This post may contain affiliate links which may compensate us based on your interaction. Please read the disclosures for more information.
The government has grants available to small businesses, no matter what stage the business is in. Read on to learn more about them.
Image source: Getty Images
Every year the federal government offers $500 billion in grants. This doesn’t include state and county governments, or local municipalities, which offer billions more. There are a plethora of grants available to small business owners that can help fund everything from expansion projects to hiring needs. Best of all, many of these grants are completely free. Here are five government grants available to small business owners and how you can apply for them.
1. National Institutes of Health Grants
The National Institutes of Health (NIH) is the largest public funder of biomedical research in the world, investing more than $32 billion a year to enhance life, and reduce illness and disability. There are currently thousands of grants available.
The NIH is currently providing grants for COVID-19 research to small businesses specializing in biomedical technology. These grants present unique opportunities for small businesses to develop and research the most cutting-edge COVID-19 solutions.
2. Small Business Innovation Research Program (SBIR)
Specifically designed for small businesses engaged in technology research and development, the SBIR program provides funding to help take innovative ideas to the next level. Eligible small businesses can receive up to $250,000 for Phase I, and $1.5 million for Phase II.
3. Small Business Technology Transfer Program (STTR)
The STTR program is similar to the SBIR program; however, it requires the small business to have a formal collaboration with a nonprofit research institution. To qualify for STTR grants, you must operate a for-profit company, which cannot be majority owned by a venture capitalist firm, as well as meet other requirements.
4. Minority Business Development Agency Grant
If your small business is minority-owned, you may be eligible for a grant from the Minority Business Development Agency. The MBDA also offers loans, resources, and other consultative services for small businesses.
To get started, locate an MBDA Business Center, Specialty Center, or Project near you. You can search by MBDA Program Name, Program Type and/or State to apply.
5. State Trade Expansion Program (STEP)
Since its launch in 2011, the STEP grant program has been instrumental in assisting countless small businesses in securing grants and navigating the global marketplace. The program provides awards to U.S. states and territories, thus enabling small businesses to overcome obstacles to exporting by covering international market entry and expansion costs.
To apply, you must go through your local state or territory to find out how they can help you start or expand your business to reach global customers with the help of a STEP grant.
No matter what stage your small business is at, government grants can be an invaluable resource. Whether you’re looking to start a new business, expand your current business, create new jobs, or invest in research and development, there’s a grant out there that can help. Take some time to research the different grant programs available to small business owners, and be sure to carefully review the eligibility requirements and application process. With a little bit of effort, you could be on your way to unlocking the funding your small business needs to thrive.
Alert: highest cash back card we’ve seen now has 0% intro APR until 2024
If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.
In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
