Small Business Blueprint: Beneficial Grants, Loans & Programs
Over 99% of America's 28.7 million firms are small businesses, and 88% have fewer than 20 employees. After the year of COVID, many can't wait for a Government stimulus to bail them out and are instead looking for ways to fund their business and get back on track.
Government Grants: The government site grants.gov is the place to start your search. It offers the most comprehensive database of funds available from the government. Not all funds flow directly from the government to business. Some funds are distributed to state governments and agencies, nonprofits, and educational institutions and awarded from that point.
Government Contract Assistance: The federal government spends billions on goods and services, and that money is spent through a competitive bidding process. Many programs are set up to target and help smaller businesses like Veteran- and women-owned compete for these contracts.
Natural Resource Sales Assistance Program: Our federal government purchases a lot from the natural resource goods and services market, and a percentage of those bids are available only to small businesses. Sometimes, these bids are broken down even more so that it's easier for more small businesses to get a piece of the pie.
Industry-Specific Small Business Grants: Some small business grants are tied to a specific industry or demographic and come with a more straightforward application process. If, by chance, you're a black, multiracial, or even nonbinary entrepreneur, there's a startup grant for you to consider. Samuel Adams Brewing even offered a military grant for small entrepreneurs.
The US Small Business Administration (SBA) is currently offering the following funding options:
- COVID-19 Economic Injury Disaster Loan
- SBA debt relief (for existing borrowers)
- Shuttered Venue Operators Grant
The SBA is contacting eligible businesses regarding:
- Targeted EIDL Advance (limited eligibility)
- Supplemental Targeted Advance (limited eligibility)
The U.S. Chamber of Commerce and the Small Business Association are both held in high regard when it comes to assisting and guiding small businesses to succeed. As your financial professional, we're also here to help and provide answers so that your future years are much more lucrative than 2020. Call us at (704) 216-2260 if you're a small business owner—it's time to take back control of your business success!
Adapted from U.S. Chamber of Commerce and the Small Business Administration