Is There Money Out There for My Business?
Yes. No. And Maybe.
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Yes.
The short answer is yes. The long answer is much more complex. What kinds of funds? What strings are attached? How competitive is it? Will you be eligible? It isn't an easy answer and is best answered on a case-by-case basis. The good news? There's government funded technical assistance for all of this for free. There are also local government staff and officials who can help you navigate it. The bad news? Their time and resources are often limited, which is probably how you ended up here.
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No.
Not all grants are created equally and most grant funding is set up to benefit non-profit organizations. Let's clear that up right away. Secondly, you may see hundreds of social media influencers, websites, and even commercials claiming to be able to give you free money. Buyer beware. Much of it is a gimmick or a scam. There are even business grants out there that require you to join a paid website just to be entered into a lottery for a possible grant. There's nothing wrong with a supplier covering their costs--business is expensive--but the implication is that if a grant is free, you shouldn't have to pay to apply. It's like scholarship searches--if you have to pay to play, it might be best to avoid it.
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And Maybe.
The good news is you're here now. And my answer to every client who asks me if there are grants out there for their business is "maybe." I put a lot of time into evaluating grant opportunities for businesses and non-profits, so my assessment is going to be more thorough than someone who doesn't understand the way grant funding and compliance works. So, while there is probably a grant or two out there for your company, the truth is you may not want to apply once you learn what hoops you have to jump through or what process you need to take to get the funds. That's a choice only you can make, but I'm here to help should you choose to venture into the application process.
Where to Look?
It all depends, but one starting point should be your local government. Grants are basically federal spending sent to the state and then counties and/or cities/towns/municipalities. So think of it that way.
The United States Small Business Administration (SBA) supports many different types of small business development centers. They usually have access to business grants if there are any locally.
Another access point is the local community college or university. Chamber of commerces and economic development groups are helpful, as well.
GRANTS.GOV
Grants.gov is the main source of government grants. These are typically more nationally competitive and complex to apply for, so this is where a professional grant writer is best suited.
STATE AGENCIES
Some state agencies make grants available for for-profit businesses. While they aren’t typically for the every day entrepreneur, don’t overlook these opportunties to fund a project or product.
LOCAL AGENCIES
It requires some legwork, but don’t overlook local agencies. For example, if you’re looking to fund a climate friendly project, check with your local air or water board to see if they have funding available. Another way to go is to track the funds from the federal, to state, to local level. Every bit of government spending should be transparent and available to the public; it’s just a matter of how to find it.
Specialized Loans and Banking.
Beyond SBA loans, there are USDA B & I loans and other products that are available to businesses backed by the government. They are typically more complex and it involves a lot of research to find and locate a bank or lender who will work with you on the application, but they can benefit certain businesses.
Another option is to contact a CDFI. Sometimes they work with business owners who have less than stellar credit scores or a lower net worth than other business owners.
Given the complexity of some of these options, it can be a challenge to find staff or organizations that will help you, but Grants for Good can track down options for you using our proprietary system and we can also help you with the application.
Government Contracting.
The government spends a lot of money on government contracts. This happens at a local, state, and federal level. Technical assistance is available through an Apex Accelerator funded by the Department of Defense, but we also provide contracting services for business owners who want to skip the meetings and just get signed up.
We provide the following services:
SAM.gov registration
NCAIS code identification
Capability Statement
Local government registration
State registration
