Do you need funds to start or expand your small business? Grants might be an option. Most grants are designed as a source of financial aid that does not have to be paid back. But check on the specifics of any grant you apply for.
Where do you look for grants and how do you get one? Here's what you should know.
Where to find small-business grants
There are a variety of grant programs that help people start or expand successful businesses. Some are funded by private businesses, others by nonprofit organizations, and others by branches of the government. It's not uncommon for a grant to target certain groups, such as women, minorities and veterans.
However, there are also grant programs open to all types of small-business owners. Terms vary, so read the eligibility requirements carefully. Where do you find these grants?
Here is a collection of programs to jump-start your search:
Small-business grants
- Walmart Local Community Grants: Grants from $250 to $5,000 to support community needs.
- LegalZoom and NBA Fast Break Program: Grants of $10,000 plus $500 in LegalZoom services for small-business owners.
- SBA Grants: The U.S. Small Business Administration (SBA) provides grants to educational organizations, nonprofits, and resource centers that offer entrepreneurship counseling and training programs, or scientific research and development.
- Grants.gov: This search engine lists grants from federal agencies for projects with a public purpose.
- USDA Rural Business Development Grants: This program provides technical assistance and training for small rural businesses (under 50 employees and $1 million in gross revenue).
- National Association of the Self Employed (NASE) Growth Grants: Grants of $4,000 for small-business owners.
- State Level Grants: Grants programs specific to California residents also exist. You can check the website for the California Governor's Department of Business as well as sites like California Grant Watch and US Grants.
- Local Government Grants: Look up small-business grants on your local government's websites.
Small-business grants for minorities
- Amber Grants for Women Business Owners: Grants of up to $25,000 for women entrepreneurs.
- Cartier Women's Initiative Regional Awards: Grants of $30,000 to $100,000 for impact-driven women business owners.
- Annual Fellows Program: Grants of $5,000 for women entrepreneurs, plus other support.
- Her Rise Micro Grant: $500 for businesses owned by women of color.
- SoGal Grants: Grants up to $10,000 for black women founders.
- Moms as Entrepreneurs Grant: Grants from $500 to $1,000 for mom-owned businesses that have been shut out of COVID-relief funding.
- Merchant Maverick Opportunity Grant Program: Grants of up to $100,000 awarded to Americans of Asian and Pacific Island descent.
Tips for getting small-business grants
How can you improve your odds of getting a small-business grant?
- Research grants. Invest some time in researching grants and reviewing their eligibility requirements. Make a spreadsheet of all the ones you qualify to receive.
- Read instructions carefully. Take your time when reading through the application instructions and ensure you complete all of the to-dos.
- Write a compelling application. When filling out an application, keep in mind that you are competing against many other applicants to win the grant. With some thought and energy, your application will stand out and give the organization reasons to choose you.
- Meet deadlines. Grant programs have application deadlines. Note the deadlines for each grant program you add to your list, and ensure you have the applications turned in on time.
- Follow up. Lastly, note when the grant winners will be announced and make sure you provide the correct contact information. You don't want to miss the news that you've received a grant.
What if you can't get a grant?
If you can't find a grant program that fits your needs or you haven't had any luck after applying, you can still look into small-business loans. At California Bank & Trust we offer financing options to suit a variety of business types and needs. For example, you could opt for a term loan, a line of credit, invoice factoring, acquisition financing, or another option. We've also launched the Small Business Diversity Banking Program, which provides wider access to credit for businesses owned by women, minorities and veterans.
Ready to explore your options? Contact us today!