If you're one of the small businesses looking to grow then this is for you! There are multiple low-cost — or affordable — loans, grants, and other government assistance programs available right now. You might be able to take advantage of these programs to inject some cash into your small business. Even if you're currently not looking to grow your small business some of these programs are designed to help offset the financial losses you probably suffered during the pandemic.
There are a good number of government grants that target certain segments of the population. For example, if you were formally incarcerated, are a female person of color, live in an inner-city, or are a part of another minority, there may be opportunities for you. Like most grants, you don’t have to pay these back.
The government considers it an investment in the citizens, hoping your small business grows and stimulates your local economy. You can find out more information right here, so start searching online for grants in your state, specific to your industry or personal situation.
Some grants cater to specific industries or demographic minorities. For example, maybe you have an online craft store on Etsy that suffered during the pandemic. You could apply to the Etsy Emergency Relief Fund, set up by CERF+, a non-profit dedicated to helping artists.
Another example is Amazon’s Black Business Accelerator Program, geared towards helping black Amazon sellers. It offers financial support, grants, mentorship, advertising credits, and promotional support.
It’s not just the government that offers grants. Non-profit organizations and traditional corporations also dole out money to small businesses that meet specific criteria. The grants or prizes range from $250 to $25,000 for most of these programs. To apply, all you need to do is perform a few qualifying tasks, such as filling out a form or taking an online course.
No matter what your small business does or what your background is, it’s worth searching around the web for grants or low-cost cost loans that can help your business reach the next level.