Small Call to Action Headline
How to Receive a Business Grant
Are you a business owner looking for funding? Receiving a business grant can be a game-changer for entrepreneurs and small business owners looking to launch, grow, or innovate their ventures. At American Funding Group (AFG), we're here to guide you through the process of obtaining a business grant. Let’s review the steps you need to take to increase your chances of receiving a business grant and how AFG can assist.
What is a business grant?
Business grants are essentially free money provided to businesses that meet specific criteria. Unlike loans, grants do not need to be repaid, making them an attractive option for businesses seeking financial assistance. Grants can come from various sources, including government agencies, private foundations, and corporations. Business grants a form of free funding. Many businesses and entrepreneurs miss out on this source of free funding simply because they are not aware. And, contrary to popular belief, qualifying for a business grant can be easy. Whether you are a startup developing cleantech, a “mom and pop” restaurant expanding to a new location, a childcare provider, a trucking business, whether you are just starting out or have been in business for generations, there are grants available that fit your industry and category.
Types of Business Grants
There are several types of business grants available, each with its own set of requirements and focus areas. Federal agencies, state agencies, and even private companies offer funding to help you grow your business. Some of the types of business grants are:
Federal Grants: Offered by the U.S. government for specific industries or purposes.
State and Local Grants: Provided by state or local governments to support regional economic development.Corporate Grants: Offered by large companies to support small businesses or specific initiatives.
Specialized Grants: Targeted at specific groups, such as women-owned or minority-owned businesses
How Much is a Business Grant?
If you wondering how to receive a business grant, it’s important to set realistic expectations. The amount of a business grant can vary widely depending on the organization offering it and the specific program. Grants can range from small sums of a few thousand dollars to substantial amounts exceeding $100,000. For example, some organizations offer monthly grants of up to $4,000 for their members. On the larger end of the spectrum, certain inclusion grants provide up to $50,000 for small to medium-sized businesses in distressed communities or those owned by minorities, women, veterans, or individuals with disabilities.
Corporate grant programs may offer $10,000 to eligible entrepreneurs who complete specific educational requirements. Additionally, some contests award significant prizes, such as $50,000 for a grand prize and several smaller grants of $20,000 each. For startups, there are grants that provide $2,500 along with additional business services. Government grants can also be substantial, with some programs offering up to $1,000,000 per grant.
Here are five examples of $10,000 grants available to small businesses:
Verizon Small Business Grant: Verizon offers $10,000 grants to eligible entrepreneurs through its Small Business Digital Ready program. To qualify, business owners must register on the platform and complete at least two courses, coaching sessions, or community events. The application period for the latest round of funding runs until December 13, 2024.
Amber Grant for Women: WomensNet offers a $10,000 monthly Amber Grant specifically for women-owned businesses. Both startups and existing businesses are eligible, and applicants only need to fill out a single application to be considered for this grant and other funding opportunities offered by the organization.
Venmo Small Business Grant: The Venmo Small Business Grant program awards 20 eligible entrepreneurs with $10,000 grants for their small businesses. To qualify, businesses must have a U.S. Venmo account with a valid business profile, less than $50,000 in annual sales, and 10 employees or fewer.
Skip $10k Grants: Skip offers $10,000 grants to early-stage entrepreneurs to support their new business ventures. These grants are available on a rolling basis, with opportunities announced throughout the year. Applicants are typically required to participate in Skip's YouTube livestream during the selection process.
National ACE Small Business Digital Readiness Program: In partnership with Verizon, the National ACE (Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship) has developed a digital readiness program that includes the opportunity to apply for a $10,000 grant. To be eligible, business owners must register for the program and complete two courses.
Here are five examples of grants that can provide up to $100,000 or more:
Cartier Women's Initiative Regional Awards: This program offers grants up to $100,000 to women entrepreneurs and women-owned businesses in their initial stages of development. The initiative aims to support women-led businesses that have a strong and sustainable social and/or environmental impact.
Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs: These federal programs offer grants that can exceed $100,000 for small businesses engaged in research and development with potential for commercialization. The exact amount can vary depending on the specific agency and project phase.
Agriculture Innovation Center Grant Program: This program offers substantial grants of up to $1,000,000 per grant to help rural businesses develop and market value-added agricultural products.
Visa Everywhere Initiative: This global innovation program for startups offers a grand prize of $100,000 to the overall winner of its competition. The initiative focuses on fintech solutions and how they can be integrated with Visa's products and services.
How to Find Business Grants
Finding grants for entrepreneurs can be a key step in securing funding. It can also be a major undertaking for you or your team. Here are some effective strategies to help you locate potential grant opportunities:
Government Programs: The Small Business Administration (SBA) offers various resources specifically designed for entrepreneurs, including training programs and funding opportunities.
Nonprofit Organizations: Several nonprofit organizations focus on supporting small businesses by offering grants and training programs.
State-Specific Programs: Many states have specific grants available for entrepreneurs looking to start or grow their businesses.
Private Company Grants: Private companies often provide grants to support entrepreneurs.
Venture Capital: Venture capital firms like Hivers and Strivers focus on investing in small businesses.
Networking and Training Programs: Participating in networking and training programs can greatly benefit entrepreneurs and a good way to find business grants.
Join American Funding Group, where we are dedicated to supporting entrepreneurs by providing comprehensive grant funding solutions. By obtaining a grant through American Funding Group, business owners can access essential capital, drive meaningful change, grow their businesses, and create opportunities for their communities.
At American Funding Group, our mission is to empower business owners to achieve their full potential through flexible funding solutions and dedicated support. Whether you're just starting out or looking to expand an established business, if you are wondering how to receive a business grant, our team is here to support your journey with tailored funding options.
How to Receive a Business Grant
If you search “How to receive a business grant,” you may find that the requirements range widely. Receiving a business grant involves several key steps, each requiring careful preparation and attention to detail. The steps to receive a business grant include:
Identify Suitable Grants: Start by researching grants that align with your business goals and industry.
Check Eligibility: Before applying, ensure your business meets the eligibility criteria for the grant. This may include factors such as business size, revenue, industry type, or the background of the owners.
Prepare Documentation: Gather necessary documents such as a detailed business plan, financial statements, tax returns, and any specific forms required by the grant provider.
Craft a Compelling Application: Tailor your application to highlight how your business aligns with the grant’s objectives. Clearly articulate your business’s mission, vision, and how the grant will help achieve these goals. Be specific about how you will use the funds and the anticipated impact on your business.
Submit and Track Your Application: Follow submission guidelines carefully, ensuring all required information is included. After submission, track your application status and be prepared to respond promptly to any requests for additional information from the grant provider.
At American Funding Group, we have streamlined the requirements to create a straightforward application process for you. Here is all you need to know:
» You must be a business owner in the United States
» You must have an active LLC, S-Corp, or S-Corp and an Employer Identification Number (EIN)
» You will be able to fill out one form with American Funding Group and answer 30+ questions to be paired with our best grant.
Figuring out how to receive a business grant can be time-consuming, especially for busy business owners who juggle multiple roles and responsibilities. At American Funding Group, we specialize in helping businesses identify and secure the grants they need. Here's how we support businesses through the process:
✓ You fill out a single application form on our website.
✓ Our system searches 7,000 grants
✓ Auto-apply for grants every month with our portal
✓ Grants are provided and distributed by private and federally-funded institutions listed on:
https://a4cb.org/services/grants
https://www.decaturedc.com/b2b
✓ The average industry approval rate is anywhere between 20 to 30 percent depending upon on the company.
✓ Once your grant is approved, it may take the grantor who approved it 30 to 90 days to distribute the funds to you.
Tap into your business's potential with American Funding Group and take the first step to apply for a business grant today.
Copyright© 2022 American Funding Group®® All Rights Reserved