This is the fifth installment in a five-part series. Part Four: “Being Your Own Boss: Benefits, Drawbacks, and Tips”
There might not be such a thing as having too many resources when it comes to starting your own business. What could be more helpful than information on free grants to start your business, or to expand it? How about contests? Or other small business funding programs targeted toward women, owners of color, veterans, or other groups? We’ve put together a list of grants and funding programs for startups along with some super useful checklists of best practices for you, to help you no matter where you are on your journey.
Small Business Grants 2022: The Top 17
What could be more useful than small business loans and grants when you’re turning your idea into reality? These programs offer help that could prove a turning point.
1. Small Business Awards
The U.S. Chamber of Commerce every year gives out various awards of up to $25,000 with the Small Business “Dream Big” Award, honoring the achievements of small businesses and highlighting their contributions to America’s economic growth.
2. Minority-Owned Business Loans and Grants
The U.S. Department of Commerce Minority Business Development Agency (MBDA) offers targeted grants and loans designed to aid minority-owned businesses. Owners can find information about the programs at MBDA.gov.For more information, see Small Business Grants for Minorities.
3. Women-Owned SBA Program
Women-Owned Small Business (WOSB) Federal Contracting Program is a federal government program contracting dollars to women-owned businesses every year. Through this Small Business Administration (SBA) program, women entrepreneurs get business training, counseling, federal contracts, and access to credit and capital. For more information, see Small Business Grants for Women
4. The Self Employed Growth Grant
The National Association for the Self Employed (NASE) offers growth grants of up to $4,000.Since 2006, the NASE has awarded nearly $1 million in small business grants. They can be used for marketing, advertising, hiring employees, expanding facilities, and other business needs.
5. Innovation Research and Tech Programs
Small Business Innovation Research and Small Business Technology Transfer programs: The SBIR and the STTR grant programs focus on research and development for technology innovation and scientific research. The programs help connect small businesses with federal grants and contracts with 11 government agencies.
6. The FedEx Small Business Grant
The FedEx Small Business Grant Contest offers corporate small business grants for growth. FedEx awards $25,000 in grants to 12 qualified applicants as well as additional services each year through their small business grant contest.
7. Amber Grant for Women
Since 1998, the Amber Grant has been giving money to female entrepreneurs monthly. They’ve expanded their grant-giving to include “Marketing Grants” and “Business Category Grants,” as well as two “$25,000 Year End Grants.”
8. Veterans Grant
The Second Service Foundation (formerly StreetShares) offers small business grants for veterans. The Veteran Small Business Award provides financial support to help veterans who lack the financial means to start or grow their small businesses.
9. Refugees Grant
Provided by the US Department of Health and Human Services, the Microenterprise Development Program helps refugees develop, expand, or maintain their own businesses and become financially independent. To equip refugees with the skills they need to become successful entrepreneurs, the program provides training and technical assistance.
10. Nonprofit Environment Grant
Patagonia Corporate Grants Program: Nonprofits interested in protecting the environment can apply for a small-business grant through the Patagonia Corporate Grants Program. The retailer looks for innovative businesses with proposed projects that are quantifiable and have specific goals, objectives, and action plans. These nonprofit grants typically fall between $5,000 and $20,000.
11. Rural Small Business Grant
The U.S. Department of Agriculture administers the USDA Rural Business Development Grants program, which provides financing to strengthen and grow small businesses in rural communities.
12. Grant Application Database for Women-Owned Businesses
IFundWomen is a grant marketplace that specializes in funding and coaching for women-owned businesses. You can submit one application and when IFundWomen adds a grant from an enterprise partner, it will match the partner’s grant criteria to applications within the database. If your business is a match, you’ll receive a notification and invitation to apply.
13. Federal Grants for Disadvantaged Micro-Entrepreneurs
The Program for Investors in Microentrepreneurs (PRIME) offers federal grants to micro-enterprise development organizations so that they can provide assistance to disadvantaged micro-entrepreneurs. These organizations, such as the Nebraska Enterprise Fund and the Micro Enterprise Services of Oregon, both of which were awarded funding in 2021, can be private nonprofits or run by state, local, or tribal governments.
14. Facebook Small Business Resources
Small Business Funding is a resource offered by Meta for business owners to connect with purpose-driven lenders, access educational resources, and find communities of small business owners like them.
15. Visa Program for Tech Startups
The Visa Everywhere Initiative is a grant competition that offers funding to tech-forward startups across five different regions worldwide. Applicants must show how they’ve developed a product or service that creatively involves Visa’s products. The overall winner of the competition is awarded a $100,000 small-business grant. Additional grants are awarded to finalists.
16. Marketing Makeover Award
Through the Comcast RISE program, startup businesses can receive free marketing services and technology makeovers. These awards are given quarterly to businesses that have been operational for at least one year. To qualify, you also need to be located within the Comcast or Effectv service area—and your business must be 51% owned by someone who identifies as a woman or person of color.
17. Hello Alice Funding and Partnerships
The Hello Alice Grant Platform partners with a variety of companies, such as Progressive and DoorDash, to offer different grants for small businesses, including startups. You can create an account to receive notifications about new opportunities and apply to the grants that are relevant to your business.
3 Checklists of Best Practices for Small Business Success
These three checklists will help you cover all the bases.
