Start Up Business Grants for Your Growing Business
Securing a start-up business grant can be very appealing — no interest payments, no late payments and no paying it back. Prepare yourself for the competition.
Start Up Business Grants You Should Know About
There are many types of start up business grants offered by different organizations, both public and private. Only certain types of businesses are eligible for grants, and of course, th eligibility requirements differ for every grant.
Here are the types of businesses that might qualify for a startup grant, and a few examples of grants available:
Small Business Innovation Research (SBIR) – Overseen by the US Small Business Administration Office of Technology, this program focuses on small businesses that want to work directly with the federal government to create innovative technology.
Small Business Technology Transfer (STTR) – Similar to the SBIR, the STTR is a federally-funded program that helps tech-focused startups collaborate with nonprofit research institutions, universities or R&D centers to do good for the community.
National Association for the Self-Employed (NASE) – this grant opportunity is only available to NASE members, but awardees can use the grant to cover anything their small business needs, up to $4,000.
FedEx – an annual contest that awards 10 small businesses with a grant and business services. First place wins $25,000 in grant money plus $7,500 in FedEx print and business services.
Street Shares Foundation – Veterans who are starting a small business are eligible for this grant, awarded every month up to $15,000. Applicants must be at least 21 years old and a veteran or active-duty member of the US Armed Forces.
Womens Net – the Amber Grant is offered to women-owned businesses each month, a business wins a small $1,000 grant and becomes eligible for a much larger $10,000 grant. At the end of the year, one of the monthly winners wins the grand prize.
Visa – the Everywhere Initiative is set to challenge startups to meet the needs of Visa and its partners. This grant program functions similarly to the SBIR or STTR programs run by the federal government. Winning startups work with Visa to develop new technology and ways of conducting business.
Minority Business Development Agency (MBDA) – under the US Department of Commerce, this program has grants available for businesses owned by ethnic minorities. Award amounts vary, and the process takes at least six months.
Idea Cafe – a $1,000 grant is awarded to small business every year. Although small, finalists receive both the prize and $1,500 in advertising, on top of the free publicity received by competing for votes.
Start Up grants are out there for your small business. Of course, there are many other grant programs available at the federal level state level, from corporations or even nonprofits. The process of researching and applying for grants can take up time, but receiving a grant could make a big difference to get your business off the ground.