Tag: Grants

The Best Options for Small Business Startup Grants Revealed

Business grants are not easy to come by for anyone, but for startups, it’s a whole other story. Small business startup grants do exist.  However, they are even more competitive than grants for existing businesses. We have put together a list of some of the best options, along with some tips on funding startups if grants aren’t enough. 

Are Small Business Startup Grants Always the Best Option? 

There are a lot of options out there when it comes to small business grants. Who doesn’t want a grant?  After all, it’s free money. You don’t have to pay it back. I mean, what’s not to like?

Truly, grants sound like the perfect solution for business funding.  Actually, they are great if you can get one.  Yet, there are two cons most don’t realize.  Of course they are highly competitive.  But also, the money isn’t as free as you may think. Even though there is no interest and no repayment, it often takes a lot of time and effort to apply for a grant. Not to mention, sometimes there is an application fee. 

On top of the highly competitive nature of most grants, the result is that you could spend a lot of time and money applying for grants with nothing to show for it. 

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Why Are Startup Grants Different?

Unfortunately these problems are only magnified when it comes to small business business grants. There are far fewer grants available to startups.  That means the competition is even more fierce.  Furthermore, most of them are not open to just any business.

There are research and development grants, as well as grants for specific types of business owners.

Examples include: 

  • Veterans
  • Minorities
  • Women
  • And those in low income areas

Is It Even Worth it to Apply?

Due to the fact that it can be very hard  to get a grant, you may wonder if it’s even worth trying. That depends. Honestly, If the application process is fast and cheap, then yes, it is likely worth it. Of course, that is assuming you know that you meet all of the requirements. 

However, if you are not sure you qualify, and the application process is long or there is a large application fee, it might be best to skip it. Remember, you can use that time and money to pursue other funding options.

Best Options for Small Business Startup Grants 

We’ve put together a list of some of the easiest grants to qualify for.  Still, competition is still very tough.  Also, there are never any guarantees. We’ve divided them into the following categories: 

  • Open to all businesses
  • Innovation and Research
  • Women
  • Minorities
  • And veterans

Best Open to Any Small Business Startup Grant

FedEx Small Business Grant Contest

The FedEx Small Business Grant is one of the most popular small business startup grants around. The contest is open to any business that has been in operation for at least 6 months and has 99 employees or less.  It awards eight $7,500 grants, one $15,000 grant, and one $25,000 grant to winners each year.

Best for Innovation and Research

Small Business Innovation Research Program

This grant is designed to provide funding for scientific research and development. The business must be an organized for profit, with a place of business located in the United States. In addition, it must be more than 50% owned and controlled by one or more individuals who are citizens or permanent resident aliens of the United States. It can have no more than 500 employees. 

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Best for Women Business Owners

Amber Grant 

The Amber Grant awards one prize of $10,000 per month to a woman-owned business. One of the recipients also receives an additional $25,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee.

Best for Minorities

The Minority Business Development Agency

The Minority Business Development Agency (MBDA) is operated by the US Department of Commerce. It is dedicated to helping minority-owned businesses access the resources they need to grow and succeed. They provide grants through their Minority Business Centers.

You can find grants available in your area by searching for your local Minority Business Center or visit the MBDA’s website for information on all current opportunities. You also need to have a D-U-N-S number to apply for these grants. Which is necessary for fundability anyway.

Best for Veterans

StreetShares Foundation’s Veteran Small Business Award

The StreetShares Foundation’s Veteran Small Business Award is for individual veterans who are low-income or otherwise lack the financial means to start their own business or nonprofit venture.  This grant is also available to surviving spouses and children. The winner must have a positive impact on the veteran community.

Honorable Mention

The InnovateHER small business challenge is sponsored by the SBA office of women’s business ownership. The program awards three winners $30,000 in prize money for businesses that have an impact on the lives of women. Awards are designed for products that meet certain standards including: 

  • Having a measurable impact on the lives of women and families (30%)
  • Having the potential for commercialization (40%), and
  • Filling a need in the marketplace (30%)

What if Grants Aren’t Enough?

It’s almost certain grants will not be enough. Of course, any free money is better than none at all.  Still, you cannot rely on grants alone to fully fund your business. Instead, one of the best things you can do for your business is build a strong business credit profile. 

A business credit profile is the credit history of the business itself, not the owner. It includes all business information and the business credit report, which reflects the business credit score.

To establish a business credit profile your business needs to be fundable. As a startup, this means starting now.  Get an EIN, incorporate, make sure you have a physical business address and open a separate, dedicated business bank account. 

