The Best Small Business Grants for Startups
Starting a small business can be tough, especially when it comes to securing funding for your startup. Fortunately, there are various types of funding opportunities available to entrepreneurs, including grants. In this article, we will explore five of the best small business grants for startups.
1. Grants.gov
Grants.gov is a centralized location for federal grants. The platform offers over 1,000 grant programs, and federal agencies publish funding opportunities totaling more than $500 billion annually. With grants.gov, you can find specific programs that fit your type of business, and the application process is straightforward and streamlined.
2. The US Small Business Administration (SBA)
The SBA is a government agency that offers various programs and services to help small businesses start and grow. Although the SBA does not provide direct grants, it partners with a range of organizations that offer grants to small businesses.
3. FedEx Small Business Grant Contest
FedEx offers the FedEx Small Business Grant Contest, which awards over $1.5 million in cash and prizes to more than 100 small businesses each year. Eligible small for-profit businesses that have been in operation for at least six months and have a FedEx shipping account number can enter the contest.
4. Fresh Start Business Grant
This grant offers $2,500 to entrepreneurs to cover start-up costs for their business. They also get free training services from IncFile. Applicants must create a short two-minute video explaining how entrepreneurship will impact their life and submit a sample business plan.
5. The National Association of Self-Employed Workers
The National Association of Self-Employed Workers (NASE) provides a variety of resources and services to the self-employed and micro-businesses, including a Growth Grants program that provides financial assistance of up to $4,000 to help businesses grow and create jobs.
While the grant application process can be competitive, making the effort to research and apply for the right grant can pay off in the long run. With these five small business grants, your startup is one step closer to achieving its goals.
Additional Piece: How to Stand Out in a Competitive Application Process
While small business grants are undoubtedly a great source of funding for your startup, the competition for them can be fierce. Thus, it is essential to take a strategic approach to ensure your application stands out. Here are a few tips:
1. Thoroughly Research the Grant
The first step to standing out in a grant application process is to understand the specific requirements of the grant and what type of businesses it is primarily interested in funding. Research the core values of the organization providing the grant and the type of businesses it has funded previously. Doing so will help you tailor your application to match the grant parameters.
2. Highlight Your Accomplishments
One of the most effective ways to stand out is to showcase your business’s accomplishments. Discuss how you have impacted your community or customers positively, highlighting any awards or recognition you’ve received. Doing so demonstrates the impact you have already had and the potential of your business.
3. Create a Unique and Compelling Story
Your grant application should tell a compelling story about your business’s mission and vision, your objectives, and the benefits the grant will offer. Ensure you convey the passion and drive behind your business idea and how it uniquely creates value. Remember to provide unique insights that differentiate you from your competition.
4. Submit Your Application Early
Submitting your application early shows your commitment to the process and demonstrates that you’re eager to secure the funding. In addition, submitting early provides time for encountering unforeseen circumstances or going through the necessary review process if you receive a rejection or request for more documentation.
Summary:
Securing funding for your small business startup can be challenging, but grant opportunities from various organizations can ease the process. Grants.gov, The US Small Business Administration (SBA), FedEx Small Business Grant Contest, Fresh Start Business Grant, and The National Association of Self-Employed Workers provide effective funding opportunities for startups. While applying for these grants, it is essential to stand out among the fierce competition. Tips to do so include thorough research of the grant requirements, highlighting accomplishments, creating a unique and compelling story, and submitting the application early.
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Key points
- There are thousands of different federal, state, local, and private foundation grants available across the country.
- Grants.gov offers funding opportunities of more than $500 billion a year.
- Discover the ideal grant opportunity for your business by conducting research based on your niche and field of expertise.
Starting a small business can be an expensive undertaking. You have to invest in equipment, pay for supplies, rent and utilities, as well as marketing and advertising costs. These expenses can add up quickly, which is why many entrepreneurs seek financing opportunities.
A great way to get funding for your small business is through grants. Grants generally have a lengthy application process and require you to put together a proposal describing your business or project and how you will benefit from the grant money. If you receive one, many grants send funds directly to your business bank account and you don’t have to return it. If you’re a startup in need of funding, here are five grants to apply for.
1. Grants.gov
The Grants.gov program is a centralized location for federal grants. The site has over 1,000 grant programs and offers the most comprehensive database of free government money. Each year, federal agencies publish funding opportunities totaling more than $500 billion.
With grants.gov, you can find specific programs that fit your type of business, and the application process is simple and streamlined. By taking advantage of these opportunities, you can get the financing you need to take your start-up to the next level.
2. The US Small Business Administration (SBA)
The SBA offers several programs and services to help small businesses start and grow. One of the ways it does this is through grants. While the SBA does not provide direct grants, it partners with a number of organizations that offer grants to small businesses. For more information on SBA grant programs, visit their website or contact your local SBA office.
3. Fedex Small Business Grant Contest
Fedex has awarded more than $1.5 million in cash and prizes to more than 100 small businesses since 2012. The contest honors unique and innovative small businesses. In 2022, nearly 18,000 small businesses entered the contest.
Any eligible small for-profit business that has been in business for at least six months, has a FedEx shipping account number, has less than 99 employeesand have a shipping need for your business is eligible to enter the contest.
4. Fresh Start Business Grant
This grant is for an entrepreneur to receive $2,500 to cover start-up costs for the business. They will also receive free training services from IncFile. IncFile’s Gold plan includes incorporation services ($385 value) in your state, free enrolled agent services for one year, and a free tax consultation.
Applicants must create a short two-minute video telling IncFile how entrepreneurship will affect their life and submit a sample business plan.
5. The National Association of Self-Employed Workers
The National Association of Self-Employed Workers (NASE) is a membership organization that provides a variety of resources and services to the self-employed and micro-businesses, including grant opportunities.
One example is its Growth Grants program, which provides financial assistance of up to $4,000 to help businesses grow and create jobs. Since 2006, NASE has awarded nearly $1 million to its members.
These are just a few of the thousands of grant programs that provide funding to get small businesses of all kinds off the ground and successful. Although the grant application process can be quite competitive, making the effort to research and apply for the right grant can pay off in the long run. With these five small business grants, your startup is one step closer to achieving its goals.
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https://www.fool.com/the-ascent/small-business/articles/5-small-business-grants-for-startups/
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