Small business grants: where to find them and how to apply

You’ll find local, state, and federal funding, including Small Business Association (SBA) grants and funding from universities, corporations, private groups, and charities. Why give away grants? Most grantors want to create jobs, stimulate growth, serve communities, or fill unmet needs.

Applying for grants takes time, but the potential rewards can make it worth the effort. You don’t have to repay grants or give up equity in your business. However, you’re responsible for taxes, and grantors may restrict how you spend, as some require ongoing reporting and audits.

Grant applications for small businesses vary. Some funders require a letter of intent before greenlighting a grant proposal. Large grantors may have complex administrative and legal requirements, while smaller private organizations sometimes have simpler application processes.

Make sure you meet all eligibility requirements and can complete everything before application deadlines. Grantors may ask about:

• Why you need a grant
• How you’ll use the grant
• Your business achievements, plans and goals
• Your team and operational details
• Budget expenses, plans and projections
• How you’ll measure success

When applying for a grant, keep the funders’ interests in mind. Most just want to make sure your plans align with their priorities.

Professional grant writers can help. They know the territory and aren’t deterred by lengthy or tedious application paperwork. Rates vary depending on expertise and grant complexity.

Check out the variety of funding sources below. You can also ask business leaders for referrals. Networking events, tradeshows, and online searches specific to your business can turn up opportunities, in addition to these go-to sources:

In addition to the federal database, you can find public and private funding at local, state, and national levels. Government agencies, corporations, philanthropic foundations, and other organizations fund a variety of needs.

Grantors may finance businesses that serve seniors, companies that train trade-workers, or entrepreneurs who support local farmers. Check your Secretary of State office for opportunities close to home. You can also visit the U.S. Chamber of Commerce site for private and public grant listings.

Joining your local Chamber of Commerce or other business associations can also help you network with leaders. It’s a great way to learn about local, state, and private funding opportunities.

When entrepreneurs need a hand, many leaders and organizations want to help. Some grants are set aside for women, seniors, farmers, or veterans. Places to start include:

If you’re ready to fund your business dreams, the sky’s the limit! Your challenge may be narrowing your focus, shortening your list, and completing applications. It takes time to hear back, and awards aren’t guaranteed, so most entrepreneurs rely on multiple sources.