5 Small Business Hardship Grants

Small Business Hardship Grants – Overview

Running a small business is not easy; it requires hard work and patience. Financial support for small businesses can include low-interest loans and grants.

You must search for investors who can support your business. Small business hardship grants are available to help small businesses grow.

Everything you need to know about the Small Business Hardship Grants is below!

What are Small Business Hardship Grants

Many businesses suffered greatly during and after the pandemic. It is not over yet, and thousands of small businesses are looking for financial aid to re-develop their collapsed businesses.

Small business hardship grants are nothing but providing financial support to small businesses.

Government agencies, non-profit organizations, and private entities are involved in this sector, providing direct financial support to small businesses.

To receive direct funds, one needs to meet the criteria set by the organization. The money must be spent to revitalize the business only.

A lot of work must be done before you apply for the grant, as the application procedure varies from grant to grant.

If you are searching for financial support for your small business, we have prepared a list of all the available resources for you.

The following list contains federal agencies, non-profit organizations, private organizations, and all the other platforms open to supporting small business owners across the United States.

Small Business Hardship Grants

Small business owners have two options: small business grants and small business loans.

Each option has pros and cons; however, the first option is good because it doesn’t require you to repay the received funds after your business returns to normal operation.

Small business grants take longer than usual as the procedure is quite long, and the organization has to shortlist thousands of applications. If your business has survived all the hardships and needs a small boost, you can choose small business loans.

Some organizations provide small business loans at lower interest rates. One can easily repay such loans as the interest rate on such loans is nominal.

1. Small Business Innovation Research Program

The Small Business Innovation Research Program encourages small businesses to engage with Federal Research Programs.

Collaboratively, they can produce innovative products. The money earned through the research program and its products will be utilized to develop small businesses.

The SBIR program awards vary significantly and can exceed $100,000, depending on the project phase.

2. Small Business Technology Transfer Program

The Small Business Technology Transfer Program is a Government-backed program designed to collaborate with other businesses for new opportunities.

The products and revenues produced from this program will be utilized for small businesses and their development.

Participation in all three phases of the STTR program is not mandatory.

3. State Government Grants – U.S Small Business Administration

Every state offers special grants to small businesses. All you have to do is do proper research on the web. Some local agencies also provide financial support to small businesses.

Competition for state government grants can be significant, and the availability of funds varies by state and program demand.

You can apply for the grant through the State-based Covid-19 Relief Fund. Every state has started a particular Covid-19 Relief Fund to assist small businesses and individuals directly.

The relief fund was created for struggling businesses due to the coronavirus pandemic. It is still ongoing and accepting applications.

Depending on the available funds, your business can receive financial assistance of $10,000, $25,000, $50,000, etc.

You must submit the required documents and the gross income receipts for the previous financial year.

4. Economic Development Administration

The EDA is designed to support all types of businesses across the US, regardless of size. The official EDA website provides all the information about the available grants.

The same website helps you to know about the application procedure and the required documents to avail of the grant.

5. Targeted Economy Injury Disaster Loan

During the pandemic, the Small Business Administration has designed special grants for hard-hit small businesses.

The $10,000 EIDL advance is not available to all applicants as a general offer; specifics depend on legislative changes and program availability.

The department can forgive the $10,000 received only if you spend it on your business (EIDL advances, when offered, do not require repayment). You can utilize the funds you receive for paid leave, payroll maintenance, managing increased costs, etc.

The application procedure, along with the final date for the application, is listed on the official website. The website also features other grants that are available and open to all types of small businesses.

Bottom Line

Small businesses have many opportunities to stand back in these crucial times.

The above-listed resources can help you seek financial assistance to support your business.

Grants for Medical