Government Grants and Your Business: Support for Small Businesses
Running a business can be beneficial. However, as an entrepreneur, you will face so many challenges along the way. There are times when your business will thrive especially if you have invested in good marketing strategies. There are also times when your business will face setbacks, especially if you have not managed your business effectively. To make your business successful, you need to make a lot of sacrifices. You also have to make sure that you are doing your best to promote your business and the products and services that you are offering.
One example that clearly defines a time of crisis is the ongoing COVID-19 pandemic. The start of the pandemic became the end for most small businesses. After all, many people succumbed to the disease, and the government was forced to implement policies that would stop the spread of the virus but at the expense of most of the components of the national economy. Businesses were forced to close to prevent the spread of the virus. As a result, a lot of entrepreneurs have faced major financial setbacks.
Aside from the COVID-19 pandemic, other kinds of crises include accidents that lead to fires and natural calamities like floods and earthquakes, leading to the destruction of businesses and their premises. With all the risks and challenges that small businesses face, it comes as no surprise that the government has implemented free government grants to aid small businesses, especially in times of crisis.
Through government grants, many small businesses have thrived despite the challenges they have faced due to unpredictable circumstances. However, these government grants have specific requirements for small businesses.
Highlighted below are some free government grants intended for small businesses. These free government grants can help small businesses handle different kinds of crises so that they will still be able to thrive. Read on to learn more about these free government grants.
SBIR
The Small Business Innovation Research (SBIR) is a government grant that offers free grants to small businesses to participate in federal research. The SBIR also offers free grants to small businesses so that they can contribute to development which can also enhance commercialization. However, the SBIR is an awards-based program. It aims to help businesses maximize innovations in technology and scientific excellence, too. Small businesses can qualify for SBIR if they meet all requirements.
USDA Rural Business Enterprise Grant Program
The USDA Rural Business Enterprise Grant Program is a grant program that offers small businesses with technical training and assistance as long as these small businesses only have less than 50 employees, have gross revenue of less than $1 million, and are operating in rural areas. The grant money that small businesses will receive from this grant program will be used for projects beneficial to rural public entities like state agencies, towns, higher education institutions, nonprofits, and cooperatives in rural areas.
SDVOSB
The Service-Disabled Veteran-Owned Small Business grants funding and support to small businesses owned by veterans who have been rendered disabled due to their service to the country. Small businesses can qualify for this kind of grant if they are at least 51% controlled and owned by one service-disabled veteran or more. At least one service-disabled veteran should be managing the business’s daily operations to make small businesses qualify for this grant. This grant offers a lot of promising opportunities for small businesses that meet all the requirements.
STEP
The U.S. Small Business Administration State Trade Expansion Program is a kind of government grant program that aims to assist small businesses that want to export different products. Small businesses need to meet the specific criteria set by their states so that they can avail the financial assistance that this grant will provide. Once small businesses qualify for this grant, they need to use the money they have acquired through the grant to participate in foreign shows and trade missions, develop different websites, enter foreign markets, and design international campaigns or marketing products.
Support Is Essential
Regardless of the kind of crisis that small businesses face, there will always be support, especially from the government. Small businesses need to make sure that they meet the specific requirements set by government grants so that they will be able to qualify for free grants. This way, small businesses will find ways to thrive and succeed despite all the problems and challenges they may face.