Honestly, these things are good to have for a grant application anyway. After you establish a business credit profile, look for vendor credit that will report payments to your business credit report. Most importantly, always pay everything on time.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Business Funding With Business Credit

In time, you will have a strong business credit score. Then, you can apply for business loans and lines of credit using your business information, and your business can basically fund itself. Any grant money you can get will be icing on the cake. 

The post The Best Options for Small Business Startup Grants Revealed appeared first on Credit Suite.

Get Grants for Small Black Owned Businesses

Check out Business Grants for Small Black Owned Businesses and So Much More

Are you one of the millions of black business owners in the US? Or are you starting a business? Money is always going to be an issue. What if you could get what is essentially free money? That’s what grants are (for the most part). Yes, you can get grants for small black owned businesses.

Looking for Grants for Small Black Owned Businesses – and Other Options

How do you find the best options for you?  How do you know if you need to be looking for grants or business loans? We recommend that you explore every option. This is because it will probably take a combination of funding options to fully fund your business.

Funding and Grants for Small Black Owned Businesses

There are grants for black business owners, but not necessarily for them exclusively. Still, there are other funding choices out there. Loans, crowdfunding, and even angel investors are all viable options. More on those later.

Business Grants for Small Black Owned Businesses

The government and private organizations want to GIVE you money! Though highly competitive and rarely enough to fund a business on their own, grants are a great way to supplement other business funding. And they are still worth the effort to apply. There really isn’t anything to lose except time – it’s free money. Here are a few you can start with.

The Minority Business Development Agency

The Minority Business Development Agency (MBDA) is operated by the US Department of Commerce. It is dedicated to helping minority-owned businesses access the resources they need to grow and succeed. The MBDA is for both men and women. Grant competitions are regularly changing.

Visit the MBDA’s website for information on all current opportunities. Currently, the MBDA helps its members apply for grants via Grants.gov. This involves help with how to apply for government grants. See mbda.gov/grants.

Enterprising Women of Color Initiative

The MBDA oversees the Enterprising Women of Color (EWOC) Initiative. The initiative works to focus on the fast-expanding minority women entrepreneur population as a revenue generators for families, communities, and the nation. Minority women are the fastest growing population of entrepreneurs. While many women are making tremendous strides in the business world, they still face obstacles as entrepreneurs.

MBDA serves as an advocate for women’s economic empowerment, by supporting efforts to advance women’s equality and promote women economic advancement programming. The vision of EWOC is to ensure women worldwide to reach their economic potential. See mbda.gov.

The Verizon Small Business Recovery Fund

The Verizon Small Business Recovery Fund is new. It was established in response to the COVID-19 pandemic. The fund offers $10,000 to successful applicants. The fund is specifically focused on providing grants to business owners of color, women-owned businesses, and other underrepresented entrepreneurs. See lisc.org/covid-19/small-business-assistance/small-business-relief-grants/verizon-small-business-recovery-fund

National Black MBA Association Scale-Up Pitch Challenge

Also known as NBMBAA, the Scale-Up Pitch Challenge has cash prizes ranging from $1,000 to $50,000. The association states its purpose is to help newer businesses that have an African American ownership. This is a pitch competition for startup businesses. See nbmbaa.org/scale-up-pitch-challenge.

Demolish your funding problems with 27 killer ways to get cash for your business.

Amber Grant

Black businesswomen have even more options open to them. The Amber Grant awards one prize of $10,000 per month to a woman-owned business. One of the recipients also receives an additional $25,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee. See ambergrantsforwomen.com/get-an-amber-grant/apply-now

Cartier Women’s Initiative Award

Black businesswomen can also try for a Cartier award. This award is for women and there’s no specification that a woman be a member of a minority group. The Cartier Women’s Initiative Award has a regional category award and a science and technology award. The regional award is $100,000 for first place, with $30,000 for second and third place.

The award goes to three women from each of seven international regions. This award is a grant to 21 female business owners from around the world each year. Women business owners who are just getting started may qualify. Look over the complete application for more information. See cartierwomensinitiative.com/about-us

Cartier Science and Technology Pioneer Award and Fellowship

The Cartier Science and Technology Pioneer award is new as of 2021. With this award, three more women impact entrepreneurs at the forefront of scientific and technological innovation will be recognized for a new thematic award. Open to women entrepreneurs from any country and sector, this award will highlight disruptive solutions built around unique, protected, or hard-to-reproduce technological or scientific advances.

The laureate will be awarded a $100,000 grant. Each of the two remaining finalists will receive a $30,000 grant.

