Apply For $10000 Small Business Grant Money
A grant is money given to an individual, business, nonprofit, or corporation owned by a federal, state, county, or local government, private company or corporation.
There are a number of companies, nonprofits, and government agencies that provide essentially free money to small business owners in the form of a small business grant. And the best part about it? Grants do not require repayment.
Small Business Grant Money
- 1 Small Business Grant Money
- 1.1 Why The Grants Are Being Formed?
- 1.2 Types Of Small Business Grants
- 1.3 EIDL And PPP
- 1.4 Shuttered Venue Operators Grants
- 1.5 LISC’s Small Business Relief Grant
- 1.6 GoFundMe Small Business Aid Fund
- 1.7 The Bar Stool Fund
- 1.8 Are There Any Disadvantages Of Small Business Grant Money?
- 1.9 Small Business Grant Application
In many cases, grants are designed to meet certain parameters for business use cases. So make sure that the reason they are looking for the funding is also the reason they are offering the funding.
In addition to the application, there is often an interview component where the organization offering the scholarship wants to get to know you and your company.
Talk about how you would like to use the scholarship and what value the scholarship will have to your company. Small business grant money and determine otherwise whether they would like to offer you the grant.
Why The Grants Are Being Formed?
Grants can be formed for businesses based on a variety of factors, including black minority-owned businesses, certain for-profit businesses, as well as nonprofits, veteran-owned businesses, small business grants for women, and more.
No need to submit your Shark Tank pitch, home refinance, or small business grant money to take the next step in your business journey – business grants can help you get there if you know where to look must and how to apply.
And right now with so many small businesses battling through the pandemic, these $10000 business grants can provide much-needed financial assistance that could mean the difference between your doors thriving or closing your doors.
We have compiled numerous resources for business owners looking for small business funding opportunities. Most of these have extensive application requirements, which means many companies will qualify.
Note, however, that this can be a double-edged sword for applicants – you can apply for a small business grant money lot more corporate scholarships with broader qualifications, but that means more competition for the scholarship. Often times, you can achieve more success by finding niche grants for your industry or based on your ownership structure and makeup.
With that in mind, we’ve provided some guides for all business owners that you can use to put together your grant applications and / or grant applications along with lists of business grants broken down into some of the most popular categories.
Types Of Small Business Grants
EIDL And PPP
The federal government recognizes the negative effects of the coronavirus pandemic on tens of thousands of small businesses across the country. There are currently two main programs that can provide financial aid … and that may not have to be repaid.
The Economic Injury Disaster Loan, while technically a loan, includes a $10,000 grant to eligible businesses. You can qualify for a loan greater than this amount, but if you meet the following eligibility criteria, you can qualify for a $10,000 grant:
I. Be resident in a low-income municipality.
II. Have suffered an economic loss of more than 30%.
III. Employ 300 or fewer people.
The Paycheck Protection Program (PPP) is also back with a second PPP loan for small businesses hit by COVID-19 or a first-time PPP loan for those who missed 2020. Although it is technically not a grant, if you have the funds for approved expenses during a certain period of time, the entire PPP loan can be waived. That essentially makes it a scholarship.
Shuttered Venue Operators Grants
The Shuttered Venue Operator (SVO) Grant Program offers $15 billion in small business grant money to specific companies affected by COVID-19, including:
- Operators or organizers of live locations.
- Theater Producers.
- Operators of live performance organizations.
- Relevant museum operators, zoos and aquariums that meet specific criteria.
- Theater operator.
- Talent Representative.
Applicant must be in business by February 29, 2020. This program is administered by the SBA.
LISC’s Small Business Relief Grant
LISC bridges the gap between government agencies and companies with capital and the companies and projects that need it. They enable many PA small business grant money and other local funding opportunities, including the Small Business Relief Grant for rural businesses.
Grants of $5,000-20,000 are given to small businesses in rural communities (with a population of 50,000 or less) affected by COVID-19, with a focus on underserved communities. Funding can be used for:
I. Operating costs (including rent and ancillary costs).
III. Accounts payable.
GoFundMe Small Business Aid Fund
The crowdfunding company GoFundMe has teamed up with partners to provide a COVID-19 relief fund for small businesses.
Your company may be eligible for a $500 grant to raise your own GoFundMe campaign, provided you can demonstrate that your business has been negatively impacted by the coronavirus.
The funds must be used to pay business expenses or to look after employees.
The Bar Stool Fund
Another notable COVID-19 relief small business grant money comes from The Barstool Fund (sponsored by Barstool Sports). The fund runs an ongoing crowdfunding campaign to raise funds for suitable companies that apply. There’s no fixed grant amount, but a recently established company raised $10,000.
Are There Any Disadvantages Of Small Business Grant Money?
A variety of factors make many business owners skeptical of the “free” money that business grants offer. Although each scholarship has a different application period, rules, and conditions, here are some potential downsides to be aware of when applying.
As mentioned above, corporate grants for IRS purposes are taxable income. The funds are still free cash for your business, but you need to make sure you don’t spend the entire payout without adding the extra income to your tax bill.
Small Business Grant Application
Business grant applications take time. You’re already a time-obsessed business owner wearing a million hats. Do you really have time to apply for every business promotion opportunity you come across? It’s a valid complaint about corporate grants. The likelihood of receiving the grant may be small depending on the level of competition. So you need to do your own cost-benefit analysis to find out if your most valuable asset – time – is worth it.
Either way, small business grants are a good thing. It is worth your time and energy figuring out which are right for your business because money you don’t have to pay back is money that will help your business grow month after month.