Top 5 Small Business Startup Grants to Apply for in 2021
Starting a new business can be an exciting but daunting experience. One of the most challenging aspects of entrepreneurship is securing funding to get the business off the ground. Fortunately, there are several small business startup grants available to help entrepreneurs get the funding they need. In this article, we will explore the top five small business startup grants that you can apply for in 2021.
1. Small Business Innovation Research Program
The Small Business Innovation Research (SBIR) program is a highly competitive grant program that provides funding for small businesses to conduct research and development. The program aims to foster technological innovation and encourage small businesses to participate in federal R&D projects. The SBIR program provides up to $2.5 million in funding to eligible businesses. To be eligible for the SBIR program, your business must have less than 500 employees and be engaged in R&D that has the potential for commercialization.
2. Economic Development Administration – Public Works and Economic Adjustment Assistance Program
The Public Works and Economic Adjustment Assistance (PWEAA) program provides funding to businesses that are located in areas affected by economic hardship or disaster. The program aims to create jobs and stimulate economic growth by supporting infrastructure development and other public works projects. The PWEAA program provides up to $30 million in funding to eligible businesses. To be eligible for the program, your business must be located in a designated area affected by economic hardship or disaster.
3. Department of Agriculture – Rural Business Development Grant Program
The Rural Business Development Grant (RBDG) program provides funding to small businesses in rural areas to help them start or expand their operations. The program aims to support the development of rural economies by providing funding for training, technical assistance, and other business development activities. The RBDG program provides up to $500,000 in funding to eligible businesses. To be eligible for the program, your business must be located in a rural area and have less than 50 employees.
4. National Institutes of Health – Small Business Innovation Research and Small Business Technology Transfer Programs
The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs are aimed at promoting the development of innovative technologies by small businesses. The programs provide funding for R&D projects that have the potential for commercialization. The SBIR program provides up to $2.5 million in funding, while the STTR program provides up to $4 million in funding. To be eligible for the programs, your business must have less than 500 employees and be engaged in R&D that has the potential for commercialization.
5. National Science Foundation – Small Business Innovation Research and Small Business Technology Transfer Programs
The National Science Foundation (NSF) also provides funding for small businesses through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. The programs provide funding for R&D projects that have the potential for commercialization. The SBIR program provides up to $1.5 million in funding, while the STTR program provides up to $1 million in funding. To be eligible for the programs, your business must have less than 500 employees and be engaged in R&D that has the potential for commercialization.
In conclusion, securing funding for a new business can be challenging, but with the availability of small business startup grants, the process becomes easier. These grants not only provide funding, but they also offer valuable resources, training, and technical support to ensure the success of the business. As you consider applying for these grants, carefully review the eligibility requirements and application deadlines to increase your chances of success.
