There are multiple low-cost — or free — loans, grants, and other government assistance programs available for small business owners in need right now. Start an online search to see what you might qualify for right now!
If you own a small business, it’s a good idea to arm yourself with the knowledge of numerous affordable—or even complimentary—loans, grants, and other governmental support programs that can help you support your business as it grows.
Federal Stimulus Aid
You probably already received this one. President Biden signed a historic $1.9 trillion Covid-19 relief package into law back in March 2021.1 It would send direct payments of up to $1,400 to individuals. It also extended unemployment insurance supplements by $300 a week. The package also funded vaccine rollouts in the U.S., plus earmarked funds for rental and utility relief.
Government Grants
There 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 an other minority, there may be opportunities for you.
Some grants are designed to help out small businesses, while others focus on education. You can find out more information right here, so start searching online for grants in your state, specific to your own industry or personal situation.2
Government Contract Assistance
The federal government spends billions every year. A lot of that spending is on goods and services contracted out to third-party companies. For example, they hire construction contractors to build federal buildings.
Luckily, the government offers some programs to even the playing field a bit. The federal government awards 3% of all their contracting to businesses owned by service-disabled veterans. They have similar programs for women-owned small businesses and companies owned by socially or economically disadvantaged people.
General Small Business Grants
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. For example, the Business Warrior Small Business Loans programs provides loans of $5,000 to $50,000, with really cheap rates to small companies who struggle to get loans from traditional banks.3
Industry-Specific and Diversity Small Business Grants
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.4
No matter what your small business does or your personal background is, it’s worth searching around the web for grants or low-cost cost loans that can help you business reach the next level.
