Guide to Small Business Grants and Where to Find Them
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Is a Small Business Grant?
Why Consider Small Business Grants?
Where to Find Government Small Business Grants
6 Private Company Business Grants
1. Visa Everywhere Initiative (VEI)
2. FedEx Small Business Grant Contest
3. NASE Growth Grant
4. Fast Break for Small Business
5. Venmo Small Business Grant
6. Lenovo Evolve Small Grant
3 Grants to Start a Business
1. The Small Business Innovation Research (SBIR)
2. The Halstead Grant
4 Business Grants for Women Business Owners
1. Cartier Women’s Initiative
2. Amber Grant
3. Tory Burch Foundation Fellows Program
4. The SoGal Black Founder Startup Grant
3 Grants for Minority Business Owners
1. Galaxy of Stars Grant
2. The Coalition to Back Black Businesses
3. National Black MBA Association Scale-Up Pitch Challenge
COVID-19 Small Business Grants
Other COVID-19 grants
How Do You Qualify for a Small Business Grant?
You may only qualify for some grants if you have been in business for a certain period of time. You may need to operate a for-profit company (or, in some cases, the opposite: a nonprofit). You may need to have a business in a particular industry.
Pros and Cons of Small Business Grants
You don’t need to repay the money Unlike small business loans, grants do not have to be repaid, so they’re essentially free money. Information is widely available No matter what type of business grant you’re looking for, there is a lot of information about grants available online. Provides credibility In addition to the funds, a grant can provide more visibility to your business and validate your business idea. It can also make it easier to receive other grants in the future, since you’re already a proven candidate.
Time-consuming Just finding the right grant to apply for can require a lot of research. And once you do, completing the application and making a convincing proposal can take time and effort — and may not result in any returns. Hard to get Small business grants are appealing, so you’re not the only business looking for one. Grants typically receive a large number of applicants, and only few are chosen. Money may have strings attached Some grants come with restrictions about how you can spend the money. Others require you to spell out your plans for the money in your application; once you get your award, you typically need to stick with that plan.
Alternatives to Small Business Grants
Small Business Loans
Merchant Cash Advances
Small Business Loan Rates from Lantern
Frequently Asked Questions
About the Author
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