It isn’t easy to finance your small business with grants. Finding the right grant for your business may be hindered by 2 obstacles. First, it is hard to locate grants. Second, they may be hyper-specific.
Given the first points, you can search for grants at BusinessUSA or Grants.gov, and more. As for the second point, you may find grants that are wide-ranging enough to apply to. You may come across many other grants that are called foronly an extremely narrow selection of categories. On a side note, grants usually feature a set of guidelines to follow, which cannot be said about loans.
Small business owners can also apply to a reputable payment lender like First American merchant for a Merchant Cash Advance or other small business funding. With FirstAmericanMerchant.com, you can enjoy the best pricing and merchant account services. FAM is a reliable high risk processor that offers excellent fraud protection services and multiple gateways to businesses of any type and size.
Below you can find some of the most popular grants and programs you can choose to finance your business.
Technological Innovation Grants
Consider the following popular initiatives: the Small Business Innovation Research Program (SBIR) and the Small Business Technology Transfer Program (STTR). These are developed toencourage small businesses to invest in the research and development of technology that feature commercial possibilities.
The STTRprogram requires small businesses to collaborate with research institutions. If accepted, you might work withNASA,the National Science Foundation, the Department of Defense, the Department of Energy,or the National Institutes of Health.
The SBIR initiative doesn’t have the mentioned requirement. If accepted, the following agencies might offer partnerships with SBIR applicants: the Department of Homeland Security,the Environmental Protection Agency, the National Institute of Food and Agriculture, and more.
You can apply for state-level grants like IDEA in North Carolina or the Arkansas Technology Transfer Assistance Grant Program. Also, you can search for local-level grants such as the Green Technology Business Grant Program, the Big Idea Contest run by Central or Northern Pennsylvania’s Ben Franklin Technology Partners.
Federal smallbusiness grants mostly target scientific and technological developments. At the state-level, consider applying for the Minnesota Dairy Business Planning Grant and the Minnesota Crop Research Program Grant. State grants are usually more specific, so you will face less competition.
You can also look for a variety of agriculture-based grant programs. For example, the Rural Energy for America Program promotes small businesses to buy, develop, or install renewable or efficient energy systems in eligible rural areas. There is also the Value Added Producer Grants program that supports working capital expenses for agricultural producers.
If you are in the health industry, consider applying for the Oral Diseases and Disorders Research grants or the Maryland Child Care Quality Incentive program. You can also try Minnesota’s Retaining Early Educators Through Attaining Incentives Now (REETAIN) program that aims to promote quality childcare professionals.