What Small Business Grants Are Available in the USA?

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The financial burden is often a barrier to entry in purchasing a small business. Thankfully, there are several small business grants available to help you accomplish your dreams.

When purchasing a new business, the financial burden is often a hurdle far too tricky for an individual to overcome. Thankfully, there is a wide range of small business grants available, so this should no longer be a concern preventing you from buying the business of your dreams. This article will discuss some of these small business grants and how you can apply for or use them to help with your business purchase.

Small Business Grants

Here are just a few of the incredible small business grant options currently available in the US.

Small Businesses Innovation Research

For the tech industry, the Small Businesses Innovation Research (SBIR) grant provides funds needed to work on innovation within the field by offering to fund small businesses and startups. The value of this grant ranges from $50,000 to $250,000 across six months.

Here’s How to Apply

  • Ensure you meet the eligibility criteria
  • Submit the application by the deadline (typically in March)

Nav’s Small Business Grant

Working to empower small businesses, Nav offers its Nav’s Small Business Grant, which awards qualified businesses with $10,000. In addition to winning grants ranging from $5,000 to $10,000 when shortlisted, small businesses also gain the opportunity to share their business with the Nav team.

Here’s How to Apply

  • Up to 200 small businesses can apply
  • 5 of the 200 applicants are selected based on votes

Visa Everywhere Initiative

Startups and fintech have the opportunity to gain global exposure via the Visa Everywhere Initiative. Cash awards range from $10,000 to $100,00 across five awards, including; Overall Winner, Audience Favorite, Visa Direct, 2nd Place, and 3rd Place.

Here’s How to Apply

  • Apply online

Amber Grant

Founded by WomensNet in 1998, the Amber Grant regularly awards grants to women-led businesses. Small businesses that are awarded the Amber Grant receive $10,000 monthly with an additional $25,000 end-of-year grant.

Here’s How to Apply

  • Apply online
  • Share your business story and idea with the WomensNet team

7(a) Small Business Loan

Part of the Small Business Act, one of the most common types of funding for small businesses is the 7(a) Small Business Loan. While this option serves as a loan and not like a grant, it can help facilitate for-profit businesses that can’t get any financing from other sources.

Here’s How to Apply

  • Complete the required SBA Forms
  • Provide business financial statements
  • Follow this readily available checklist

SBA Mentor–Protégé Program

By partnering small businesses with experienced companies in a mentor-type relationship, the SBA Mentor–Protégé Program is especially helpful to businesses led by minorities. Through this program, small businesses gain insight into how to improve their operations while understanding varying business management systems.

Here’s How to Apply

  • Make sure both businesses are registered at SAM.gov
  • Follow the guidelines found online

Conclusion 

As you can see, you have multiple options in terms of small business grants to assist you with the financial burden of purchasing. As a result, you should never let money stand in the way of buying the business of your dreams.

Don’t be discouraged if you’re still on the hunt for buying a business. Keep your finger on the pulse, and you’ll be well on your way to new business ownership in no time at all.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.