Read about small business grants and why you should get one.
Grants are free amounts of money given to businesses in particular industries to reward and improve their efforts in such industries. Grants are awarded by the government, NGOs and industry leaders, and other bodies. They differ from business loans in the aspect that businesses do not need to repay them. To get a grant, you need to ensure that you meet the requirements for the grant, apply for the grant, and provide the documentation requested.
Click here to read more about small business grants and how they can help you.
Benefits of getting a small business grant
1-. You don’t need to pay back the money
Unlike other forms of business funding, grants are free, and you don’t have to pay the money back. There is nothing like prepayment fees, interest rates, capital repayment, and all those things. Everything is free. Winning a business grant saves you the hassles that come with other funding sources.
2-. Your business gains credibility
Winning a small business grant gives your business credibility and free publicity. Some grant winners are published in national dailies and other media. A lot of grant winners post it on their websites, social media, and other platforms. You should do the same if your business wins one.
Winning a grant also increases the chances of obtaining business loans. It will also bring you more clients and customers. Several businesses have benefitted exponentially from grants in other ways apart from the money.
What kind of industries are available to get a business grant?
Grants are awarded to businesses in various industries, including healthcare, construction, software, food, electrical, manufacturing, production, mining, retailing, transportation, telecommunication, finance, insurance, advertising, publishing, entertainment, printing, waste management, and pharmaceutical.
So, no matter what industry you are in, there is a business grant for you. You need to take your time to find these grants.
List of business grants for industries
Grants.gov is the top website that you need to check for a business grant. It is a United States Government site that lists all the thousands of business grants available. The list is comprehensive, and you will definitely find something for your business. Search for grants in your industry and within your state and local government. Some of the grants are administered through other bodies, and they’ll redirect you to them.
2-. Walmart Local Community Grants
The Walmart Local Community Grants support local businesses with amounts ranging from $250 to $5000.
3-. Back Black Businesses grant
The Back Black Businesses grant supports black-owned businesses.
3-. Comcast RISE
The Comcast RISE grant supports businesses owned or at least 51% owned by people of color.
4-. Creciendo Con Tik Tok
The Creciendo Con TikTok grant supports 30 Latinx small businesses with $150,000.
5-.Swiftarc Beauty Fund
The Swiftarc Beauty Fund is a $10 million fund to support female-owned wellness and beauty businesses. Apart from the grant money, winners will get mentorship and networking opportunities.
6-. National Association for the Self-Employed (NASE) Growth Grants
The NASE growth grant offers businesses grants worth $4000 to self-employed people. The money can be used to purchase equipment, run adverts, and do other things.
7-. Halstead Jewelry Grant Award
The Halstead Jewelry Grant Award is awarded annually, and it is a sum of $7,500. The grant helps jewelry owners to develop their businesses.
8-. Small Business Technology Transfer Program
The Small Business Technology Transfer Program offers grants to businesses in the technology sector and those that run energy-focused businesses.
If you run a small business, small business grants are the most cost-effective way to get funding as they are free. Conduct your research, apply, and hope for the best.