Best Small Business Grants You Could Benefit from in 2024

Best Small Business Grants You Could Benefit from in 2024

Best Small Business Grants You Could Benefit from in 2024

Small business grants are usually offered by a different lends, banks, government agencies etc. Obtaining these grants can be a massive challenge because the pool of applicants is quite massive and the funds available are limited. What’s more, grant offerings provided by various organizations are not always consistent every year and there is a fair bit of competition among applicants looking to get their business up and running.

If you are looking for a small business grant but do not know where to find one, continue reading this piece as it lists some of the best small business grants you will find in 2024.

The National Association for Self Employed Grant

NASE, short for the National Association for the Self Employed provides growth grants to micro businesses. These grants are often up to four thousand Dollars. Business owners can utilize the grant proceeds for advertising, hiring employees, and expanding their business. NASE has been awarding around one million Dollars to businesses since 2006 and will do the same this year. Mentioned below are the criteria to become eligible for this small business grant.

  • Provide a business plan and a CV
  • Explain how your business will benefit from the grant
  • Discuss how you will utilize the proceeds
  • Prove how the grant will fulfill a certain business need

You must be a NASE member in order to apply for this small business grant. The membership cost of NASE tends to vary, depending on your enrollment level. Applicants can access the grant’s information online after becoming a member.

SBIR and STTR Grant

The SBIR (Small Business innovation Research) and STTR (Small Business Technology Transfer) programs were created for improving technological innovation with the help of shared development and research among larger institutions and small businesses. Both programs provide grants for small businesses and the process to acquire them includes three main phases.

The first phase’s awards cover proof of concept and feasibility and are usually capped around $250,000. In the second phase, there are awards for your concept’s potential commercialization and they do not go beyond $750,000. If your concept ends up gaining commercialization, there will be a third phase award. This award is outside the SBIR and STTR program and is a federal grant with the following requirements:

  • Your business should not have over five hundred employees
  • At least fifty percent of your organization should be controlled or owned by U.S residents
  • You should be operating a for-profit business within the U.S
  • Your business must be set up (legally) as a partnership, individual proprietorship, corporation, limited liability company, association, cooperative, or trust

The SBA, small business administration offers a lengthy list that details the eligibility criteria, along with explanation regarding each requirement. These grants give special consideration to businesses owned by minorities, veterans and women. If you are looking for the application requirements and deadline for this year’s STTR or SBIR grants, go to grants.gov

Fed Ex Grant for Small Businesses

Fed Ex conducts a small business grant contest every year, to provide its grants. The company provides ten grants every year, ranging from fifteen thousand to fifty thousand Dollars. Here are the requirements to qualify for this grant:

  • Applicants must be at least eighteen years old
  • Your business should have every required registration and license
  • Your company should be active
  • You must have at least one employee on your payroll
  • Your company should be operational for at least six months at least

If you want to enter Fed Ex’s small business grant competition for 2022, make sure you submit an entry on their website. When applying, you will need to answer a few questions regarding your business. Here are the questions you may be asked:

  • How does your business stand out?
  • How will you utilize the funds?
  • Could you provide us with an elevator pitch?

Besides answering these questions, you will need to list down basic information, including your address, contact info and name. You may also have to submit a ninety second video along with your application.

The Amber Grant

The Amber Grant Foundation provides a grant of ten thousand Dollars every year, to businesses owned by women. Everyone who wins the grant can enroll into a competition that offers two grants of twenty five thousand Dollars each year. Applying for the Amber Grant is relatively simple, as all you need to do is fill a regular online form. If you face any trouble filling the form, you can always refer to the tips offered by the advisory board on the topmost part of the form.

You will have to pay a fifteen Dollar application fee to apply for this grant. The purpose of this fee is to accumulate funds for future grants while covering the Amber Foundation’s numerous administrative costs. This grant’s website has a detailed FAQ section where you can find detailed explanations regarding the fee and the entire process of the grant.

Wells Fargo Community Investment Grant

If you run a community based nonprofit business, the Wells Fargo grant maybe ideal for you. The main objective of this grant is to revitalize and strengthen communities. The particular grant requirements and opportunities vary according to each state. Well’s Fargo intends to prioritize the grant recipient’s requests with its giving priorities. If a certain applicant’s request matches the priorities, they are most likely to get the grant.

Wells Fargo greatly expanded its grant program during the pandemic’s early stages, including for-profit small businesses. That said, the main focus of this financial institution’s grant is on community based organizations and non profits.

If you want to learn the particular details of the requirements and opportunities you can avail in your state, visit Wells Fargo’s website. Once you open the website, go to their community giving page to learn about their giving priorities and eligibility criteria.

Rural Energy for America Program Grant

The USDA (United States Department of Agriculture) provides REAP (Rural Energy for America) grants to rural small businesses and agricultural producers. You can utilize these grants to install or buy renewable energy systems. Some people also use their grants for improving energy efficiency. These grants can be as high as twenty five percent of the total cost of the eligible project, with five hundred thousand Dollars being the maximum amount.

Every application for this grant is scored and ranked on based on certain scoring requirements, which you can find in the federal regulations regarding this program.

Eileen Fisher Grant for Women-Owned Businesses

Women led and women owned businesses can submit their applications for the yearly Eileen Fisher grants. People applying for this grant must own fifty one percent of their business (at least). What’s more, their business should be earning around one million Dollars worth of revenue annually and running for a minimum of three years. One of the most important requirements of this grant is that the applicant’s venture should focus on creating a positive environmental and social impact.

Final Thought

Small businesses took a massive hit during the last two years, mainly because of the pandemic. Fortunately, there are plenty of private and government organizations offering help through grants.

References:

[1] https://howtostartanllc.com/small-business-grants/best-startup-business-grants

[2] https://bench.co/blog/starting-a-business/new-business-grants/

[3] https://digital.com/small-business-grants/

[4] https://bionic.co.uk/business-finance/guides/small-business-grants/

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