Cartier also offers a fellowship program. The fellowship is an educational program geared towards the 24 fellows selected each year. This program aims to equip the fellows with the necessary skills to grow their business. Also, it helps them to build their leadership capacity by drawing upon the experience and expertise of an array of academics, practitioners, industry experts, and entrepreneurs.

The fellowship isn’t exactly a grant. But while it’s not a monetary award, the mentoring and networking opportunities could be worthwhile to apply for. See cartierwomensinitiative.com/fellowship-programme.

Demolish your funding problems with 27 killer ways to get cash for your business.

The Native American Business Development Institute (NABDI) Grant

Are you also part Native American? Then check out this grant.

The NABDI Grant is funded by the US Department of the Interior’s Bureau of Indian Affairs. It provides funding to business owners of Native American or Alaskan Native descent. In 2019, the program provided more than $727,000 to 21 indigenous tribes, to support economic feasibility studies for specific economic development projects or business startups.

For 2020, NABDI planned to award 20-25 grants. There is no minimum or maximum amount of funding that can be requested, but most awards range in value from $25,000 to $75,000. They only fund projects for one year at a time, which is when they expect projects to be completed. To apply for a NABDI grant for your proposed economic development feasibility study, go to bia.gov/service/grants/tedc/apply-nabdi-grant.

Indian Affairs

For black business owners who also have Native American heritage, it doesn’t stop there. There is more available via the Bureau of Indian Affairs. Businesses owned by Native Americans can get financing from the federal government through the Indian Affairs branch. An individual can fill out an application for up to $500,000, but business entities and tribal enterprises may apply for more.

Potential borrowers can apply with any lending institution, they just have to use the application for Indian Affairs. There are additional requirements if you use the funds for construction, renovation, or refinancing. In general, you must supply a list of collateral, a credit report, and an analysis of business operations. See bia.gov/as-ia/ieed/loan-guaranty-insurance-and-interest-subsidy-program.

The South Asian Arts Resiliency Fund

If your business is in the arts, and you’re also of South Asian descent, then check out this fund. The fund is run by the India Center Foundation. It supports US-based South Asian arts workers impacted by the COVID-19 pandemic.

The fund will disburse grants up to $2,000, depending on financial need to US-based arts workers of South Asian descent. This includes those in the performing arts, film, visual arts, and literature with heritage from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. Initial funding for the program is $20,000, but the India Center Foundation is soliciting donations to expand the grant program.

Eligibility for The South Asian Arts Resiliency Fund

To be eligible, applicants must be of South Asian descent. Also, they must work in the arts and demonstrate loss of income due to COVID-19. Also, applicants must be:

  • at least 21 years old
  • not enrolled in a degree program, and
  • able to receive taxable income in the US

You can put grant funding toward any artistic project you can develop, create, and present within four to six weeks of getting funding. See theindiacenter.us/artsfund.

Demolish your funding problems with 27 killer ways to get cash for your business.

Grants.gov

Grants.gov is a running list of more than 1,000 available federal government grants. The website compiles grants from over two dozen government agencies. These include the SBA, USDA, and the US Department of Commerce. To find a grant right for your business, use the Search Grants tool on the website. You can sort through the list of grants by keyword or opportunity number.

Once you have located the grant you wish to apply for, click the opportunity number for more detail. There, you will find more information about the specific grant as well as any associated documentation you may need. To apply for a grant through Grants.gov, you must first register. Then, you can download an application package for the grant you want to get. Be ready for a lengthy process. See grants.gov.

An Alternative to Grants for Small Black Owned Businesses: Angel Investors

Angel investors are informal investors. Essentially, you are selling a part of your business to them. They tend to not want a huge percentage of your business. Also, they won’t pass by more conventional businesses, like with crowdfunding and venture capital. Hence they can be another supplement or replacement for grants.

An Alternative to Grants for Small Black Owned Businesses: Crowdfunding

If you would rather not rely on grants so much to fund your business, crowdfunding is a viable option. Keep in mind, not everyone with a campaign on a crowdfunding site is successful. More unique products and services tend to do better. Kickstarter and Indiegogo are two of the most popular crowdfunding platforms to use. Some platforms may have higher success rates than others.

An Alternative to Grants for Small Black Owned Businesses: Loans

If grants aren’t an option, loans might work for you.

Business Center for New Americans

If you’re an immigrant, then try the Business Center for New Americans. They offer a pilot program for microloans up to $75,000. They work with immigrants, refugees, women, and other minority entrepreneurs. The goal is to help minority business owners who have not been able to get traditional financing. Terms are 3% interest. Loan repayment term goes up to a year. See accompanycapital.org.

