered by more than 26 federal government agencies. You can also locate these grant opportunities, and other grant opportunities, such as childcare grants, first-time homebuyer grants, bills assistance, universities & Stafford loans, and more. To access updated information on all these grant opportunities, you can register at America’s Got Grants for just $29.95. Moreover, this monthly membership fee is refundable in case your grant application gets rejected. The website also has professional grant writers to help you successfully complete a grant application, and win a grant award that you qualify for, and deserve.
