Over 99% of America’s 28.7 million firms are small businesses, and 88% have fewer than 20 employees. After the year of COVID, many can’t wait for a Government stimulus to bail them out and are instead looking for ways to fund their business and get back on track.
Government Grants: The government site grants.gov is the place to start your search. It offers the most comprehensive database of funds available from the government. Not all funds flow directly from the government to business. Some funds are distributed to state governments and agencies, nonprofits, and educational institutions and awarded from that point.
Government Contract Assistance: The federal government spends billions on goods and services, and that money is spent through a competitive bidding process. Many programs are set up to target and help smaller businesses like Veteran- and women-owned compete for these contracts.
Natural Resource Sales Assistance Program: Our federal government purchases a lot from the natural resource goods and services market, and a percentage of those bids are available only to small businesses. Sometimes, these bids are broken down even more so that it’s easier for more small businesses to get a piece of the pie.
Industry-Specific Small Business Grants: Some small business grants are tied to a specific industry or demographic and come with a more straightforward application process. If, by chance, you’re a black, multiracial, or even nonbinary entrepreneur, there’s a startup grant for you to consider. Samuel Adams Brewing even offered a military grant for small entrepreneurs.
The U.S. Chamber of Commerce and the Small Business Association are both held in high regard when it comes to assisting and guiding small businesses to succeed. As your financial professional, we’re also here to help and provide answers so that your future years are much more lucrative than 2020. Contact our office today if you’re a small business owner—it’s time to take back control of your business success!
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This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results. Death benefit payouts are based upon the claims-paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.
Adapted from: https://www.uschamber.com/co/run/business-financing/government-small-business-grant-programs