According to the Small Business Administration, nearly two-thirds of new businesses survive beyond two years of operation, but only around 50% make it past the five-year mark. Keeping a small business afloat requires hard work, dedication, and most importantly, capital.
Thankfully, there are grants available to small business owners that offer substantial financial assistance. Here are the top 5 small business grant programs that offer $3,000 or more.
1. National Association for the Self-Employed Growth Grant
The National Association for the Self-Employed (NASE) offers growth grants to its members who have been in business for at least 12 months and can provide evidence of a business plan, financial statements, and personal credit scores. The grant awards can go up to $4,000 and are meant to cover marketing expenses, advertising, and purchasing new equipment.
2. FedEx Small Business Grant
The FedEx Small Business Grant is an annual competition that awards $50,000 in grants to small businesses that demonstrate exceptional creativity, passion, and business acumen. The grand prize is $25,000, with ten additional prizes of $1,000 being awarded. The grant requires applicants to submit a business plan, a marketing strategy, and a two-minute video showcasing their business.
3. Small Business Innovation Research Grants
The Small Business Innovation Research (SBIR) program offers small businesses funding for research and development projects that have the potential to lead to commercialization. The grant is divided into three phases, with each phase providing increasing funding, starting at $150,000 for Phase I, up to $1,000,000 for Phase III. Only businesses that are involved in scientific or technological research and development are eligible to apply.
4. Small Business Administration Community Advantage Loan
The Small Business Administration (SBA) Community Advantage Loan program offers loans of up to $250,000 to small businesses located in underserved communities, including businesses owned by veterans, women, and minorities. The loan can be used for working capital, equipment purchases, or even to purchase property. The loan requirements are less strict than traditional SBA loans, with collateral not being mandatory.
5. Amber Grant Foundation
The Amber Grant Foundation is a non-profit organization that provides $4,000 grants to female entrepreneurs across the United States. The foundation awards the grant to one woman each month, making it a very competitive process. The grant committee is interested in unique business ideas that can positively impact the community.
In conclusion, small business owners have access to a variety of grant programs that can help them grow and sustain their businesses. It’s essential to assess the eligibility criteria and application requirements of each grant program before applying. Small business owners should also be prepared to devote time and effort to the application process to maximize their chances of winning the grant.
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