Applying for a small business grant can be a daunting task, but it’s worth the effort. A small business grant can create new opportunities for small businesses and make a big impact on the growth or survival of a business.
In this article, we’ll provide an introduction to business grants for small businesses.
What is a small business grant?
A small business grant is typically a lump-sum amount that is given (or “granted”) to businesses that meet specific criteria. These can come from a local, state, or federal agency, a non-profit organization, or a private company. Grants are different from loans as they do not have to be paid back.
Grants can also be provided after a disaster to provide relief to impacted business owners who may have suffered damage to property or loss of income, for example. Here’s a list of some of the small business grants that are available today.
How grants may benefit your business
A grant is a source of funding that you can spend in a variety of ways. Grants can help you grow your business by allowing you to hire additional employees, pay for more inventory, open a new location, undertake training, or pay for employee training and upskilling. They can also help cover other costs, like rent at your current location, paying for renovation, restoration, or construction work, or even getting your business back up and running if it’s impacted by a disaster or emergency (e.g., a hurricane, wildfire, or an earthquake).
Grants can also create marketing opportunities. Grant providers often promote their shortlisted applicants, and they also promote the winning grant recipients. Being included in promotional efforts generated by a big brand can build brand awareness for your business too. If a business receives a grant, they can also usually use it in their own marketing efforts, from adding details of the grant to their website, sharing updates on social media, or sending a press release to local media to create more marketing opportunities.
Learn about business grants
Today, there are dozens of grants for small businesses. We’ve created a list of just some of the grants that are available, and we’ve highlighted any additional important information, such as criteria, timelines, and if there's a fee to apply. Read our List of Grants for U.S. Businesses.
How to apply for a business grant
Once you’ve identified a grant to apply for, you will need to submit an application. Some applications are short, but others require a good deal of preparation. Here are some tips to help prepare your grant application.
Helen is a Seller Community Manager at Square and is the editor of the Seller Community Blog. She writes about small businesses and the owners and entrepreneurs that are a part of the Seller Community.
Please note that this article is intended for educational purposes only and should not be deemed to be or used as legal, employment, or health and safety advice. For guidance or advice specific to your business, consult with a qualified professional.
