Local Funding For Small Businesses – Small Business Financing: 21 Ways to Find Free Money for Your Business by Siege Media, contributor to
No matter what type of small business you own, there is support available to help your business grow. Read on for details on 21 support options and information.
Local Funding For Small Businesses
Small business grants provide funding to grow your business in a variety of ways. In many cases, you can use grants for things like projects, marketing, or expanding your organization. It is important to find out who you may qualify for before you apply.
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In this article, we will cover sponsorship sources and give you tips on how to get more money from them.
A small business grant is an amount of seed money given to entrepreneurs to grow their business. The grant money is considered “gifted” and you are not required to pay it back. Sometimes you may have to pay tax on the amount received, so please take this into consideration and talk to a tax professional.
Tip: Check out grant databases like GrantWatch to find grants in your industry. GrantWatch is an online portal to over 26,000 grants in the US and Canada where you can easily search for different funding opportunities by filtering your specific information.
A loan is money that you have to pay back to the lender who gave you the money. In contrast, a gift is “free” money that you don’t have to pay for.
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You need to apply for grants and loans, but the loan application considers your ability to repay the money, while the grant application considers your eligibility as it relates to the grant criteria.
A variety of grants are available to small business owners and are grouped into four main categories. Your eligibility for these grants will depend on your products and services, how you own your business, and the purpose of your business.
There are many grants out there for entrepreneurs. Find money from the following sources to help your business. These grants are available at the time of publication and may not be available yet.
The US Department of Health and Human Services created Grant.gov in 2002. It is an e-government program administered by the Office of Management and Budget. The program provides resources and assistance to grant applicants to apply for and receive funding.
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The website allows you to search for federal grants and check eligibility before you apply. You can also track your grant applications after they are submitted.
Although some grants have conditions such as industry, type of business, size and location, your business room should be able to connect you with the right grant for your situation. Their team can also provide your small business with financial services, advice and resources.
The Business Innovation Research (SBIR) program is a competitive program for small businesses. This program helps entrepreneurs finance the research and development industry to support the development of science and technology.
A solid business plan is necessary before you apply. The plan will define the direction of your business and how it will benefit your community.
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Small business technology transfer programs are similar to SBIR, but focus on the technology industry. This grant is given to entrepreneurs in the technology industry.
FedEx is hosting a small business grant competition to provide funding to aspiring entrepreneurs. The competition is very competitive, with around 18,000 applicants for the tenth year grant in 2022.
This grant is open to small business models with a story worth telling, so if you are planning to apply, please show what makes your business unique.
The National Association of Small Business Owners (NASE) was founded in 2006. Over the years, NASE has awarded nearly $1,000,000 to entrepreneurs to help small businesses grow.
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You must be a NASE member to apply for this grant, but winners can receive up to $4,000 to go toward marketing, team development, and other needs.
There are many small business grants for women, and more are emerging every year to address the financial divide.
WomensNet established the Amber Grant Foundation in 1998. Its mission is to help aspiring entrepreneurs finance their dreams in honor of Amber Wigdall, the grant’s namesake.
On the first week of each month, $10,000 is awarded to a woman who pursues her entrepreneurial passion, from “scientific inventors to bakers,” according to WomensNet. At the end of every year, he gives the woman 25,000 dollars.
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Each year, the Live Your Dream Foundation provides $2.1 million in educational grants to women on behalf of Soroptimist International. This foundation focuses on women who have experienced violence or other incidents.
The Live Your Dream Foundation provides programs and funding that help women build confidence, advance their careers and overcome unexpected circumstances. Although prize money ranges from $1,000 to $10,000, being an international finalist allows winners to receive a maximum of $16,000.
This is a green and sustainable women’s business support program around the world. Cartier awards three types of awards: regional awards, diversity, equality and inclusion awards, and scientific and technological pioneer awards.
The American Association of University Women offers not only academic and research scholarships, but also career development scholarships for women looking to change careers or re-enter the workforce.
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In addition to individual career development grants, AAUW also provides funding for projects that encourage and jumpstart young people’s careers in the arts.
Stacy’s Snacks is a women-led brand that launched the Rise Project to help women grow their businesses in the food industry. The project provides funding in addition to mentoring and community and networking opportunities.
Designer Tory Burch has a fund to advise and empower women entrepreneurs in all walks of life.
In addition to financial support, the scholarship program offers a year-round educational program with mentorship tailored to your needs. The foundation also provides peer-to-peer networking for other recipients and travel to Burch’s New York office.
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Many small business grants celebrate this diversity by offering grants specifically for minorities to help you grow your business.
MBDA offers business centers across the country that provide “quality technical assistance to small business owners,” according to its website. Entrepreneurs can find mentorship, mentorship, and help with funding and growth.
Sephora is a makeup retailer that launched an emergency grant program to support minority business leaders. Each fall, this program helps fund and mentor entrepreneurs in the beauty industry.
Although the rewards of this support are not monetary, they include a significant financial benefit. Winners get access to a six-month boot camp and are eligible to launch their products directly with Sephora.
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The Small Business Development Council is a leading affiliate organization that provides business services and networking opportunities to connect you with investors and build your business.
While the opportunity to donate plays an important role, access to NMSDC’s list of mentors and advisors is the first priority.
The SBA grant program offers several funding options—research and development, export, and partner awards. Grants vary by year and eligibility may vary for each grant offer.
The SBA also provides Veterans Business Contact Center services for veterans to assist them with employment, financial and other business needs.
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The mission of the Second Service Foundation is to encourage and support military entrepreneurs. It provides funding to entrepreneurs, shares educational content, provides mentorship and training, and sponsors networking events.
Since 2016, the foundation (formerly the StreetShares Foundation) has built a strong community of over 85,000 members and helped over 5,000 entrepreneurs to build their businesses.
If you are a disabled veteran and interested in entrepreneurship, reach out to the VR&E Self-Employment Track program. This program helps coordinate activities to build your business—starting with your business plan. Team members help with small business operations, marketing and finance.
Although the program is not a financial aid, the resources provided to the recipients are important for planning and developing a business as a veteran.
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In any case, you need money to take your business model to the next level. Instead of taking out a business loan, consider these startup grants.
The Build-to-Scale (B2S) program seeks to build regional economies by funding startup growth through various grant competitions. The total cost is in the millions, with $45 million in federal funding to begin in 2022.
Supporting small businesses with $6 million in sponsorships and projects with the NBA, WNBA and NBA G League.
Small business grants come in many forms and have different needs. Although there is nothing you can do to ensure that you will receive a grant, there are some things that can increase your chances of being selected for one.
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Land grants can be attractive because of the high awards they offer. Before spending countless hours preparing a land grant proposal, consider starting locally.
Look for any small grants your city has to offer. Then it rises to the state and regional level. These grants may not be as large as some that are offered across the country, but you will also be competing against a smaller pool and have a better chance of earning money.
If you find a grant that seems like a good fit for your business, do some digging for past winners. Pay attention to any patterns you see between businesses.
Seeing what types of businesses are specifically sponsored can help you narrow down whether your business is a good fit, what you can do
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