Grants for Small Black Owned Businesses:  Takeaways

There are several options for grants for black owned businesses. Black entrepreneurs should apply for whichever grants they feel they are most likely to get. Other options for funding include crowdfunding, angel investors, and loans. Credit Suite can help you get the funding you need.

The post Get Grants for Small Black Owned Businesses appeared first on Credit Suite.

Check Out all the Grants for Black Business Owners Out There!

Business Grants for Black Business Owners and So Much More

Are you one of the millions of black business owners in the US? Or are you starting a business? Money is always going to be an issue. What if you could get what is essentially free money? That’s what grants are (for the most part).

Looking for Grants for Black Business Owners – and Other Options

How do you find the best options for you?  How do you know if you need to be looking for grants or business loans? We recommend that you explore every option. This is because it will probably take a combination of funding options to fully fund your business.

Funding and Grants for Black Business Owners

There are grants for black business owners, but not necessarily for them exclusively. Still, there are other funding choices out there. Loans, crowdfunding, and even angel investors are all viable options. More on those later.

Business Grants for Black Business Owners

The government and private organizations want to GIVE you money! They are highly competitive and rarely enough to fund a business on their own. Still, grants are a great way to supplement other business funding. Also, they are still worth the effort to apply. There really isn’t anything to lose except time – it’s free money. So here are a few you can start with.

The Minority Business Development Agency

The Minority Business Development Agency (MBDA) is operated by the US Department of Commerce. It is dedicated to helping minority-owned businesses access the resources they need to grow and succeed. The MBDA is for both men and women. Grant competitions are regularly changing.

Visit the MBDA’s website for information on all current opportunities. Currently, the MBDA helps its members apply for grants via Grants.gov. This involves help with how to apply for government grants. See also mbda.gov/grants.

Enterprising Women of Color Initiative

The MBDA oversees the Enterprising Women of Color (EWOC) Initiative. The initiative focuses on the fast-expanding minority women entrepreneur population as a revenue generators for families, communities, and the nation. Minority women are the fastest growing population of entrepreneurs. While many women are making tremendous strides in the business world, they still face obstacles as entrepreneurs.

MBDA serves as an advocate for women’s economic empowerment. They do so by supporting efforts to advance women’s equality and promote women economic advancement programming. The vision of EWOC is to ensure women worldwide to reach their economic potential. See also mbda.gov.

The Verizon Small Business Recovery Fund

The Verizon Small Business Recovery Fund is new. It was established in response to the COVID-19 pandemic. The fund offers $10,000 to successful applicants. The fund is specifically focused on providing grants to business owners of color, women-owned businesses, and other underrepresented entrepreneurs. See also lisc.org/covid-19/small-business-assistance/small-business-relief-grants/verizon-small-business-recovery-fund

National Black MBA Association Scale-Up Pitch Challenge

Also known as NBMBAA, the Scale-Up Pitch Challenge has cash prizes ranging from $1,000 to $50,000. The association states its purpose is to help newer businesses that have an African American ownership. This is a pitch competition for startup businesses. See also nbmbaa.org/scale-up-pitch-challenge.

Demolish your funding problems with 27 killer ways to get cash for your business.

Amber Grant

Black businesswomen have even more options open to them. The Amber Grant awards one prize of $10,000 per month to a woman-owned business. One of the recipients also receives an extra $25,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee. See also ambergrantsforwomen.com/get-an-amber-grant/apply-now

Cartier Women’s Initiative Award

Black businesswomen can also try for a Cartier award. This award is for women and there’s no specification that a woman be a member of a minority group. The Cartier Women’s Initiative Award has a regional category award and a science and technology award. The regional award is $100,000 for first place, with $30,000 for second and third place.

The award goes to three women from each of seven international regions. So this award is a grant to 21 female business owners from around the world each year. Women business owners who are just getting started may qualify. Look over the complete application for more information. See also cartierwomensinitiative.com/about-us

Cartier Science and Technology Pioneer Award and Fellowship

The Cartier Science and Technology Pioneer award is new as of 2021. With this award, three more women impact entrepreneurs at the forefront of scientific and technological innovation will be recognized for a new thematic award. Open to women entrepreneurs from any country and sector, this award will highlight disruptive solutions built around unique, protected, or hard-to-reproduce technological or scientific advances.

The laureate will be awarded a $100,000 grant. Each of the two remaining finalists will receive a $30,000 grant.

