Funding can be one of the biggest challenges when launching a business. While loans and investments are options, business grants offer an ideal form of support: they’re essentially free money to help you get started and grow.
Unlike loans, grants don’t require repayment, making them highly attractive for new entrepreneurs. However, they are often competitive and may require a thorough application process.
Here’s a list of the top 10 business grants you should know about as a new entrepreneur.
1. Small Business Innovation Research (SBIR) Program
The SBIR program encourages small businesses in technology-driven sectors to engage in federal research and development.
Companies involved in fields like energy, defense, and healthcare often receive grants from the SBIR to help them conduct research that can lead to new technologies.
Who It’s For: Startups in technology, science, and research sectors
Grant Size: Up to $150,000 for Phase I; potential for millions in Phase II
How to Apply: Submit a proposal on the SBIR website, aligning your project with current government needs
2. Small Business Technology Transfer (STTR) Program
The STTR is similar to SBIR but focuses specifically on partnerships between small businesses and research institutions.
If you’re looking to collaborate with a university or nonprofit research institution, the STTR can provide funding to help bring those partnerships to life.
Who It’s For: Businesses partnering with research institutions
Grant Size: Typically mirrors the SBIR in terms of funding amounts
How to Apply: Prepare a joint proposal with your research partner and apply through the STTR’s site
3. Amber Grant for Women
The Amber Grant was created to support women entrepreneurs with smaller funding needs.
Named in memory of a young entrepreneur, this grant is awarded to a female business owner each month, and one annual winner receives a larger prize.
Who It’s For: Women-owned businesses
Grant Size: $10,000 monthly, with a $25,000 annual grant
How to Apply: Submit an application on the Amber Grant website; a small application fee applies
4. FedEx Small Business Grant Contest
FedEx’s grant program is competitive but highly rewarding. Open to U.S. small businesses, this annual contest awards grant money along with in-kind prizes like FedEx services, which can be invaluable for companies relying on shipping.
Who It’s For: U.S.-based small businesses
Grant Size: Up to $50,000
How to Apply: Register on the FedEx grant website, submit a business story, and engage your community to vote
5. Comcast RISE Grant for Diverse Small Businesses
The Comcast RISE (Representation, Investment, Strength, and Empowerment) program supports minority-owned businesses through financial assistance and business services.
This grant can include media consultations, commercial production, and marketing campaigns in addition to monetary grants.
Who It’s For: Minority-owned small businesses
Grant Size: Varies; may include media and tech support
How to Apply: Visit the Comcast RISE website and submit an application
6. National Association for the Self-Employed (NASE) Growth Grants
The NASE offers growth grants to its members. This grant supports small business owners by funding specific needs, such as hiring new staff, buying equipment, or launching marketing initiatives.
Who It’s For: Self-employed individuals and micro-business owners
Grant Size: Up to $4,000
How to Apply: Apply as a member of NASE, with proposals required to explain your business's needs
7. Hello Alice Small Business Grants
Hello Alice offers regular grant opportunities for small businesses in various industries, often focusing on minority and underrepresented groups. Hello Alice also provides resources, mentorship, and a community for entrepreneurs.
Who It’s For: Small businesses, with a focus on women, minorities, and other underrepresented groups
Grant Size: Ranges from $10,000 to $50,000
How to Apply: Register on Hello Alice, which posts new grants frequently throughout the year
8. Veteran-Owned Business Grants by StreetShares Foundation
The StreetShares Foundation provides grant support to veteran, reserve, or active-duty members who are small business owners.
This foundation is dedicated to supporting veterans with funding to launch or grow their businesses.
Who It’s For: Veteran-owned businesses
Grant Size: Up to $15,000
How to Apply: Apply on the StreetShares website; a detailed business plan and social impact description are needed
9. Nav’s “Small Business Grant”
Nav, a financing platform for small businesses, offers grants for entrepreneurs looking to expand. This grant has a competitive selection process and awards grants quarterly to help small businesses reach their next level.
Who It’s For: U.S. small businesses across various industries
Grant Size: $10,000
How to Apply: Apply on the Nav website and share your story and needs; voting and community support can boost your application
10. Kiva Small Business Loan with Crowdfunding
While technically a loan, Kiva offers zero-interest loans up to $15,000 with a unique crowdfunding approach.
Because the loan is interest-free and often funded by Kiva supporters, it has many benefits similar to grants and can help early-stage businesses with essential funding.
Who It’s For: Small business owners with financial need and a willingness to crowdfund
Loan Size: Up to $15,000 (zero-interest)
How to Apply: Apply through Kiva and start by inviting friends and family to fund the first portion of your loan
Tips for Applying for Business Grants
Securing a grant takes effort, especially considering the competition. Here are some strategies to increase your chances:
Prepare a Strong Business Plan: Show grant providers that you have a clear plan and vision. This includes financial forecasts, market analysis, and a well-outlined mission.
Be Clear About Your Goals: Each grant application should clearly outline why you need the grant and how it will help your business grow.
Research Thoroughly: Not all grants fit every business. Find grants that align with your business size, industry, or demographic characteristics to maximize your chances.
Meet All Eligibility Requirements: Carefully review the eligibility requirements of each grant to ensure your business qualifies before applying.
Be Concise and Impactful: Use language that’s clear and concise. Reviewers often go through dozens of applications, so get to the point quickly and make a strong impression.
Conclusion: Top 10 Business Grants Every New Entrepreneur Should Know About
Grants can provide a valuable lifeline for new businesses, especially when just starting. Take the time to research, apply, and follow up on grants that align with your business’s mission and needs.
With persistence and preparation, a grant could be the key to unlocking your business’s growth potential.
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