Small Business Grants: Where To Get Funding In 2024

Table of Contents

  1. Introduction
  2. Federal SBA Grants
  3. Other Federal Small Business Grants
  4. State and Local Grants
  5. Non-Government Grants for Small Businesses
  6. Corporate Grants
  7. Grants for Women-Owned Businesses
  8. Grants for BIPOC-Owned Businesses
  9. Other Funding Options for Small Business Owners
  10. Conclusion
  11. Small Business Grants FAQ
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Introduction

Starting a business isn't a cheap endeavor. Developing products, conducting market research, and securing inventory are just a few of the myriad costs associated with launching a startup. The challenge? For aspiring entrepreneurs, securing financing before proving the venture's viability can be a daunting task. Small business grants offer a lifeline, bridging the funding gap without the obligation of repayment. This blog post delves into the myriad opportunities available for small business grants in 2024, offering insights into federal, state, local, and private grants to help your business flourish.

Federal SBA Grants

The US Small Business Administration (SBA) serves as a cornerstone for small business support across the nation. With the aim of bolstering the economy, the SBA provides a variety of grants and programs to connect entrepreneurs with funding from federal, state, and local entities.

State Trade Expansion Program (STEP)

The STEP initiative assists small businesses aiming to expand globally. It offers grants for attending foreign trade shows and seizing international business opportunities.

Veteran Assistance Programs

Veteran-owned businesses can tap into several SBA programs specifically designed to provide financial support and resources for growth and development.

Women-Owned Small Business Federal Contract Program

This program is tailored to support women entrepreneurs by offering grants aimed at leveling the competitive landscape.

HUBZone Program

Targeting historically underutilized business zones, the HUBZone program seeks to spur economic growth through grants and support.

Natural Resources Sales Assistance Program

This initiative helps small businesses secure federal contracts within industries such as timber, minerals, and real estate through a bidding system.

Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs

These programs focus on fostering innovative research and development with commercial potential. They engage small businesses in cutting-edge projects, supported by agencies like NASA, the Department of Defense, and more.

Other Federal Small Business Grants

While the SBA is a significant source, there are other federal agencies that offer funding opportunities.

National Institutes of Health (NIH)

The NIH provides grants for businesses involved in biomedical research, particularly those addressing the COVID-19 pandemic.

USDA Rural Business Development Grants

Geared towards rural enterprises, these grants by the US Department of Agriculture support technical assistance, training programs, and business strategy development for businesses with fewer than 50 new workers and less than $1 million in gross revenue.

Minority Business Development Agency (MBDA)

The MBDA, under the US Department of Commerce, offers various programs to aid the growth of minority-owned businesses across the country.

Department of Energy Clean Energy Grants

Focusing on clean energy innovation, these grants support businesses with projects aimed at combating climate change.

USDA Rural eConnectivity Program

Offering grants to enhance internet connectivity in rural areas, this program focuses on projects that support disadvantaged communities and mitigate climate change impacts.

Grants.gov

A central portal for finding federal grants, Grants.gov lists opportunities from various agencies, providing a user-friendly interface for applications.

State and Local Grants

Many state and local governments offer grants designed to stimulate economic growth within their regions. These are often industry-specific or aligned with broader development goals. To find these grants, explore your state’s economic development agency or local chamber of commerce websites.

Non-Government Grants for Small Businesses

Beyond government entities, numerous private corporations and nonprofits offer grants to support small business growth.

Comcast RISE

This program assists independently owned businesses through funding for marketing, consultations, and creative production services.

Patagonia Funding

Patagonia offers grants to businesses with initiatives aimed at addressing climate change and environmental justice.

National Association for the Self-Employed (NASE)

NASE awards growth grants up to $4,000 for marketing, hiring, and technology investments in small businesses.

500 Global Flagship Accelerator Program

Providing $150,000 in seed capital, this program supports technology companies driving innovation.

Halstead Grant

Focused on the jewelry industry, this grant offers a top prize of $7,500 in startup capital.

StartOut Founders Program

Supporting LGBTQ+-owned businesses, this program provides resources and a startup accelerator.

Second Service Foundation

Dedicated to veteran-owned businesses, this nonprofit offers grants based on community impact and positive social contributions.

Corporate Grants

Corporations often provide grants aligned with their mission and goals, offering more flexible eligibility compared to federal grants.

FedEx Small Business Grants Program

Open to businesses with fewer than 99 employees, this program awards over $225,000 in grants annually.

Venmo Small Business Grant

Venmo awards $10,000 grants along with promotion and technical resources to qualifying small businesses.

Grants for Women-Owned Businesses

Several grants specifically support women entrepreneurs, helping to bridge gender gaps in business.

Cartier Women's Initiative Regional Awards Program

This program awards grants up to $100,000 to women-led businesses contributing to the UN Sustainable Development Goals.

IFundWomen Grants

Partnered with brands like Adidas and Visa, IFundWomen offers various grants for women-owned businesses via a universal application database.

Foundation for a Just Society (FJS)

FJS offers substantial grants to organizations advancing the rights of women and LGBTQ+ individuals, with amounts ranging from $50,000 to $500,000.

WomensNet’s Amber Grant

Awarding $10,000 monthly and additional $25,000 end-of-year grants, this program supports female entrepreneurs.

Stacy’s Rise Project

This initiative offers $25,000 grants, mentorship, and other resources to businesses in consumer packaged goods.

Restaurant Disaster Relief Fund

Partnered with DoorDash, this fund provides $10,000 grants to restaurants recovering from natural disasters.

Grants for BIPOC-Owned Businesses

There are numerous grant programs focused on supporting BIPOC entrepreneurs.

BOSS Impact Fund

Offering $10,000 grants to Black women entrepreneurs, this program also provides mentorship opportunities.

Founders First CDC Grant Programs

Aimed at diverse founders, this organization offers various regional grant programs with significant funding pools.

Coalition to Back Black Businesses Grant Program

In collaboration with American Express, this initiative provides $5,000 grants and potential additional financial support later.

Other Funding Options for Small Business Owners

Besides grants, there are other funding avenues available for startups.

Small Business Loans

Loans are a common funding method, entailing repayment with interest. Ensure you understand loan terms and repayment plans before proceeding.

Crowdfunding

This method involves raising small sums from many individuals who believe in your business idea, facilitated by platforms like Kickstarter and Indiegogo.

Equity Crowdfunding

Different from traditional crowdfunding, equity crowdfunding offers investors ownership stakes in exchange for their contributions.

Capital Investors

Angel investors and venture capital funds can provide significant funding in exchange for equity or convertible debt. They can also offer valuable mentorship.

Conclusion

Securing funding is a critical step in the startup journey. Small business grants offer a powerful tool for entrepreneurs, providing necessary funds without the strain of repayment. Whether through federal programs, state initiatives, or non-governmental grants, diverse funding opportunities abound. For a successful grant application, ensure alignment with the grant's mission, a robust business plan, and a clear strategy for using the funds. With the right approach, a small business grant can propel your startup to new heights, fostering innovation and growth.

Small Business Grants FAQ

What is the difference between a grant and a loan?

A grant is a financial award that does not require repayment, whereas a loan is borrowed money that must be repaid with interest.

What are the benefits of getting a small business grant?

Grants provide non-repayable funds, reduce financial risk, and enhance credibility with lenders and investors.

What is the maximum grant amount?

Grant amounts vary widely, ranging from a few thousand dollars to several hundred thousand, depending on the grant program and eligibility criteria.

Where can I find a list of small business grants?

Visit websites of government agencies, nonprofits, and private foundations, or explore online grant directories like Grants.gov and SBA.gov for comprehensive listings.