5 Small Business Grants You Need to Know About
Small businesses are the backbone of economies around the world. Unfortunately, these entities often struggle to compete with larger organizations on a financial level. That’s where grants come in. Whether you’re an entrepreneur in need of funding to get your business off the ground, or an established company in search of capital to expand, here are five small business grants you need to know about.
1. The Small Business Administration (SBA) Loan
The SBA offers a variety of loan programs to small businesses. These loans have different requirements and criteria, but the common denominator is that they’re designed to help small businesses access capital they wouldn’t otherwise have access to. The SBA’s loans typically carry lower interest rates than other types of business loans, and they often come with longer repayment terms, which can be a great advantage for businesses that need to keep their monthly payments low.
2. Small Business Innovation Research (SBIR) Grant
The Small Business Innovation Research program is a government initiative that provides funding to small businesses that are engaged in research and development. The SBIR program is designed to support the commercialization of new technologies, products, and services, and it awards grants of up to $1 million.
3. National Association for the Self-Employed (NASE) Growth Grants
The National Association for the Self-Employed is an organization that provides support and resources to self-employed individuals and small business owners. One of their offerings is the Growth Grants program, which awards up to $4,000 to members who need capital to fund a specific business initiative, such as hiring additional employees or launching a marketing campaign.
4. FedEx Small Business Grant Contest
The FedEx Small Business Grant Contest is an annual competition that awards grants to small businesses that demonstrate exceptional innovation and growth potential. The grand prize winner receives $50,000, while the first and second runners-up receive $30,000 and $15,000, respectively.
5. Amber Grant
The Amber Grant is a monthly grant of $10,000 that’s awarded to a different woman-owned business each month. The grant is meant to help female entrepreneurs overcome financial barriers and pursue their dreams. To apply, women must submit an application and a $15 application fee.
Small business grants can be a lifeline for entrepreneurs and small business owners. By taking advantage of these resources, you can access the capital you need to grow your business, innovate, and compete on a larger scale. Keep these grants in mind and see how they can help you achieve your goals.
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