List of Small Business Grants in Idaho
Idaho is one of the leading states in agriculture and small-scale businesses. It fulfills 1/3rd of the potato supply in the United States and produces more than 120,000 metric tons of barrel cheese.
Idaho has significant industries, such as wood production, lumber, paper, food processing, chemical products, mining, and tourism, to name a few. Idaho also offers the most competition for business and ranks 10th on Forbes’ yearly “Best States for Business” listing.
The small businesses have been pivotal in revolutionizing the state’s economy. Idaho is in the top three states with the fastest-growing market for jobs in the small business sector.
Currently, over 92% of the state’s economy is contributed by small businesses. The sector also offers over 56% of employment in the state. Small business owners in Idaho have an annual median income of around USD 22,200.
The state and federal government, as well as local charities and organizations, regularly offer different types of grants and funds to boost the small business sector in Idaho.
Grants for Small Businesses in Idaho
Currently, there are over 37,480 small businesses in Idaho. The state and federal government offer over USD 3,009 million in grants to small businesses in Idaho. Besides this, around USD 2,450 million is also offered by local government funding sources into the sector.
Here’s a quick look at some of the most prominent small business grants in Idaho:
1. Idaho Commerce Grant
The state government offers the Idaho Commerce Grant. It gives financial grants to eligible small businesses in Idaho. The eligibility criteria require the business to be a for-profit establishment with less than 500 employees, besides being located within state boundaries.
The criteria also dictate that the applicant’s business should deal with promoting economic development in the state of Idaho.
You can apply for the Idaho Commerce Grant by filling out the online application form at the official website.
2. SBA (Small Business Administration) Grant
The federal agency Small Business Administration (SBA) also offers various types of financial aid and grants to support small business growth in Idaho. The SBIR (Small Business Innovation Research) program offers funds for research and development of new products by small businesses. This includes new devices and technologies.
The eligibility criteria for the SBA grant require for-profit businesses with less than 500 employees and should be situated in the United States. The business applicant must be engaged in research and development.
You can find more details of eligibility criteria for the SBA grants for small businesses in Idaho and apply online at the official website.
3. Small Business Development Center Grant
The SBDC (Small Business Development Center) in Idaho, run by the state government, offers financial grants for the growth of small businesses.
The eligibility criteria for the SBDC grant in Idaho require an applicant to be a for-profit business with less than 500 employees and situated in the state. The business must also be involved in small business development.
You can apply for the Small Business Development Center grant for small businesses in Idaho at the official website.
4. Department of Labor Grant
The Idaho Department of Labor is another state-run agency that offers funds to support various types of small businesses in the state. The Idaho Job Creation initiative is part of the IDOL’s support program. This grant is offered to eligible small businesses that actively generate jobs for residents in Idaho.
The eligibility criteria for the IDOL grant require applicants to be a small business located in Idaho, with not more than 500 employees. The funding is focused entirely on small businesses that actively generate new jobs and support the growth of the job market in the state.
You can find more information about the Idaho Department of Labor small business grants by visiting the official website.
5. State Trade Expansion Program (STEP) Grant
The Idaho State Trade Expansion Program grant is also offered by the SBA (Small Business Administration) and run by Idaho Commerce.
The STEP grant program aims to expand the export market of the state. It supports small businesses dealing in exports and offers to enhance the value of exports and new trade opportunities.
There is a list of strict eligibility criteria for the STEP grant in Idaho. You can find the detailed criteria and online application portal at the official link.
6. Idaho Global Entrepreneurial Mission (IGEM) Grant
The IGEM grant aims to support Idaho’s scientific research and development industry. It mainly funds private sector businesses and university researchers who develop promising new technologies and products for the local and global market. This grant helps develop new business ventures to generate high-value jobs and products.
You can check out the official link to learn the eligibility criteria and how to apply for an IGEM grant for small businesses in Idaho.
There are various types of grants for small businesses in Idaho. Most of these are offered by state or federal-run agencies. The significantly lax eligibility criteria ensure that most applicants receive grants for developing small businesses in the state. Make sure to read the specific criteria for every individual grant before applying.
Interactive US Map for Small Business Grants