Starting and running a business can be financially demanding.
While we acknowledge the struggle of gathering capital, finances shouldn’t be the reason you stop pursuing your dream.
In fact, managing capital and financial assistance is quite possible in today’s day and age.
Even when you don’t want to take a traditional business loan, there are free grants to start a business that can help you capture substantial capital for your business.
Read along and explore different grant program types available for your business.
1. Government grants
The government provides several grants for the development and expansion of small businesses through SBA. These are also given for bringing about technological advancements and innovation in the industry.
A few common government business loans are as follows:
Small Business Administration (SBA) grants
Although it’s prominent for its loan programs, SBA offers certain grants to community organizations to promote entrepreneurship.
Click here to apply for SBA grants
NIDILRR’s SBIR program
NIDILRR’s SBIR program is a funding initiative by the National Institute on Disability, Independent Living, and Rehabilitation Research (NIDILRR) to support small businesses in developing innovative solutions that can benefit people with disabilities.
This grant program has been introduced to support technological, social, and economic advancements to improve the quality of life, independence, and participation of individuals with disabilities.
Apply here for NIDILRR’s SBIR program
Small Business Innovation Research (SBIR) program
This grant is provided so that you can contribute to technological development and commercialize your project going forward. It is highly competitive and given based on technical merit. The primary requirement for this grant is to have a for-profit business.
Apply here for the Small Business Innovation Research Program
Small Business Technology Transfer (STTR) program
Just like the above grant program, the government provides funds to research-related businesses through this program. To be eligible for this grant, your small business needs to have a tie-up with a research organization.
Apply here for the Small Business Technology Transfer Program (STTR)
US Department of Agriculture (USDA) grants
The USDA provides various business grants and loans to support farming and rural development. These include grant programs for beginning farmers, rural business development, housing assistance, and specialty crop enhancement.
Through this program, USDA aims to promote agricultural innovation, community facilities, and sustainable farming practices in rural areas.
Apply here for USDA grants
Department of Energy (DOE) grants
The DOE works closely with SBIR and STTR to fund energy research and development plans for small businesses.
Apply here for DOE grants
Environmental Protection Agency (EPA) grants
EPA offers grants for green and sustainable research and development projects. Projects on air quality, climate change, and pollution control stand a maximum chance of securing grants.
Apply here for EPA grants
That said, government business loans are a great way of getting started if your business brings about some sort of commercial benefits to the country.
- Pros: Helps you innovate through business and lets you carry out research and development work without worrying about funds.
- Cons: You need to have a for-profit business for a lot of schemes and it involves complicated paperwork and technicalities.
Need help creating a business plan?
Maximize your chances of getting grants by creating a solid business plan
Plans starting from $7/month
2. General small business grants
Apart from the government, several non-government organizations and corporations provide small business loans and grants to small businesses. It’s usually done as a way of giving back to the community or for standing behind a cause.
A few of them are as follows:
500 Global Flagship Accelerator Program
This program provides funds to startups and small businesses on a year-round basis. The best part is it provides you with a four-month accelerator program, in addition to $1,50,000 of funds. This fund has been running since 2010 and the details to apply for the same can be found on the company’s official website.
Apply here for the 500 Global Flagship Accelerator Program
Hello Alice Small Business Growth Funds
Hello Alice offers funds up to $25,000 to small business owners through their annual grant programs, every year. Further details about the application procedure and other requirements can be found on their website.
Apply here for Hello Alice Small Business Growth Funds
Amazon small business grant
Amazon awards 15 businesses with grant money of $250,000 in total every year.
Apply here for the Amazon small business grant
FedEx small business grant
FedEx hosts annual contests and awards 10 for-profit businesses with grant money of $30,000. Small businesses with less than 99 employees and a valid FedEx shipping number can apply for this grant.
To apply for a FedEx grant, click here.
Bizee Fresh Start Business grant
Bizee is targeting entrepreneurs with fresh business ideas. It offers $2500 grants to two businesses along with some more incentives.
Apply here for the Bizee Fresh grant
Visa Everywhere Initiative
Visa Everywhere is a competition hosted by Visa for fintech startups. Every year, startup businesses with innovative payment and commerce solutions apply for this initiative. And by October 3 winners are declared with the overall winner receiving $100,000 USD.
For applications at Visa Everywhere, click here
Corporates support a variety of businesses and can become a good source for you to acquire startup business grants.
- Pros: Many programs offer good amounts of business grants as well as mentorship programs to help your business.
- Cons: Just like government business grants there’s high competition to get these funds.
3. Group specific grants
If you belong to an underprivileged segment or there are people in your community who provide small business loans and grants, you can look into them too. As these grants are open to fewer people, it’s easier to get them.
Here are a few of those:
Grants for women
Here’s a list of websites and organizations that give grants, especially to women:
Grants for Veterans
Here’s a list of organizations that give business grants to veterans:
Grants for minorities
Here are a few organizations that introduce grants and programs, especially for minorities:
If you belong to any of these groups you can look into these options for funding your business.
- Pros: These schemes and programs have lesser competition compared to the general grants and schemes.
- Cons: Most of them, especially the ones for minorities and veterans would require paperwork to prove that you belong to that group.
State grants for small businesses
Apart from federal grants, businesses and communities can benefit from state specific grants available in their area.
- Small Business Grants In Georgia (2024)
- Small Business Grants in California
- Small Business Grants in New York
- Small Business Grants In Illinois
- Small Business Grants In Pennsylvania
- Small Business Grants In Michigan
- Small Business Grants In Texas
Conclusion
Now that you have a list of grants available for your business, it’s time for some homework.
Identify the grants available for your business, study their eligibility requirements, and shortlist the best grants. Most grants would require you to submit a solid proposal or a business plan with your applications.
Don’t worry. With Upmetrics, you can validate your business idea and draw financial predictions, all by creating a solid business plan in about 10 minutes.
No more reasons to push aside your business ideas! Just prepare your proposal and send your applications to secure grants for your business.
