It sounds a bit of too good to be true. Collect money and never worry that someone will pay it back? How could I do that?
It’s actually quite easy: grants for small businesses.
The U.S. government awards $500 billion annually in federal aid agreements, which consist primarily of grants. More than $80 million goes to individuals, colleges and businesses in the shape of “free” government grants.
Unlike loans, grants don’t have to be repaid. However, they’re quite competitive and plenty of of them have rigid requirements, so it will not be “easy” in any respect. But nothing value doing is simple, right?
So how can you make the most of this chance as an entrepreneur looking to take your enterprise to the following level or help it stay in business?
Here’s a fast overview of some ways to apply for grants that will help you raise money that you won’t have to pay back.
See also: 7 ways to find startup financing
Small Business Innovation Research Program
The Small Business Innovation Research Program encourages small businesses to engage in research and development projects that have high commercialization potential. The SBIR program goals to increase private sector commercialization, stimulate technological innovation and encourage entrepreneurship.
Technology transfer program for small businesses
The STTR program expands federal funding opportunities for innovation research and development. STTR requires cooperation between the agency and your organization. STTR requires this yearly five federal departments and agencies to allocate a part of research and development funds to small non-profit enterprises.
Niche grants are also available veterans AND minority women.
Additionally, listed below are just a couple of of the numerous options available in the company and personal sectors.
Verizon Digital Ready for Small Business
Verizon has created an exclusive grant pool for Verizon Digital Ready for Small Business Participants. Complete two courses or coaching events to be eligible for a $10,000 grant.
FedEx Small Business Grant
FedEx hosts a small business grant competition by which the corporate awards grants to 10 small businesses across the country, with the grand prize being a check for $25,000.
Donations to Chase’s Main Street Mission
To raise awareness of the role small businesses play of their communities, JPMorgan Chase Bank provides annual grants to 20 small businesses.