Cartier also offers a fellowship program. The fellowship is an educational program geared towards the 24 fellows selected each year. This program aims to equip the fellows with the necessary skills to grow their business. Also, it helps them to build their leadership capacity by drawing upon the experience and expertise of an array of academics, practitioners, industry experts, and entrepreneurs.

The fellowship isn’t exactly a grant. But while it’s not a monetary award, the mentoring and networking opportunities could be worthwhile to apply for. See also cartierwomensinitiative.com/fellowship-programme.

Demolish your funding problems with 27 killer ways to get cash for your business.

The Native American Business Development Institute (NABDI) Grant

Are you also part Native American? Then check out this grant.

The NABDI Grant is funded by the US Department of the Interior’s Bureau of Indian Affairs. It provides funding to business owners of Native American or Alaskan Native descent. In 2019, it gave over $727,000 to 21 indigenous tribes. So this was to support economic feasibility studies for specific economic development projects or startups.

For 2020, NABDI planned to award 20-25 grants. There is no minimum or maximum amount of funding you can request. But most awards range from $25,000-$75,000. They only fund projects for one year at a time. So this is when they expect projects to be completed. To apply for a NABDI grant for your proposed economic development feasibility study, go to bia.gov/service/grants/tedc/apply-nabdi-grant.

Indian Affairs

For black business owners also with Native American heritage, it doesn’t stop there. There is more available via the Bureau of Indian Affairs. You can get financing from the federal government through the Indian Affairs branch. A person can fill out an application for up to $500,000. But business entities and tribal enterprises may apply for more.

Potential borrowers can apply with any lending institution. They just have to use the application for Indian Affairs. There are more requirements if you use the funds for construction, renovation, or refinancing. In general, you must supply a list of collateral, a credit report, and an analysis of business operations. See also bia.gov/as-ia/ieed/loan-guaranty-insurance-and-interest-subsidy-program.

The South Asian Arts Resiliency Fund

If your business is in the arts, and you’re also of South Asian descent, then check out this fund. The fund is run by the India Center Foundation. It supports US-based South Asian arts workers impacted by the COVID-19 pandemic.

The fund will disburse grants up to $2,000, depending on financial need to US-based arts workers of South Asian descent. This includes those in the performing arts, film, visual arts, and literature. Also, you must have heritage from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. Initial funding for the program is $20,000, but the India Center Foundation is soliciting donations to expand the grant program.

Eligibility for The South Asian Arts Resiliency Fund

To be eligible, applicants must be of South Asian descent. Also, they must work in the arts and demonstrate loss of income due to COVID-19. Also, applicants must be:

  • at least 21 years old
  • not enrolled in a degree program, and
  • can receive taxable income in the US

You can put grant funding toward any artistic project you can develop, create, and present within 4-6 weeks of funding. See also theindiacenter.us/artsfund.

Demolish your funding problems with 27 killer ways to get cash for your business.

Grants from the Federal Government

Grants.gov is a running list of over 1,000 available federal government grants. The website compiles grants from over two dozen government agencies. These include the SBA, USDA, and the US Department of Commerce. To find a grant right for your business, use the Search Grants tool on the website. You can sort through the list by keyword or opportunity number.

First, locate the grant you wish to apply for. Then click the opportunity number for more detail. There, you will find more information about the specific grant plus any documentation you need. To apply for a grant through Grants.gov, first register. Then, download an application package for the grant you want. Be ready for a lengthy process. See also grants.gov.

An Alternative to Grants for Black Business Owners: Crowdfunding

If you would rather not rely on grants so much to fund your business, crowdfunding is a viable option. Keep in mind, not everyone with a campaign on a crowdfunding site succeeds. More unique products and services tend to do better. Kickstarter and Indiegogo are two of the most popular crowdfunding platforms to use. Some platforms may have higher success rates.

An Alternative to Grants for Black Business Owners: Angel Investors

Angel investors are informal investors. Essentially, you sell a part of your business to them. But they tend to not want too much of your business. Also, they won’t pass by more conventional businesses, like crowdfunding and venture capital. Hence they can also supplement or replace grants.

An Alternative to Grants for Black Business Owners: Loans

If grants aren’t an option, loans might also work.

Business Center for New Americans

Also an immigrant? Then try the Business Center for New Americans. They offer a pilot program for microloans up to $75,000. They work with immigrants, refugees, women, and other minority entrepreneurs. The goal is to help minority business owners who have not been able to get traditional financing. Terms are 3% interest. Loan repayment term goes up to a year. See also accompanycapital.org.

