Running a small business has been extremely tough over the past few years. The pandemic definitely made it particularly tough, and not all of them were lucky enough to weather the storm. Lots of business owners made us of the Paycheck Protection Program (PPP), but when that ended, they needed to look for a PPP loan alternative. One great one to make use of is business grants. A lot of them are actually designed with small businesses in mind and are there to support you on your road to success. So, here are the different types of small business grants you can find in the US.
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With government grants, there are federal, local, and state, and there are some differences between the three. Federal grants often provide you with the most money, therefore there’s a lot of competition for them which makes them harder to secure. They’re also quite strict on their criteria and they’ll need you to meet very specific qualifying criteria to even be considered. They’ll also have stipulations as to how you can spend the money as well. State grants tend to offer a bit less money than federal ones, but it will totally depend on your state. These can be less competitive as they’re only applied for by business owners within that one state. Local grants are normally award the lowest amounts of money, but they can be easier to come by. Typically, these are aimed at businesses that want to improve their city, so if your business focuses on that, you may be in luck. If you want to find the right grant for you, then be sure to check out the government website and you’ll be able to browse what’s on offer.
Grants For Women
Studies have shown that women business owners receive less funding than men, so these grants are designed to help them get on par with their male counterparts. According to new studies, 40% of new entrepreneurs are women, so giving them the help they need to succeed is essential. Some female business owners have found that funding for them has been limited, so instead they’ve turned to grants for women only. Now there are lots of different grants that are there to support female business owners and help them to receive the same amount of support that men have. So, if you’re a small business owner who just so happens to be a women, make sure you check out these types of grants. They could make a huge difference to your funding.
Grants For Non-Profits
Perhaps your business isn’t actually a profiting business at all. In fact, you might be a non-profit organization that’s looking for funding to help you with your daily running of your business. Non-profits will probably have the most options when it comes to grants as well, as the government understand that you don’t receive money elsewhere other than through donations. If you’re a non-profit small business, then you really need to make use of the grants available to you as they can provide you with plenty of funding.
Grants For Veterans
Grants for veterans change fairly often, so it’s not possible to always list which ones are currently active. However, just because they change often and close quite quickly, doesn’t mean that they aren’t more available. These grants focus on small businesses that have been set up by veterans to help them achieve their new goals. They even offer training courses as well so that they can gain the entrepreneurial skills that they need to succeed. So, if you’re a veteran or know someone who is that runs a business, be sure to check out the grants designed for you.
Grants For Immigrants/Minorities
Although these grants might be a little few and far between, they are out there, they just need a little more searching for. Immigrants and minorities face different struggles, so when it comes to owning a business, they might not be able to access the same funding options. However, there is now a Minority Business Development Agency which aims to provide minorities and women with assistance. Refugees may also be able to apply for grants specifically for them as well, which can be super helpful if they’re struggling to get a regular bank loan.
So, if you feel like your small business fits nicely into any of the categories, start researching the grants available to you. You’d be surprised at how much there is on offer, and the amount of money can often be higher than you think as well. With the help of these small business grants, you can soon be back on the road to success and achieve every goal you’ve ever dreamed of.