18. Internal Revenue Service Checklist
The IRS checklist below provides the basic steps you should follow to start a business, along with useful links for action: 1. Apply for an Employer Identification Number (EIN) if applicable2. Select a business structure3. Choose a tax year4. If you have employees, have them fill out Form I-9 and Form W-45. Pay your business taxes. Information about specific industries can be found at the Industries/Professions Web page.
19. Chamber of Commerce Checklist on Insurance
The insurance policies you need will depend on the size of your company (i.e., how many employees you hire) as well as your assets and liabilities. The Chamber of Commerce recommends looking into these:
- Worker’s compensation
- Professional liability insurance
- Product liability insurance
- Business vehicle insurance
- Small business health insurance
- General liability insurance
20. Checklist for Digital Marketing Success Plan
Cover these five bases to help your business take off:
- Create a brand identity
- Build a website
- Establish a social media presence
- Activate email marketing
- Explore online advertising
Learn More:
- 10 Steps for Starting a Small Business
- Set Your Small Business Up for Success: Strategies, Best Practices, Insights, and Tips
This article originally appeared on LanternCredit.com and was syndicated by MediaFeed.org.
Lantern by SoFi:
SoFi receives compensation in the event you obtain a loan through the Lantern marketplace. This Lantern website is owned by SoFi Lending Corp., a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636. Loans may not be available in all states.
All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. There is no guarantee you will be approved or qualify for the advertised rates, fees, or terms presented. The actual terms you may receive depends on the things like benefits requested, your credit score, usage, history and other factors.
*Check your rate: To check the rates and terms you may qualify for, Lantern and/or its network lenders conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender(s) you choose will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown on this website are from lenders and are estimates based upon the limited information you provided and are for information purposes only. Estimated APR includes all applicable fees as required under the Truth in Lending Act. The actual loan terms you receive, including APR, will depend on the lender you select, their underwriting criteria, and your personal financial factors. The loan terms and rates presented are provided by the lenders and not by SoFi Lending Corp. or Lantern. Please review each lender’s Terms and Conditions for additional details.
Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website on credit
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Personal Loan:
SoFi Lending Corp. (“SoFi”) operates this Personal Loan product in cooperation with Even Financial Corp. (“Even”). If you submit a loan inquiry, SoFi will deliver your information to Even, and Even will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lenders/partners receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Even, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Even’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
Personal loan offers provided to customers on Lantern do not exceed 35.99% APR. An example of total amount paid on a personal loan of $10,000 for a term of 36 months at a rate of 10% would be equivalent to $11,616.12 over the 36 month life of the loan.
Student Loan Refinance:
SoFi Lending Corp. (“SoFi”) operates this Student Loan Refinance product in cooperation with Even Financial Corp. (“Even”). If you submit a loan inquiry, SoFi will deliver your information to Even, and Even will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lender’s receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Even, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Even’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
IF YOU ARE LOOKING TO REFINANCE FEDERAL STUDENT LOANS, PLEASE BE AWARE THAT THE WHITE HOUSE HAS ANNOUNCED $20,000 OF STUDENT LOAN FORGIVENESS FOR QUALIFYING PELL GRANT RECIPIENTS AND $10,000 FOR QUALIFYING BORROWERS WHOSE STUDENT LOANS ARE FEDERALLY HELD. ADDITIONALLY, THE FEDERAL STUDENT LOAN PAYMENT PAUSE AND INTEREST HOLIDAY HAS BEEN EXTENDED TO DEC. 31, 2022. PLEASE CAREFULLY CONSIDER THESE CHANGES BEFORE REFINANCING FEDERALLY HELD LOANS, SINCE IN DOING SO YOU WILL NO LONGER QUALIFY FOR THE FEDERAL LOAN PAYMENT SUSPENSION, INTEREST WAIVER, OR ANY OTHER CURRENT OR FUTURE BENEFITS APPLICABLE TO FEDERAL LOANS. CLICK HERE FOR MORE INFORMATION.
Notice: Private student loans do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE.
Auto Loan Refinance:
Automobile refinancing loan information presented on this Lantern website is from Caribou. Auto loan refinance information presented on this Lantern site is indicative and subject to you fulfilling the lender’s requirements, including: you must meet the lender’s credit standards, the loan amount must be at least $10,000, and the vehicle is no more than 10 years old with odometer reading of no more than 125,000 miles. Loan rates and terms as presented on this Lantern site are subject to change when you reach the lender and may depend on your creditworthiness. Additional terms and conditions may apply and all terms may vary by your state of residence.
Secured Lending Disclosure:
Terms, conditions, state restrictions, and minimum loan amounts apply. Before you apply for a secured loan, we encourage you to carefully consider whether this loan type is the right choice for you. If you can’t make your payments on a secured personal loan, you could end up losing the assets you provided for collateral. Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on the ability to meet underwriting requirements (including, but not limited to, a responsible credit history, sufficient income after monthly expenses, and availability of collateral) that will vary by lender.
Life Insurance:
Information about insurance is provided on Lantern by SoFi Life Insurance Agency, LLC. Click here to view our licenses.
More from MediaFeed:
6 warning signs of a bad business deal
Featured Image Credit: DepositPhotos.com.