January 27, 2023
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It’s like a scholarship for your business!


Key points

  • The Grants.gov website (and app) offers a huge database of grants from a variety of sources and industries. You should also check with your local government / chamber of commerce.
  • Some large corporations or industry organizations offer grants and other helpful resources to grow your business.

What do business loans, credit lines, and small business credit cards all have in common? They need to be paid back.

If you need funding for your small business but don’t want that debt haunting your books, a grant may be the way to go. Grants typically don’t need to be repaid and they can even come with extras like coaching or mentorships.

Similar to scholarships for education, grants for small businesses come in all shapes and sizes. You can find grants for businesses in specific industries, that are for developing specific products, that help underserved communities, or that have owners from diverse backgrounds. Here are a few grant resources worth checking out.

1. Grants.gov

This massive database hosts thousands of grant opportunities across industries. It also features tools and advice on how to find, apply for, and make use of grants for your business. This is a good place to head if you don’t know where to start.

More Info: Grants.gov

2. Local chamber of commerce

It’s not just the federal government that offers grants to small businesses; your state and local governments may also offer funding opportunities. Your local chamber of commerce can also help you find potential grants from local businesses and even local colleges.

More Info: Chamber of Commerce Directory

3. SBA research and tech grants

The U.S. Small Business Administration has a few grant programs aimed at businesses engaged in scientific research and technological development: The Small Business Innovation Research Program (SBIR) and the Small Business Technology Transfer Program (STTR). Your small business will need to meet specific industry requirements and these grants are competitive.

More Info: SBA.gov

4. NASE Growth Grants

The National Association for the Self-Employed (NASE) is an industry organization that offers Growth Grants to eligible small businesses. Note that you’ll need to be a member of NASE for at least 90 days to apply for their grants.

More Info: NASE.org

5. FedEx Small Business Grants

If your business involves shipping goods, you may qualify for a FedEx Small Business Grant. It’s open to small businesses who have had a FedEx shipping number in continuous operation for at least six months. Only businesses with fewer than 99 employees will qualify.

More Info: FedEx Grants

6. Fast Break for Small Business

The Fast Break for Small Business program is the result of a partnership between the Accion Opportunity Fund and LegalZoom.com. They provide grants and free LegalZoom products to eligible businesses each year during the NBA season. Your business needs to be at least six months old and have an annual revenue of less than $1 million.

More Info: Fast Break Program

7. Amber Grants

An organization aiming to help women achieve their business dreams, WomensNet hands out dozens of Amber Grants each year in honor of Amber Wigdahl, a 19-year-old who died before reaching her own business goals. Grant frequency and amount varies, but grants are awarded on a monthly, quarterly, and yearly basis.

More Info: Amber Grants

Check the dates and read the fine print

The most important thing when applying for a grant is to ensure you’ve met all of the qualifications — including turning your application in before the due date. Read all of the fine print and requirements so you don’t miss out.

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https://www.fool.com/the-ascent/small-business/articles/7-small-business-grants-to-check-out-in-2023/