6 Small Business Funding Options: Loans, Grants, and Programs
Posted on 
During a crisis or any other time, many organizations – big businesses, nonprofits and governments – can help small businesses with funds. They will often extend grants or programs, which are usually provided on the basis of need but sometimes prioritize minority-owned establishments. Here’s what to do:
- Government Help Programs: Ask about government incentives such as unemployment compensation and direct payment extensions under the Covid-19 relief package signed by President Biden.
- Grants from Government: Some are for groups that include ex-offenders, minorities and those doing business in particular areas; these nonprofit awards act more like investments into local economies. For more information visit Grants.gov among others.
- Helping Small Businesses Get Government Contracts: Service-disabled veteran-owned small business concerns (SDVOSBCs) may be able to compete against larger companies in bidding for federal contracts thanks to certain programs created by Congress aimed at increasing participation levels among this group as well as other historically underutilized business zones (HUBZones).
- Assistance with Natural Resource Sales: Set-asides ensuring that everyone has an equal chance when it comes to buying or leasing property from the government can be very helpful if your company deals with natural resources. You can find out whether you qualify by looking up eligibility requirements listed on SBA website (Small Business Association).
- General Small Business Grants: Nonprofits offer many grants such as low-interest-rate loans through programs like the Business Warrior Small Business Loans program designed specifically for struggling enterprises. The Dream Big Awards and Walmart Local Community Grants are other options.
- Industry-Specific and Diversity Grants: Some grants target specific industries or minority groups providing not only money but also mentorship opportunities along with advertising credits; examples include Amazon Black Business Accelerator Programmes or Etsy Emergency Relief Fund for artists’ needs during emergencies.
Examining these funding choices can help your business grow without adding to your financial load, regardless of the type of business you run or your experience level.
Senior Writer • Business and Information Trends Writer
Lucas writes long-form, investigative articles that explore the deeper implications of business and information advancements.
