Small business grants — better known as the backbone of the American economy” as they are often referred to, have consistently maintained sustained growth both in search and applications for as long as you could possibly go back to.
However, in 2020 the quest to find grants for small businesses to grants for women to small business stimulus grants increased significantly. There are therefore no surprises that about 44% of the total economic activity is linked to over 66% of new employment opportunities, which in turn creates a boost in the economy.
Did you know that more than half of the emergency funding money reserved for small businesses went to larger businesses? According to the Washington Post, only about 5% of the emergency funds recipients got half of the over 5 million loans released.
Small business grants have become the go-to for many small business owners for plenty of reasons, especially given other available options such as business loans and other funding opportunities that may pose a significantly higher risk long term.
What is a Small Business?
A business is said to be a small business when it is a privately owned entity, or a corporation, full or partial partnership, or a sole proprietorship that has fewer employees, few workforces, and less annual revenue than a corporation or larger-sized business.
It is important to note that the definition of “small”— especially when used in terms of being able to apply for government financial support, grants, or to qualify for other preferential business breaks or tax policy—varies by country, industry and several other factors.
Furthermore, the United States Small Business Administration defines a small business in terms of a set of standards-based on different industries that the “small business” functions and operates in. The concept of small business can therefore be linked to several other factors other than just employees and revenue as clearly shown above.
Small businesses contribute immensely to the growth of the economy, and governmental agencies and other organizations offer small businesses grants to help them grow and expand. Small business grants are at liberty to use the funds they receive for their business in ways they deem fit.
What are Business Grants?
A business grant is any given sum of funds that are offered to a business for a specific purpose which can range from helping them further grow their business. These grants often come from governments, agencies corporations, foundations, or trusts.
Though business grants may come in many forms, however, most of these grants are free money, that does not require any form of partial, full, or any payback whatsoever. These grants can also come in many forms, amounts, and the process of dispersing these grants may vary too.
However, in other types of business funding, grants do not have to be paid back, and business owners who are the recipients of these grants, and unlike business loans, these business grants are not required to give up equity in exchange for the grants.
In many cases, small business grants are funds given to a business by an organization for a specific purpose. Grants are available to small business owners during their startup phase, company expansion, and for research and development.
How to Apply for Small Business Grants?
Small business grant application requires a careful, detailed, and meticulous process of finding grant money for small business. AfricanAmericanGrants.org has compiled an easy, step-by-step guide to help you find and secure small business grants in 2023.
In applying for small business grants, you have to pay attention to the criteria that the grant-awarding bodies — the government and other Grant agencies have set before you apply. This is helpful so as to not create a situation where you go through every stage of the application only to find out you did not meet the eligibility criteria.
The other factor you have to pay attention to is applying for the right grant in your business niche. The grants specifically meant for a covid small business grant, for instance, may not apply to you simply because you qualify as a small business owner.
When you are sure you have done your homework, and know what grant you seek, your business plan and strategy all in place, and you have detailed information on how you plan to utilize the grant it awarded, goes a long way to make your chances of getting awarded even brighter.
Small Business Stimulus Grants
If you’re a small business owner in 2020, the likelihood that you may have experienced some degree of unfavorable impact on your business, one way or the other, due to the global pandemic is quite high. Hence, the increase in finding small business stimulus grants to help mitigate the financial effects thereof.
No doubt, not all of the small business that applied for stimulus benefits qualified or got awarded even if they did qualify. Therefore, the need to look to other sources of funding to help keep their business afloat have become quite a necessity.
Small businesses, more than ever have needs that can be sorted out with funding from a small business grant. The need for financial support in these challenging times have become quite enormous, owing to the fact that the economy needs small business owners to continue to thrive for economic stability and growth.
We have compiled some of the areas that grant awards can be utilized by small business owners who are fortunate to received grants awarded to them. Check out the 5 areas that you as a business owner can put the money awarded to you into for productivity and growth:
- Payroll sustenance and consistency
- Office supplies and other miscellaneous expenses
- Funding for new acquisition
- Program maintenance
- Emergency funding availability
All of the afore-mentioned reasons are very important for funding boost, however, some business may have different needs, and as such, may consider utilizing their funds on other business projects as the case may be.
Here’s a List of Small Business Grants
We have put together an ultimate list of available business grants that you can apply for in 2023. The process of applying, the eligibility information, and more have been provided to make the process a seamless experience for you and your business.
The selected business grants have been taken from several industries to help you understand what grants you qualify for, and how you could apply for the grants and get awarded accordingly.
The list of grants have also been selected because they have been shown to meet all of the criteria that a small business should meet to qualify. Furthermore, we also created a list for you to check before proceeding with applying for the grants available for small businesses.
1. Corporation for National and Community Service (CNCS)
The Corporation for National and Community Service offers an annual grant opportunity for small business owners. This CNSC is an independent federal government agency that provides economic and financial support especially for those affected by the global pandemic.
For those who are considering a federal agency’s grant, this is a great option to consider. The process is quite simple and requires information about your business, and your plans for the grants if awarded. The application link has information that explains all the details you need for a successful application.
2. Rural Business Investment Program
This program provides financial sustenance for a Rural Business Investment Company (RBIC) that is licensed to other sources of developmental capital organizations, which are then coordinated largely to help meet the capital investment needs in rural communities.
This grant opportunity is largely focused on the rural community, and helping them understand the different areas of business investment, while providing them more information on grants and information on growing their businesses.
3. Federal Government Grants
Grants.gov is the United States official grant website. This website provides valuable information on where to find grants for small businesses and hosts an utmost list of comprehensive business programs. Grants.gov also has a lot of information on the federal grant process, criteria information, and how you can apply for business grants on there.
You can begin the process of applying by clicking the following link search for grant opportunities and search for “grants for small businesses”. The website is updated quite regularly, and you should be able to find grants that are tailored for whatever industry you may be in.
4. Challenge.gov
This website is a great resource for a vast list of creative, technical, and scientific competitions that are geared to helping the U.S. government to inspire and encourage innovation in different human endeavors. As an applicant, you can help proffer different solutions to the issues presented, and you get access to grants and other funding opportunities.
As a small business owner or one that is planning to create a business of their own, you can search through open competitions on their homepage to see the type of programs, challenges, or awards that have been set up for you to take advantage of. The prize amount, and host agency. The process for applying is a simple one that does not require too much in terms of providing business information before you are registered on this website.