Grants for Black Business Owners: Takeaways

There are several options for grants for minority business owners. Black entrepreneurs should apply for whichever grants they feel they are most likely to get. Other options for funding include crowdfunding, angel investors, and loans. Credit Suite can help you get the funding you need.

The post Check Out all the Grants for Black Business Owners Out There! appeared first on Credit Suite.

Grants for Small Black Owned Businesses

Check out Business Grants for Small Black Owned Businesses and So Much More

Are you one of the millions of black business owners in the US? Or are you starting a business? Money is always going to be an issue. What if you could get what is essentially free money? That’s what grants are (for the most part). Yes, you can get grants for small black owned businesses.

Looking for Grants for Small Black Owned Businesses – and Other Options

How do you find the best options for you?  How do you know if you need to be looking for grants or business loans? We recommend that you explore every option. This is because it will probably take a combination of funding options to fully fund your business.

Funding and Grants for Small Black Owned Businesses

There are grants for black business owners, but not necessarily for them exclusively. Still, there are other funding choices out there. Loans, crowdfunding, also angel investors are all viable options. More on those later.

Business Grants for Small Black Owned Businesses

The government and private organizations want to GIVE you money! Though highly competitive and rarely enough to fund a business on their own, grants are a great way to supplement other business funding. And they are still worth the effort to apply. There really isn’t anything to lose except time – it’s free money. Here are a few you can start with.

The Minority Business Development Agency

The Minority Business Development Agency (MBDA) is operated by the US Department of Commerce. It is dedicated to helping minority-owned businesses access the resources they need to grow and succeed. The MBDA is for both men and women. Grant competitions are regularly changing.

Visit the MBDA’s website for information on all current opportunities. Currently, the MBDA helps its members apply for grants via Grants.gov. This also involves help with how to apply for government grants. See mbda.gov/grants.

Enterprising Women of Color Initiative

The MBDA also oversees the Enterprising Women of Color (EWOC) Initiative. The initiative works to focus on the fast-expanding minority women entrepreneur population as a revenue generators for families, communities, and the nation. Minority women are the fastest growing population of entrepreneurs. While many women are making tremendous strides in the business world, they still face obstacles as entrepreneurs.

MBDA serves as an advocate for women’s economic empowerment, by supporting efforts to advance women’s equality and promote women economic advancement programming. The vision of EWOC is to ensure women worldwide to reach their economic potential. See mbda.gov.

The Verizon Small Business Recovery Fund

The Verizon Small Business Recovery Fund is new. It was established in response to the COVID-19 pandemic. The fund offers $10,000 to successful applicants. The fund is specifically focused on providing grants to business owners of color, women-owned businesses, and other underrepresented entrepreneurs. See lisc.org/covid-19/small-business-assistance/small-business-relief-grants/verizon-small-business-recovery-fund

National Black MBA Association Scale-Up Pitch Challenge

Also known as NBMBAA, the Scale-Up Pitch Challenge has cash prizes ranging from $1,000 to $50,000. The association states its purpose is to help newer businesses that have an African American ownership. This is a pitch competition for startup businesses. See nbmbaa.org/scale-up-pitch-challenge.

Demolish your funding problems with 27 killer ways to get cash for your business.

Amber Grant

Black businesswomen have even more options open to them. The Amber Grant awards one prize of $10,000 per month to a woman-owned business. One of the recipients also receives an additional $25,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee. See ambergrantsforwomen.com/get-an-amber-grant/apply-now

Cartier Women’s Initiative Award

Black businesswomen can also try for a Cartier award. This award is for women and there’s no specification that a woman be a member of a minority group. The Cartier Women’s Initiative Award has a regional category award and a science and technology award. The regional award is $100,000 for first place, with $30,000 for second and third place.

The award goes to three women from each of seven international regions. This award is a grant to 21 female business owners from around the world each year. Women business owners who are just getting started may qualify. Look over the complete application for more information. See cartierwomensinitiative.com/about-us

Cartier Science and Technology Pioneer Award and Fellowship

The Cartier Science and Technology Pioneer award is new as of 2021. With this award, three more women impact entrepreneurs at the forefront of scientific and technological innovation will be recognized for a new thematic award. Open to women entrepreneurs from any country and sector, this award will highlight disruptive solutions built around unique, protected, or hard-to-reproduce technological or scientific advances.

The laureate will be awarded a $100,000 grant. Each of the two remaining finalists will receive a $30,000 grant.

Cartier also offers a fellowship program. The fellowship is an educational program geared towards the 24 fellows selected each year. This program aims to equip the fellows with the necessary skills to grow their business. Also, it helps them to build their leadership capacity by drawing upon the experience and expertise of an array of academics, practitioners, industry experts, and entrepreneurs.

