Small Business Hardship Grants – Overview
Running a small business is not easy as it requires a lot of hard work and patience. To support your business financially, you need to pay high-interest rates against loans.
You have to search for investors who can support your business. To help small businesses grow, small business hardship grants are available.
Everything you need to know about the Small Business Hardship Grants is given below!
What are Small Business Hardship Grants?
Many businesses have suffered a lot during the pandemic period. It is not over yet and thousands of small businesses are looking for financial aid to re-develop their businesses which are collapsed due to pandemics.
Small business hardship grants are nothing but providing financial support to small businesses.
Government agencies, non-profit organizations, private entities are involved in this sector where they provide direct financial support to small businesses.
One needs to meet the criteria set by the organization to receive the direct funds. The money has to be spent to develop the business only.
A lot of work needs to be done before you apply for the grant as the application procedure varies from grant to grant.
If you are searching for resources from where you can get financial support for your small business, then here 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 that are open to supporting small business owners across the United States.
Small Business Hardship Grants 2021
There are two options available for small business owners, the first option is small business grants and the second option is small business loans.
Each of these options has its pros and cons; however, the first option is good as it doesn’t ask you to repay the received funds.
Small business grants take longer than usual as the procedure is quite long and the organization has to shortlist the applications from thousands. If your business is somehow survived and needs a little boost, then you can go for the 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 are nominal.
For that reason, such loans are considered grants as they are designed to support the affected businesses across the US.
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 for the development of small businesses.
These federal business grants’ initial fund is $10,000 and can go up to $100,000.
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.
Small businesses that receive this grant must complete the three phases.
3. State Government Grants
Every state offers special grants to small businesses. All you have to do is make proper research on the web. Some local agencies are also providing financial support to small businesses.
State Government Grants are easily achievable as there is low competition and they have enough funds to distribute to strengthen their economy.
You can avail of the grant through the State-based Covid-19 Relief Fund. Every state has started a special Covid-19 Relief Fund to provide direct financial assistance to small businesses and people.
The relief fund was created for the struggling businesses due to the coronavirus pandemic. It is still going on and accepting applications from businesses.
Depending on the available funds, your business can receive financial assistance of $10,000, $25,000, $50,0000, etc.
You need to submit the required documents along with the gross income receipts for the previous financial year.
4. Economic Development Administration
The EDA is designed to support all types of business irrespective of their size across the US. The official EDA Website shows all the information about the available grant.
The same website helps you to know about the application procedure and the required documents to avail of the grant.
The total funds are gradually added as they receive and the same will be distributed as per the applications received by them.
5. Targeted Economy Injury Disaster Loan
The Small Business Administration has designed special grants for hard-hit small businesses during the pandemic period.
The EIDL provides emergency cash benefits to eligible businesses. It provides direct cash of $10,000 as an emergency fund to pull up the business which is collapsing.
The received $10,000 can be forgiven by the department only if you spend it for your business. You can utilize the received fund for paid leave, to maintain payrolls, to manage the 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 for all types of small businesses.
Small businesses have many opportunities to stand back in these crucial times.
Since the effect of a pandemic is gradually decreasing, one has to think about re-establishing the businesses that collapsed due to pandemics.
The above-listed resources can help you seek financial assistance to support your business.