Small Business Grants in Alabama – Overview
American Small Businesses seek financial help from government-backed programs as well as grants offered by NGOs and private entities to rebuild their business model affected due to coronavirus pandemic.
Some business owners take low-interest loans from third-party providers to support their business. Covid-19 has disturbed every single industry across the globe.
To streamline businesses, the government is providing financial help through grants.
Alabama Small Business Grants are listed here for those who live in Alabama and searching for resources to get financial aid.
Small Business Grants in Alabama
The governor of Alabama announced a new program called Revive Plus in the last year to revive their economy by providing direct financial help to small businesses.
Governor Ivey officially announced $200 Million in grants to support the small business industry.
We all know the negative impact of the Coronavirus Pandemic all across the country. Small businesses are most affected due to several reasons.
Since they do not have any funds left, they can’t regain their employees or the place rented before the lockdowns, etc.
By receiving money through such government-backed grants, they can repay their rents, can complete the payrolls, and can buy the raw materials to run or reboot their business.
Eligibility for Small Business Grants in Alabama
The Revive Plus grant program is a government-backed program designed to revive the economy.
Since small businesses are hard-hit, they need additional support from the government. This grant welcomes businesses with less than 50 employees.
The eligible applicants would receive $20,000 for all the expenses of their business. Unlike other grants, the Revive Plus grant is fully independent.
If you have received grant money from any other government-backed grant for your small business, you can still receive the sum of $20,000 through Revive Plus grant in Alabama.
Alabama received a total of $1.9 Billion through Cares Act to fight the pandemic.
The money was not enough to support thousands of small businesses destroyed due to the pandemic and its post-effects. For that reason, the governor of Alabama has declared the $200 million grant for the citizens.
The total fund announced by the Government for Coronavirus Relief Fund was $300 Million. The Coronavirus Relief Fund was not limited to businesses, but for every individual affected due to Covid-19 and its effects.
All types of people, faith-based organizations, small businesses, non-profit organizations-all are eligible to receive financial aid through this grant in Alabama. However, the fund was not enough compared to the demands of the citizens.
The Coronavirus Relief Fund is still open for every individual living in Alabama. The official website provides all the information about the application procedure, criteria, and how much funds will be received.
Check out the official website to know whether you are eligible or not.
Several state funding opportunities are available for small businesses and other NGOs that need financial assistance from the government.
You may check the available resources and financing opportunities in Alabama from here. The link will provide you with the required information to apply for the grant or the low-interest loans as per your business size and eligibility.
How About Government Funded Small Business Grants in Alabama?
If we talk about other government grants available for small businesses, then there is an official portal for Small Businesses for the entire US i.e. SBA- Small Business Administration.
The SBA portal offers a variety of grants for eligible small businesses across the US.
Small Business Technology Transfer Grant and Small Business Innovation Research Grant can be availed by the Small Business owners of Alabama.
Some private entities also provide grants for innovations and new technology.
Finding out the right government agency from which you can receive the fund can be a little challenging task.
Since government agencies have limited funds to distribute, one has to do a lot of research about their criteria and requirements so that they can easily apply for the grant’s money.
The competition for receiving the grant’s fund is very high and for that reason, deep research and proper guidance from the expert is needed.
Small Businesses can take part in competitions to win awards i.e. grant of direct funds to their bank accounts to support their business.
Different competitions have different rules to follow. One has to read out their documents thoroughly before they can apply or become a participant.
Check out the list of Pitch Competitions in Alabama for more information.
What are Pitch Competitions for Small Business Grants in Alabama?
Pitch Competitions are a set of competitions available for every individual of Alabama.
The competitions are there to provide direct financial help through prize money or we can say grants. The awards or the prize money ranges from $500 to $50,000.
The above-given link will give you the required information about the available Pitch Competitions for small businesses in Alabama.
Besides this, some private entities also encourage small business owners to rebuild their businesses by seeking financial aid.
Private sector grants are available for certain types of businesses in Alabama. Just like the pitch competitions, eligible applicants need to compete to win the prize money.
There are many other resources available for small businesses that need financial support.
Financial support is crucial, especially in this situation of pandemics. Small businesses need to research well on the web as almost all the grants and loans-related information is available on the web.
Private entities have their websites with all the information that you might want to know about. You can even apply for the grantor can take part in the competition right from their official web portal.
You can head over to Alabama Small Business Development Center’s official website from where you can get all the information about Government grants, private entity grants, pitch competitions, and more.
The portal describes everything you need to know about growing your business faster through direct help from the available entities.