The fellowship isn’t exactly a grant. But while it’s not a monetary award, the mentoring and networking opportunities could be worthwhile to apply for. See cartierwomensinitiative.com/fellowship-programme.

Demolish your funding problems with 27 killer ways to get cash for your business.

The Native American Business Development Institute (NABDI) Grant

Are you also part Native American? Then check out this grant.

The NABDI Grant is funded by the US Department of the Interior’s Bureau of Indian Affairs. It provides funding to business owners of Native American or Alaskan Native descent. In 2019, the program provided more than $727,000 to 21 indigenous tribes, to support economic feasibility studies for specific economic development projects or business startups.

For 2020, NABDI planned to award 20-25 grants. There is no minimum or maximum amount of funding that can be requested, but most awards range in value from $25,000 to $75,000. They only fund projects for one year at a time, which is when they expect projects to be completed. To apply for a NABDI grant for your proposed economic development feasibility study, go to bia.gov/service/grants/tedc/apply-nabdi-grant.

Indian Affairs

For black business owners who also have Native American heritage, it doesn’t stop there. There is more available via the Bureau of Indian Affairs. Businesses owned by Native Americans can get financing from the federal government through the Indian Affairs branch. An individual can fill out an application for up to $500,000, but business entities and tribal enterprises may apply for more.

Potential borrowers can apply with any lending institution, they just have to use the application for Indian Affairs. There are additional requirements if you use the funds for construction, renovation, or refinancing. In general, you must supply a list of collateral, a credit report, and an analysis of business operations. See bia.gov/as-ia/ieed/loan-guaranty-insurance-and-interest-subsidy-program.

The South Asian Arts Resiliency Fund

If your business is in the arts, and you’re also of South Asian descent, then check out this fund. The fund is run by the India Center Foundation. It supports US-based South Asian arts workers impacted by the COVID-19 pandemic.

The fund will disburse grants up to $2,000, depending on financial need to US-based arts workers of South Asian descent. This includes those in the performing arts, film, visual arts, and literature with heritage from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. Initial funding for the program is $20,000, but the India Center Foundation is soliciting donations to expand the grant program.

Eligibility for The South Asian Arts Resiliency Fund

To be eligible, applicants must be of South Asian descent. Also, they must work in the arts and demonstrate loss of income due to COVID-19. Also, applicants must be at least 21 years old. And they cannot be enrolled in a degree program. Also, they have to be able to receive taxable income in the US.

You can put grant funding toward any artistic project you can develop, create, and present within four to six weeks of getting funding. See theindiacenter.us/artsfund.

Demolish your funding problems with 27 killer ways to get cash for your business.

Grants.gov

Grants.gov is a running list of more than 1,000 available federal government grants. The website compiles grants from over two dozen government agencies. These include the SBA, USDA, and the US Department of Commerce. To find a grant right for your business, use the Search Grants tool on the website. You can sort through the list of grants by keyword or opportunity number.

Once you have located the grant you wish to apply for, click the opportunity number for more detail. There, you will find more information about the specific grant as well as any associated documentation you may need. To apply for a grant through Grants.gov, you must first register. Then, you can download an application package for the grant you want to get. But also be ready for a lengthy process. See grants.gov.

An Alternative to Grants for Small Black Owned Businesses: Angel Investors

Angel investors are informal investors. Essentially, you are selling a part of your business to them. Also, they tend to not want a huge percentage of your business. Also, they won’t pass by more conventional businesses, like with crowdfunding and venture capital. Hence they can be another supplement or replacement for grants.

An Alternative to Grants for Small Black Owned Businesses: Crowdfunding

If you would rather not rely on grants so much to fund your business, crowdfunding is a viable option. Also keep in mind, not everyone with a campaign on a crowdfunding site is successful. More unique products and services tend to do better. Kickstarter and Indiegogo are two of the most popular crowdfunding platforms to use. Some platforms may have higher success rates than others.

An Alternative to Grants for Small Black Owned Businesses: Loans

If grants aren’t an option, loans might work for you.

Business Center for New Americans

If you’re also an immigrant, try the Business Center for New Americans. They offer a pilot program for microloans up to $75,000. They work with immigrants, refugees, women, and also other minority entrepreneurs. The goal is to help minority business owners who have not been able to get traditional financing. Also, terms are 3% interest. Loan repayment term goes up to a year. See accompanycapital.org.

