Small businesses are facing difficult times, but assistance is available from both the public and private sectors. The ongoing COVID-19 pandemic has had a severe impact on the industry of all kinds. Others have had to reconsider their business approach because they are just getting started. President Biden’s recently approved coronavirus stimulus measure, which provides $1.9 trillion in aid to businesses and individuals, is supposed to help. Tax credits, loans, and grants are all included in the measure.
Here in this article, we will discuss government grants for small businesses so continue reading this article.
Federal small-business grants
Government agencies are one of the largest sources of business subsidies, funding everything from environmental conservation to child care services. Although applying for federal grants can be scary, they are excellent possibilities for small business owners trying to expand.
Grants.gov is a searchable directory of grants offered by federal agencies such as the Departments of Education and Veterans Affairs.
Small Business Technology Transfer and Small Business Innovation Research programs
The SBIR and STTR award programs support technology innovation and scientific research through research and development. Small firms can use the programs to get federal grants and contracts from 11 different government entities.
To be eligible, you must run a for-profit company with fewer than 500 employees and complete other standards.
USDA Rural Business Development Grants: The Rural Business Development Grant program is administered by the United States Department of Agriculture and provides funding to help small businesses in rural areas.
To qualify, businesses must have less than 50 new workers, gross revenue of less than $1 million, and be located in an appropriate rural area. USDA Rural Development accepts applications through local and state offices.
State and regional small-business grants
Economic Development Administration: This agency of the United States Department of Commerce provides grants, resources, and technical help to communities to promote economic growth and entrepreneurship.
Each state’s agency assists firms in obtaining funding (including state or regional grants), securing locations, and attracting staff. You can look for regional offices and local resources in the economic development directory.
Small Business Development Centers (SBDCs): Small firms and aspiring entrepreneurs can get help from your local SBDC. They’re frequently linked to local colleges or a state’s economic development agency, and many may help you get small-business grants and other forms of finance, as well as counselling, training, and technical help.
Minority Business Development Agency (MBDA) Centers: The MBDA operates a national network of business centers dedicated to the growth and promotion of minority-owned small enterprises. These centers assist entrepreneurs in obtaining funding, securing contracts, and competing in new markets.
Your local MBDA center can assist you with debt-based financing and federal, state, and local business grants. The agency normally organizes a small-business grant competition every year and keeps track of the results on its website.
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