Millions of people wish to own a business, but only a few fulfill this wish of theirs. Some of them drop the idea because they feel it is too risky, while some say no because they don’t have money.
If you, too, wish to start a small business or a startup but don’t have money, you should read this post which talks about startup grants. Before we move further, let’s discuss a startup.
What is a Startup?
A startup is a small business in the early stages of development aiming to solve real-life problems through a product or innovative service.
The goal of a startup is to promote creativity and the rapid development of ideas. However, to achieve the goal, startups need additional funding than the money put in by the owners.
It is where a startup grant comes into the picture to help entrepreneurs to secure free money for their businesses. The free money can be used to fulfill the business’s basic requirements and expansion. Let’s talk about the best startup grants.
It is called free money because you don’t have to return it once your purpose gets fulfilled. However, startup grants are not easy to obtain as you have to convince the grant giver.
Startup Grants – Have a Look at the Options
Small Business Innovation Research Grant (SBIR)
The Small Business Innovation Research grant program is highly competitive. It is to help small businesses and startups to engage in federal research and development.
This program enables startups to explore their technological potential, develop innovative products, and make life easier.
Eligibility Requirements for Small Business Innovation Research Grant:
- Only United States businesses are eligible to apply for this grant
- An organized for-profit with a place of business in the United States
- The business must be more than 50% owned and controlled by one or more individuals who are US citizens or permanent residents
- The business must not employ more than 500 employees (including affiliates)
For more information, visit www.sbir.gov.
National Association for the Self-Employed (NASE) Growth Grants
The NASE growth grants are small business grants available for small businesses and startups. The funds issued under this grant can be used for marketing, training, investment in hardware and software, and anything that pushes growth.
This grant is available every quarter, and until now, the organization has awarded nearly $1 million in funding. One can get funding of up to $4,000. However, you should be a NASE member to apply for this grant.
Selection Criteria for Evaluating NASE Grant Applications:
- Review of identifiable business needs
- Detailed use of the funds of the grant
- The potential impact of the funding on the overall business growth and success
- The potential of the funding to satisfy the identified business need
For more information, visit www.nase.org.
Small Business Technology Transfer (STTR) Grant
The Small Business Technology Transfer grant is a research and development grant for small businesses and startups.
Small Business Technology Transfer grant is somewhat similar to the Small Business Innovation Research grant; however, the eligibility requirements vary from the latter.
Eligibility Requirements for Small Business Technology Transfer Grant:
- The business awardee and its partnering institution must establish an intellectual property agreement
- The small business must perform at least 40% of the R&D and a single partnering research institution must perform at least 30% of the ramp
- The principal investigator is to be primarily employed by the partnering research institution
For more information, visit www.sbir.gov/STTR.
FedEx Small Business Grant
The FedEx small business grant can be an option for small business owners and startups looking for funding to expand their operations.
The organization offers more than $250,000 to small businesses and startups annually. A business owner can get funding in the range of $15,000 to $50,000.
The FedEx small business grant application opens in February, so you can apply during that period to get this funding.
For more information, visit www.fedex.com.
Caleb Brown Urban Excellence Community Grant
The Caleb Brown Urban Excellence Community grant is a business grant for entrepreneurs running startups or providing training and jobs in different fields.
In addition to funding, entrepreneurs are provided with 500 hours of business consulting services.
Conclusion: Owning and running a business is every entrepreneur’s dream. In this post, you will find information about startup grants that can be utilized to get funding for your startup or small business.
Furthermore, each grant description has a website link to obtain more information about the grant.