Small businesses often struggle with accessing funds to help with expenses or growth opportunities. Fortunately, there are grant programs available to help alleviate these financial burdens. In this article, we will discuss the top 5 small business grant programs to watch out for in 2023.
1. Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs
The SBIR and STTR programs are highly competitive grant programs that aim to help small businesses develop innovative technologies. These programs have a wide range of participating agencies, including the Department of Defense and NASA. Small businesses selected for these grants can receive up to $1.5 million in funding.
2. Economic Development Administration (EDA) Grants
The EDA offers grants to businesses in economically distressed areas to stimulate job creation and economic growth. These grants range from $100,000 to $3 million and can be used for real estate acquisition, construction, and other economic development activities.
3. Small Business Administration (SBA) Grants
The SBA offers various grant programs to small businesses, including the Small Business Innovation Research Program, the Federal and State Technology Partnership Program, and the Growth Accelerator Fund Competition. These grants can be used for research and development, technology transfer, and business acceleration.
4. Rural Business Development Grants
The Rural Business Development Grant program offers funding to small businesses and cooperatives located in rural areas. The grants can be used for a wide range of activities, including equipment purchases, marketing, and feasibility studies. The maximum grant amount is $500,000.
5. Minority Business Development Agency (MBDA) Grants
The MBDA offers various grant programs to help minority-owned businesses access capital and other resources. These grants can be used for various purposes, including research and development, marketing, and capacity building. The grant amounts range from a few thousand dollars to $300,000.
In conclusion, small business grant programs provide excellent opportunities for businesses to access funding. The grant programs mentioned in this article offer various amounts of funding and can be used for a variety of activities. Keep an eye out for these programs in 2023 if you are a small business owner looking for support.
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