3 Little-Known Grants and Loans for Small Businesses
In the vast ocean of funding opportunities, small businesses might find themselves adrift. However, some specific grants and loans cater to various niches and needs, often overlooked but potentially game-changing for the right business. Here, we explore three categories of such financial aids, providing examples and guidance on how to identify the best fit for your business.
For small businesses pioneering in technology, science, and research, federal grants are designed to support high-risk projects with high-impact potential. These grants support ventures that may be too nascent or speculative for traditional investment avenues. Here are a few examples:
To find the right federal innovation grant, start at Grants.gov, which provides a comprehensive database of available funds. It's crucial to match your project's focus with the grant's objectives and ensure your application details how the project aligns with the federal goals.
Microloans and grants tailored for minority and underrepresented entrepreneurs aim to level the playing field by providing necessary financial assistance and support to those who may face barriers entering the mainstream economic landscape. These funding opportunities are crucial for promoting diversity and inclusivity within the small business community. Here are some examples:
Entrepreneurs seeking microloans should connect with local nonprofit lenders and community development financial institutions (CDFIs) that administer these programs. These organizations often provide additional business development services, helping borrowers grow and manage their businesses effectively.
Local grants often address specific community needs and priorities, such as improving accessibility, supporting local economic development, or enhancing sustainability. These grants can be particularly accessible for small businesses committed to community involvement. Here are a few examples:
Small business owners should start by checking with their local chamber of commerce, city or county government, and economic development corporations to explore localized grant opportunities. These entities often have information on grants tailored to specific local challenges or objectives.
When searching for the right grants or SBA loans, it's essential to understand the specific requirements and objectives of each funding source. Tailor your application to highlight how your business aligns with these goals.
Keep an eye on the deadlines and prepare your applications well in advance. By carefully selecting and applying for these funding opportunities, small businesses can secure the crucial support needed to propel their growth and achieve their strategic objectives.