Funding for Small Business

By Marjorie Jones, For Business Hacks

Mar. 4, 2022

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In the post-pandemic economic climate, small businesses need all the help they can get. Luckily, there are plenty of grants and programs across the country formed specifically to help fund startups and encourage growth. Here are some of the available options.

Although things seem to be calming down on the COVID front, many businesses are still reeling from lockdown restrictions and reduced foot traffic. To help with this, there are many new governmental and corporate grant schemes - for example, the Aurora Relief for Innovative Startup Endurance (RISE) provides $5,000 for SMB or inventors who have been affected by the pandemic. 

Then there’s the GoFundMe Small Business Relief Fund, which was set up by Go Fund Me to encourage local communities to rally behind their businesses. Or, you have Lowe’s Rural Relief Small Business Grant scheme, built to provide grants of up to $20,000 for struggling rural ventures.

If you have no luck in the private sector, you can apply for help from federal sources, such as the U.S. Department of Health and Human Services (HHS). The Biden-Harris administration has made $25.5 billion available to them, so they can provide emergency relief - check the official website for further instruction on grant opportunities and guidance. 

The US Chamber of Commerce also offers a number of pandemic schemes such as Economic Injury Disaster Loans (EIDL), which can provide disbursements of up to $150,000.

Outside of the pandemic, there are still a number of federal Loans and grants issued by agencies such as AmeriCorps, the U.S. Department of Education, the U.S. Department of Labor (DOL), or the U.S. Department of Veterans Affairs (VA). 

Your eligibility for these will depend upon the nature of your business - if your business is sustainable-focused, for example, you may be able to receive help from the Environmental Protection Agency (EPA).

It can sometimes help when applying for grants to first register as a Limited Liability Company (LLC). Aside from providing you with legal status as a business, the LLC title gives you unique tax advantages, less paperwork, and limited liability. 

Just remember, each state has its own regulations - it may be worth using a formation service to help navigate these. They can also help you to avoid hefty lawyer fees.

Most corporate grants are geared towards non-profits but, if you’re willing to dig a little deeper, there are plenty of available programs that favor startups too. Many of the available foundations favor specific demographics such as women or veterans. 

For example, the Eileen Fisher Women-Owned Business Grants Program awards $200,000 to female entrepreneurs yearly. Alternatively, the StreetShares Foundation, founded on Veterans Day, supports military entrepreneurs with The Veteran Small Business Award of $4,000 - $15,000.

If you don’t qualify for any of the above, you can look into corporate grants geared at fledgling businesses. Nav’s small business grant provides up to $10,000 to help stimulate new companies or match them with loans or credit cards that may accelerate growth. 

Finally, there’s the National Association for the Self-Employed (NASE), which awards up to $4,000 to members (you must first sign up) who can show they’ll use the money wisely.

For those who are willing to ask for it, there is often help available and, in this hazardous business climate, there’s no shame in accepting support - especially if it prompts your company to succeed.

When you’re ready to free yourself from stress and worry, but you need to be your most productive, schedule a free 30-minute consultation

Marjorie Jones is a guest blogger who created Working Class Wow to help small businesses improve their image and branding. From a well-designed logo and a carefully-crafted website to grammatically-correct copy and professionally-printed marketing materials, it is entirely possible (and surprisingly affordable) to bring a little “Working Class WOW” to your small business to build your brand, improve relationships with customers, and benefit the bottom line.