Launching and expanding a small business is expensive, and there are several financial routes you can take to secure funding. For many small business owners, government grants are a desirable option. Several grants are provided by federal, state, and local governments to help small businesses launch, grow, and develop their companies. Learn what the best government grants in 2020 are, how to apply and five tips to help your business get one.
A small business grant is essentially free money given to a small business owner to help them launch, develop or expand their organization. Grants, unlike a loan, do not have to be paid back, but they often come with restrictions on how the money can be spent.
Just because a grant is free money, doesn't mean it is easy to get. It takes a lot of time and preparation to apply for a grant, and they are highly competitive, so small businesses should only apply for grants they are eligible for.
Entrepreneurs and small business owners can seek a variety of grants, like private grants from corporations and government grants from federal, state, and local governments. Grants are also available for specific industries and demographics; for example, if you are a minority business owner, there are several minority-owned business grants specifically geared toward you.Money to start or expand a business
Below is one such grant that you can apply for, if you are looking to expand your business
Small Business Innovation Research and Small Business Technology Transfer programs (SBIR, STTR)
The SBIR and STTR programs are some of the best government grants available to for-profit small businesses innovating in science and technology. They are highly competitive and incentivize small businesses to conduct research and development, in hopes to eventually commercialize their product.
In addition to funding, these programs also offer opportunities for small businesses to work with nonprofit organizations. To be eligible, you must operate a U.S.-based small business that is more than 50% U.S.-citizen owned and has less than 500 employees.
To apply, go to the Small Business Administration website www.sba.gov/funding-programs.
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