Finding grants for small businesses, along with other ways to inject some money into your business remains one of the biggest financial challenges for small business owners and entrepreneurs. Many rely on personal savings, while securing capital from external sources continues to be difficult. According to the Bank of America 2024 Business Owner Report, 71% of small business owners plan to seek funding this year, a decline from 82% last spring. Their top funding choices include business credit cards (61%), personal savings (45%) and traditional bank loans (25%).
In addition, it has been reported that more small businesses in 2023 (69%) say they rely on personal savings to finance their business compared to previous years 2022 (60%) and 2020 (43%). However, private grants are a great opportunity to get some funding for your small business that can complement any other source of funding you are using.
How To Get Grants For Small Businesses
Finding the grant for small businesses that fits your industry, product/service, mission or type of business is only the first step; making your application stand out is what can help you get those grants. Most grant providers look for companies that not only meet eligibility requirements but also demonstrate a strong plan for using the funds effectively. A well-prepared application should include a clear business strategy, relevant data and a compelling narrative underlining your business’s mission, growth potential and impact.
Where you are in your business journey also matters. Whether you’re launching, scaling or recovering from financial setbacks, aligning your grant application with your current stage ensures funders see the immediate and long-term benefits of their investment. Mapping out a timeline that connects funding to key business milestones strengthens your case and shows that you’re prepared to execute your plans.
What Grants For Small Business Are Available?
Below are some of the top grants for small businesses available right now, each catering to different industries, backgrounds and business needs.
Black History Makers Grant
The Black History Makers Grant is dedicated to uplifting Black entrepreneurs and creators by providing financial support and business resources. If you’re an entrepreneur passionate about impacting your community, this funding could help you scale your vision.
Applications are open until February 28, and eligible applicants must be Black entrepreneurs or majority Black-owned businesses with an established history of offering services or selling products. Applicants must reside in one of 25 eligible U.S. states and comply with all federal, state and local business regulations. Businesses in the food, beverage and supplement industries are not eligible.
Hustler’s MicroGrant
The Hustler’s MicroGrant provides a $1,000 monthly grant to support entrepreneurs looking to grow their small businesses. With rolling applications available monthly, there’s almost always a chance to apply.
This grant for small businesses allows various industries across the U.S. to apply, though a $15 nonrefundable administrative fee is required. The application process is straightforward, including business details, a headshot and a plan for how the grant will be used. Recipients are selected based on their business impact and vision, though only those awarded grants will be notified.
EmpowHer Grants
The EmpowHer Grants program is designed to uplift women entrepreneurs who are building businesses that create a positive social impact. This grant not only provides funding but also connects founders with leadership and business development resources. Applications open for four to six weeks at the start of each quarter.
Applications open for 4 to 6 weeks at the start of each quarter, and eligible applicants must be female entrepreneurs, 22 years or older, with U.S.-registered businesses that generate revenue and are no more than three years old. Make sure you prepare the supporting documentation before submitting your application, as this grant requires you to submit a business plan, a detailed budget and proof of payments, plus self-report a credit score and agree to a background check.
Next 1B: Founders
The Next 1B: Founders is designed to help Black-owned consumer product businesses grow by offering education, networking and capital introductions. It’s a great opportunity if your business is generating $250,000 to $5 million in annual revenue and you are looking to get to the next level.
This program requires a pre-application, which you can complete now before the next cohort opens at the end of March 2025, accepted applicants will be notified by the end of February. If selected, you would join an 8- to 12-week program that provides founders with practical tools, leadership coaching and McKinsey expertise to support business growth.
Wish Local Empowerment Program
The Wish Local Empowerment Program is supporting underrepresented entrepreneurs in growing their businesses. The program is designed to provide resources and opportunities to small business owners looking to expand.
This grant for small businesses is dedicated to Black-owned physical storefront businesses in the U.S. To qualify, businesses must have 20 or fewer employees, generate less than $1 million in annual revenue and join Wish Local upon selection. There are no restrictions on how funds must be used, but recipients are encouraged to allocate them toward rent, inventory, payroll or community-building efforts.
Lenovo Evolve Small
The Lenovo Evolve Small supports small businesses with grants, mentorship and technology resources. If you’re seeking both financial assistance and the latest tech solutions to optimize your operations, this program is worth considering.
Eligible businesses must be located in select metropolitan areas, including Atlanta, Chicago, Dallas, Los Angeles, Miami, San Diego, Houston, Washington, D.C., Toronto and Vancouver. Applicants must have an annual revenue of under $7.5 million and 75 or fewer employees, and use Microsoft 365 as their primary operating system. While applications are currently closed, you can sign up for notifications about the next funding round.
Restaurant Disaster Relief Fund
The Restaurant Disaster Relief Fund is designed to provide financial relief to restaurants impacted by natural disasters, including hurricanes, fires and floods. The program accepts applications quarterly.
Keep in mind that to qualify, businesses must have a physical location, no more than three total locations and 50 or fewer employees per site, with annual revenue of $3 million or less per location. Applications must be submitted within 12 months of a federally or state-declared disaster.
While competition for these types of grants for small businesses can be high, the key to success lies in preparation and strategy. Take time to research available opportunities, craft a compelling application and clearly outline how the funding will drive your business forward; you can increase your chances of securing the support you need. If you need more grants for small businesses, this article can help further.
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