We have excellent news for any small business owner or aspiring entrepreneur who wants to expand their enterprise. Numerous low-cost or no-cost loans, grants, and government assistance programs are available. You can use these programs to give your small business a financial boost. Finding government grants or federal stimulus programs online is a great place to start.
In any case, it’s worthwhile to apply for these since they frequently have no repayment requirements. Even though there might be restrictions on how you use the funds, you should always accept free money. Find out what loan or grant programs your small business might be eligible for online.
Federal Stimulus Aid
You most likely already got this one. In March 2021, President Biden ratified a historic $1.9 trillion Covid-19 relief package. Individuals would receive direct payments of up to $1,400 from it. Additionally, it increased weekly unemployment insurance supplements by $300. Along with paying for vaccine rollouts in the US, the package also included money for rental and utility assistance.
Technically speaking, small businesses weren’t the focus of the Federal Stimulus package. There was no requirement, though, for how you had to spend the cash. You were more than welcome to put it toward a self-investment.
If you didn’t get the payments in 2021, check your IRS.gov account to see why. It might still be yours to keep.
Government Grants
Many government grants are directed at particular demographic groups. There may be opportunities for you, for instance, if you were formally imprisoned, are a woman of color, live in an inner city, or are a member of another minority. While some grants aim to assist small businesses, others are more concerned with education.
You are not required to pay these back, just like most grants. The hope is that your small business expands and boosts the local economy, and the government views it as an investment in the people. Start looking online for grants in your state that are tailored to your particular industry or personal situation. More details are available right here.. You can find the appropriate grant to apply for by using the official Grants.gov website.
Government Contract Assistance
Every year, the federal government spends billions. Much of that spending is on goods and services contracted to outside businesses. For instance, they employ construction companies to construct federal buildings. For smaller-scale political gatherings and conventions, they employ neighborhood contractors. Small businesses can submit bids for these contracts, but larger, more effective organizations frequently outbid them on price.
Fortunately, the government has some programs to level the playing field somewhat. For instance, the federal government gives businesses run by service-disabled veterans 3% of all contracts. Both companies owned by socially or economically disadvantaged people and women-owned small businesses can take advantage of similar programs.
Natural Resource Sales Assistance Program
You may be eligible for some of that federal funding if your company has any connection to natural resources. Natural resource sales assistance from The Small Business Association Program’s five categories are:
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- Timber and other forest products;
- Strategic materials;
- Royalty oil;
- Leases involving rights to minerals, coal, oil, and gas, and;
- Surplus real and personal property.
This program uses set-asides to ensure that small businesses receive their fair share of government sales or leases. Before the big conglomerates enter the open market, small businesses are allowed to bid on set-asides. More information on whether your company qualifies and how to benefit from this program can be found on the SBA.gov website.
General Small Business Grants
The government doesn’t just give out grants. Additionally, traditional corporations and non-profit organizations give money to small businesses that meet specific requirements. For instance, the Business Warrior Small Business Loans program offers loans of $5,000 to $50,000 to small businesses that have trouble obtaining loans from conventional banks at meager rates.
Additionally, there is
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- Dream Big Awards;
- GoFundMe Small Business Relief;
- Walmart Local Community Grants and;
- National ACE’s Small Business Digital Ready Program.
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Most of these programs offer grants or prizes in the $25 to $25,000 range. You just need to complete a few requirements, like filling out a form or enrolling in an online course, to be eligible to apply.
Industry-Specific and Diversity Small Business Grants
Some grants target particular industries or racial or ethnic minorities. For instance, the pandemic caused damage to your Etsy online craft shop. You could apply to the Etsy Emergency Relief Fund, established by CERF+, which supports artists.
Another illustration is Amazon’s Black Business Accelerator Program, which supports black Amazon sellers. It provides monetary assistance, grants, mentorship, advertising credits, and promotional assistance.
Additionally, there are particular non-profit grants for:
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- Female entrepreneurs;
- People of color;
- Members of the LGBTQ2+ community;
- Restaurant owners;
- Commercial vehicle drivers, and;
- Even jewelry creators.
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No matter what your small business does or your background, searching online for grants or low-cost loans that can help your company advance is worthwhile.
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