5 Government Grants for Business Growth in 2021
As a business owner, you’re always looking for ways to grow and improve your operations. One way to do that is by taking advantage of government grants that are available to businesses of all sizes. In this article, we’ll explore five government grants for business growth in 2021 that you may be eligible for.
1. Small Business Administration (SBA) 7(a) Loan Program
The SBA 7(a) loan program is a popular choice for small businesses looking to secure financing. Under this program, the SBA provides loan guarantees to banks and other lenders, which can then offer loans to small businesses. These loans can be used for a variety of purposes, including working capital, purchasing inventory or equipment, and refinancing existing debt.
2. Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Grants
If your business is involved in research and development, you may be eligible for SBIR or STTR grants. These grants are designed to help small businesses develop and commercialize innovative technologies. SBIR grants are awarded to small businesses that demonstrate the potential to create new technologies, while STTR grants are awarded to businesses that collaborate with a research institution.
3. Economic Injury Disaster Loans (EIDL)
The EIDL program was created to provide assistance to small businesses that have been affected by a disaster, such as the Covid-19 pandemic. These loans can be used for a variety of purposes, including paying salaries, purchasing inventory, and covering other operating expenses. The terms of the loan are favorable, with low interest rates and long repayment periods.
4. Community Development Block Grant (CDBG)
The CDBG program provides grants to state and local governments to support economic development projects in their communities. These projects can include infrastructure development, job creation initiatives, and the expansion of small businesses. If you’re interested in applying for a CDBG grant, you’ll need to work with your local government to develop a project proposal that meets the program’s requirements.
5. USDA Rural Business Enterprise Grants (RBEG)
If your business is located in a rural area, you may be eligible for an RBEG grant from the U.S. Department of Agriculture. These grants are designed to support the development of small businesses in rural areas, with a focus on job creation and economic growth. RBEG grants can be used for a variety of purposes, including purchasing equipment, expanding facilities, and marketing your products or services.
In conclusion, there are many government grants available to help small businesses grow and succeed. Depending on your business’s needs and goals, one or more of these grants may be a good fit for you. Take the time to research these options and see if you’re eligible to apply. With the right funding and support, your business can achieve its full potential.
