Business owners always think of ways to expand their business. They often hesitate due to a lack of funds. If you are the same, you should consider applying for grants. There are several grants available for doing business in the US that offer you free money. You can use it to start business growth plans, expand into new markets or create new products or services. Sounds good? Keep scrolling for more.
What are
Small Business Grants and How Do They Work?
Small business
grants are basically funds given to a small business by an organization to
fulfill specific purposes. They are usually available during the startup phase,
expansion phase, and for research and development. One doesn't need to repay a
grant, and they won't hurt your credit score either. However, you need to
ensure that you spend the money per the grant provider's plan. If you don't,
you might need to pay penalties.
There are two
main types of grants- government and private. The state and federal governments
provide different grants based on a businesses' location or industry. Even
private corporates offer grants. Here is a list of the ongoing grants in the US
that you can benefit from right away.
Small
Business Grants in New York
If you have a
small business, you can apply for the following small business grants in New
York:
·
Global NY State Trade Expansion
Program (STEP), where you can get a grant of up to $6,000.
·
New York State COVID-19
Pandemic Small Business Recovery Grant Program where you can get up to $50,000.
·
Global NY Fund Grant Program
where you can get a grant of up to $25,000.
Private Grant
in New York
·
New York Foundation Grant where
you can get up to $40,000. The deadlines are March 1 and July 1, 2022.
Small Business Grants in Florida
·
USDA Rural Business Development
Grant
·
Amber Grant
·
Prospera Small Business Grants
·
Florida High Tech Corridor
Grant
·
National Association for the
Self-Employed Grant
·
Small Business Research Grants
·
Minority Business Development
Agency
·
FedEx Small Business Grant
Contest
Small
Business Grants for Minorities in Florida
·
National Minority Supplier
Development Council
·
Enterprise Florida Grants
·
SBA 8(a) Business Development
Program
·
Operation Hope Small-Business
Empowerment Program
·
The USDA Rural Business
Enterprise Grant Program
·
Federal Minority Business
Grants
Small
Business Grants in Texas
·
Young Farmer Grant Program
where you can get up to $20,000. The deadlines are Fall and Spring.
·
Skills for Small Business
where you can get up to $1,800 for each new employee.
Private
Grants in Texas
·
Fiserv + Clover Back2Business
Grant Program where you can get up to $10,000. The deadline is December 31.
·
Small Business Emergency Grant
Program where you can get up to $25,000.
·
Southern Smoke Emergency Relief
Program where the amount of the grants varies.
Special
Grants Offered Due to COVID-19
· Small Business License Fee Exemptions
California offers
two years of fee relief for restaurants and bars licensed through the state's
Department of Alcoholic Beverage Control (ABC). It is also for barbering and
cosmetology businesses licensed through the Department of Consumer Affairs.
· California Rebuilding Fund
This state-sponsored
program provides loans of up to $100,000 or 100 percent of a business's average
monthly revenues for three months before the COVID-19 pandemic, whichever
amount is lower.
· Disaster Relief Loan Guarantee
The Disaster
Relief Loan Guarantee Program allows access to capital for small businesses
that do not qualify for federal disaster funds, including businesses in
immigrant and low-wealth communities.
· U.S. Small Business Administration Debt Relief Assistance
This Federal program
provides debt relief to existing SBA borrowers during the COVID-19 pandemic.
Sources:
https://bench.co/blog/operations/small-business-grants/
https://www.forbes.com/advisor/business/small-business-grants-new-york/
https://businessyield.com/grant-opportunities/small-business-grants-florida/
https://www.forbes.com/advisor/business/small-business-grants-texas/
https://www.sco.ca.gov/covid19ReliefAndAssistanceSM.html