For small businesses in particular, even a modest cash boost can raise a business out of the mud and set it back onto the fast lane. If you haven’t been able to secure adequate investments, though, it might be time to look into grants and funding instead. Although competitive, there are plenty of new programs designed to help Native American Women-led Startups get off to a good start. Below, we outline some of the available options.
U.S. Small Business Administration
If you haven’t already, it’s worth familiarizing yourself with the benefits offered by the U.S. SBA (Small Business Administration). The goals of the SBA are quite straightforward, they were created as a branch of the federal government to aid and protect the interests of small businesses. It’s worth having a quick look through the type of assistance offered by the SBA as these change over time and often have specific requirements.
If you happen to be a technology-based or R&D business, then you’ll be eligible to apply for Native American Business Development Institute (NABDI) grant, details of which can be found at www.bia.gov. If relevant, it’s also worth spending some time across the site to see if you are eligible for any of the accelerators or competitions.
Even as the pandemic winds down somewhat, businesses continue to be affected by the virus and many grants remain available. If you happen to be a venue-based or culinary business, for example, you may be able to apply for the Shuttered Venue Operators Grant or to the Restaurant Revitalization Fund for support. Both of these initiatives continue to receive federal backing as COVID rages on.
There is also a more general non-repayable loan available for small businesses in the Targeted Economic Injury Disaster Loan Advance, which Cleveland.com reports actively targets business owners who have been impacted negatively by the pandemic. These are quickly distributed funds of up to $10,000 for businesses who have experienced at least 30% declines in revenue.
Corporate grants come in a number of shapes and sizes but it’s important to remember that, with all of them, you’re subject to a specific criteria. Businesses such as FedEx offer $25,000 grants to 12 qualified applicants or companies such as Lending Tree hold periodic competitions of up to $50,000 for small businesses aiding their local communities.
With many of these programs, you’ll need to identify as a minority group to be applicable, such as listing yourself as a Native American woman entrepreneur.
Before You Apply
As Great Lakes Educational Loan Services notes, it’s important that you have attained financial health and that you have the assets to prove it prior to any grant applications. It’s worthwhile, therefore, to use applications like Quickbooks, which logs payroll and timesheets, as well as helping you to manage your team remotely -- it integrates with the app in real-time and offers reporting tools that facilitate collaboration, which helps as we’re almost all mobile these days.
In short, if you’re eligible for a grant, don’t hesitate to apply for one. After all, they are usually awarded on the assumption that the money will be fed back into the economy. Just make sure that you’ve read everything clearly, expressed positive intentions, and spent plenty of time proofreading your paperwork.
This article has been contributed by Marissa Perez from BusinessPop.net. Marissa has spent the last 10 years honing her marketing skills and now she wants to share her knowledge with those who have decided to take on entrepreneurship. She co-created Business Pop to provide insight and advice to those who aspire to succeed in owning a business.
Tags: small business grants