Small Business Grant
- Small business owners have few opportunities to secure grant funding in 2022.
- Many private and public organizations provide grants to up-and-coming entrepreneurs and small firms.
- The application process is competitive but worth it.
Lahore, Pakistan — Most small business grant programs will have criteria beyond being a small business, such as being a minority-owned company, being involved in social causes, or having a certain number of employees. Below are some of the more well-known grant opportunities for small businesses.
Small Business Innovation Research and Technology Transfer
This grant is sponsored by the Small Business Administration and is for entrepreneurs operating in the for-profit sector. To meet the grant’s application requirements, a business cannot employ more than 500 people.
The program’s purpose is to encourage innovations in tech via partnerships between smaller companies and bigger research organizations. A small businesscan get up to $250,000 in the first phase of the grant to ensure its idea and development work.
A second phase of the program covers up to $750,000 for costs related to bringing your technology-related concept to market. Other qualifications include being a legally established U.S.-based business that’s 50% owned or controlled by residents of the United States.
FedEx Small Business Grant
For small business owners. this grant is for you. The top prize is worth $50,000 and includes additional funding for print and business services.
To compete, your business must be in operation for a minimum of six months, have fewer than 99 employees, and be in the for-profit sector.
National Association for the Self-Employed Grant
The National Association for the Self-Employed gives out business growth grants of up to $4,000. You can use these grants to pay for marketing and advertising costs, expand your business, or hire more workers.
You must be a member of the association, show that your business needs the money, explain how the grant money will help your business, and send in a resume and business plan.
Visa Everywhere Initiative
This is a contest for small businesses that can develop solutions to challenges associated with payments and transactions. Each year, four finalists are chosen by Visa to present their ideas at the Visa Payments Forum.
Rural Energy for America Program Grant
Sponsored by the USDA, this grant is aimed at rural small businesses and farmers. You can use the money to install renewable energy solutions to help run your business or make energy-efficient upgrades.
The maximum amount awarded per grant is $500,000, or up to 25%of your costs. People who apply for grants from the USDA must meet specific criteria, and the process is very competitive.
Nav Quarterly Business Grant
Nav, a financial marketplace for companies, gives out a $10,000 grant to a small business. Runners up are given smaller grant amounts.
While the grant does not have stringent criteria, you must create a Nav account. Furthermore, you must also make social media posts about your company’s plans with the money.
Wells Fargo Community Investment Grant
This grant is for you if your small business is nonprofit and focused on improving conditions in your community. Wells Fargo’s objective is to help make communities more resilient and revitalize them through local nonprofit organizations.
Grants in each state have different criteria, eligibility requirements, and provisions. Wells Fargo selects recipients based on their giving criteria and the applicant’s priorities. Nonprofit organizations can find out about the requirements and available opportunities here.
The Amber Grant Foundation selects a single woman-owned business for a $10,000 award each month. If your company is one of the monthly winners, you’ll be entered into a drawing to win one of two $25,000 yearly grants.
Business owners interested in applying for grants can find a list of instructions online. There is a $15 application fee. According to the foundation, the fee covers the cost of grant programs.
Patagonia Corporate Grant Program
The name of this program is a bit of a misnomer since it is for nonprofits. Those who run a small nonprofit organization focused on benefiting or improving the environment can apply. The award is between $10,000 and $20,000.
If you’re interested in applying or learning more, you can read all of Patagonia’s guidelines online.
Government agencies like the Economic Development Administration and state governments compile grant opportunities in online databases. Some of these are as follows:
- The Economic Development Administration has local grant opportunitiesin various states.
- The Council for Community and Economic Research has a state business incentives database that lists grants for entrepreneurs, business developers, and financial professionals.
- Grant Watch lets you locate funding opportunitiesat the state, local, and federal levels. You will have to sort by small businesses and pay a small fee to join Grant Watch to see the different opportunities’ eligibility requirements.
Starting and running a small organization requires funding and capital. Sufficient revenue can be more challenging for lesser-known businesses to generate until they get their footing. Small business grants can help during the early years or when innovation and expansion are needed.
Ultimately, you can apply for as many grants as your business can qualify for. However, you’ll want to read carefully over the requirements since there may be non-compete agreements or other limitations.
Remember that grants can be highly competitive and are just one funding source.
Name: Sal Cosentino
Company name: BrizBiz
Email: [email protected]
Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Small Business Grants to Check Out in 2022