Grants for small business – Overview
These are incredibly tough times for businesses around the world. Small businesses have suffered in an unprecedented manner in the pandemic. Many small business owners are on the verge of filing for bankruptcy or are searching for financial aid as a last bid to save their businesses. Fortunately, there are several sources from where small businesses can receive financial assistance and aid.
Federal, state and local governments, along with several nonprofit organizations provide monetary assistance to boost businesses, especially after things began recovering from the global pandemic of 2020.
If you are a small business owner and looking for a way to revive your dwindling business with monetary assistance, then you’ve come to the right place. In this article, you will learn the sources where you can apply for grants for small businesses and other relevant details.
Where to get grants for small business in US?
Here’s a list of some of the top sources that offer relief to entrepreneurs with grants for small business in US:
Stimulus Grants for Small Businesses
1 – Targeted Economic Injury Disaster Loan Advance Grant
The US Small Business Administration (SBA) offers an Economy Injury Disaster Loan (EIDL) for an emergency cash advance of up to US$ 10,000. This advance is turned into a grant by the SBA if you plan to use it to maintain payroll, paid leaves, rising costs, lease or mortgage payments or for other similar financial purposes.
The SBA provides targeted EIDL funds to small businesses, especially those operating in low-income communities and suffered at least a 30% reduction in revenue from March 2, 2020.
To be eligible for the EIDL assistance, your business should have previously received an advance of US$ 10,000 under the initiative, or have previously applied for an EIDL advance but failed to receive it due to insufficient program funds. You don’t have to take the initiative as the SBA reaches out to potential awardees. If you receive an email about an SBA grant, simply make sure that it is sent from an address ending in @sba.gov and avoid potential scams.
2 – Corporate COVID-19 Relief Grants
Just like local, state and federal governments, many renowned corporations, such as Verizon, also offer relief grants for small businesses. The company has committed US$ 10 million for small business grants.
As the application windows for corporate grants are quite small, we urge you to keep checking the Local Initiatives Support Corporation website regularly for funding opportunities.
Federal Business Grants for Small Businesses
Most federal business grants are aimed at boosting small businesses that are engaged in science, technology or healthcare. If your business is involved in research and development programs, including environmental and climate science, then a federal grant for small businesses can help you cover the majority of expenses.
Some of the top federal-funded grants for small businesses include:
1 – Small Business Innovation Research Program
The Small Business Innovation Research (SBIR) program is aimed at helping small business engaged in commercially viable research and development activities. This grant is designed to boost scientific entrepreneurship and innovation in businesses. There are 11 government agencies currently involved in this program. Each state has its specific eligibility criteria, topics for grants and application reviewing process.
Under the SBIR program, small business owners can receive grants ranging between US$ 25,000 and US$ 250,000. However, if your business shows potential for remarkable growth, then you can even receive grants worth over US$ 1 million.
Visit the official SBIR website to learn specific eligibility criteria for your state and the entire application process.
2 – Small Business Technology Transfer Program
The Small Business Technology Transfer (STTR) program is quite similar to the SBIR program but requires small business owners to collaborate with research institutes. There are 5 federal agencies participating in this program and offer grants ranging between US$ 25,000 to US$ 1 million.
The five agencies involved in this grants for the small business program include:
3 – National Science Foundation
The NSF accepts grant applications in areas of science, medicine or engineering, although specific topics are subject to change every year. To learn more about the eligibility criteria and application process, we urge you to visit the official NSF YouTube channel and know the detail.
4 – NASA
There is a process to collaborate with NASA too. The space organization is always looking to make developments in technology sectors, especially if it is related to energy efficiency, renewable and alternate energy sources and finding more efficient ways to build spacecraft.
5 – National Institutes of Health
The National Institutes of Health is a sub-section at the Department of Health & Human Services (DHHS) and offers grants for small businesses to conduct research and develop innovative, commercially viable biomedical technologies and techniques.
If your company is involved in research and development in the biomedical field, then you can apply for the grant by logging in to the official website for the National Institutes of Health.
6 – Department of Energy
The Office of Science under the Department of Energy (DoE) also offers grants to small businesses. If your business in involved in research in clean energy, environmental science or material science, then you can apply for this grant.
To learn more about the eligibility criteria and application process, it is best to visit the official website of the Department of Energy and check its Frequently Asked Questions (FAQs) section.
7 – Department of Defense
If your business is aimed at developing innovative technologies for the US Army, Navy or the Air Force then the Department of Defense will help you with grants for small businesses and commercialize your products.
To learn the specific eligibility criteria for this program, it is recommended to check the official website of the Department of Defense.
There are numerous sources in the US that are ready to provide monetary assistance to small businesses. Many of these initiatives are part of the company’s program to boost research and development in their respective industries. Besides, there are many smaller but noticeable initiatives that offer grants for small businesses of all types. It is extremely important to verify the eligibility criteria and application details from their respective official websites to avoid scams and mistakes.