Grants for Small Black Owned Businesses:  Takeaways

There are several options for grants for black owned businesses. Black entrepreneurs should apply for whichever grants they feel they are most likely to get. Other options for funding include crowdfunding, angel investors, and loans. Credit Suite can help you get the funding you need.

The post Grants for Small Black Owned Businesses appeared first on Credit Suite.

Get Grants for Women Starting a Business

Grants for Women Starting a Business and So Much More

Looking for grants for women starting a business? Money is always going to be an issue. What if you could get what is essentially free money? That’s what grants are  – for the most part.

Grants for Women Starting a Business

But how do you find the best options for you? How do you know if you need to be looking for grants or business loans for women? We recommend that you explore every option. This is because it will probably take a combination of funding options to fully fund your business.

Plus, there are business loans. But they are often not just for women. But there are other funding choices out there. Loans, crowdfunding, and even angel investors are all viable options. More on those later.

Grants for Women Starting a Business: The Details

The government and private organizations want to GIVE you money! They’re highly competitive and rarely enough to fund a business on their own. Still, grants are a great way to supplement other business funding. And they are still worth the effort to apply. There really isn’t anything to lose except time – it’s free money. Here are a few you can start with.

Amber Grant

The Amber Grant awards one prize of $10,000 per month to a woman-owned business. One of the recipients also gets an additional $25,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee. See ambergrantsforwomen.com/get-an-amber-grant/apply-now.

Cartier Women’s Initiative Award

Cartier has a lot of grants for women starting a business or keeping a company going. The Cartier Women’s Initiative Award has a regional category award and a science and technology award. And the regional award is $100,000 for first place. With $30,000 for second and third place.

The award goes to three women from each of seven international regions. This award is a grant to 21 female business owners from around the world each year. But women business owners who are just getting started may qualify. Look over the complete application for more information. See cartierwomensinitiative.com/about-us.

Find out why so many companies use our proven methods to get business loans.

Cartier Science and Technology Pioneer Award

The Cartier Science and Technology Pioneer award is new as of 2021. Now three more women impact entrepreneurs at the forefront of scientific and technological innovation can get a new thematic award.

Open to women entrepreneurs from any country and sector. This award will highlight disruptive solutions built around unique, protected, or hard-to-reproduce technological or scientific advances. The laureate will get a $100,000 grant. Each of the two remaining finalists will get a $30,000 grant.

Cartier Women’s Fellowship

Cartier also offers a fellowship program. The fellowship is an educational program geared towards the 24 fellows selected each year. This fellowship program aims to equip the fellows with the necessary skills to grow their business.

It isn’t exactly a grant. But while it’s not a monetary award, the mentoring and networking opportunities could be worthwhile to apply for. Hence, see cartierwomensinitiative.com/fellowship-programme.

First Nations Development Institute Grants

The mission of this group is to offer grants that help Alaska Natives, Native Hawaiians, and Native Americans. These are not just grants for women starting a business. They are meant for any gender, so you would be competing against Native Hawaiian, Alaskan, and Native American men. They help in the application process in addition to funds.

First Nations also helps point individuals to appropriate grants offered by other organizations, including the US government. This includes help with writing grant proposals. Therefore, see firstnations.org/grantmaking.

National Black MBA Association Scale-Up Pitch Challenge

Also known as NBMBAA, the Scale-Up Pitch Challenge has cash prizes of $1,000 to $50,000. The association states its purpose is to help newer businesses with an African American ownership. This is a pitch competition for startup businesses. See nbmbaa.org/scale-up-pitch-challenge.

The Native American Business Development Institute (NABDI) Grant

The NABDI Grant is funded by the US Department of the Interior’s Bureau of Indian Affairs. It is not just for women. It provides funding to business owners of Native American or Alaskan Native descent. In 2019, the program provided more than $727,000 to 21 indigenous tribes. It was to support economic feasibility studies for specific economic development projects or business startups.

For 2020, NABDI planned to award 20-25 grants. There is no minimum or maximum amount of funding that can be requested. But most awards run from $25,000 to $75,000. They only fund projects for one year at a time, which is when they expect projects to be completed. To apply for a NABDI grant for your proposed economic development feasibility study, go to bia.gov/service/grants/tedc/apply-nabdi-grant.

Find out why so many companies use our proven methods to get business loans.

Indian Affairs

There is more available via the Bureau of Indian Affairs. Businesses owned by Native Americans can get financing from the federal government through the Indian Affairs branch. These are not just for women. An individual can fill out an application for up to $500,000. But business entities and tribal enterprises may apply for more.

Potential borrowers can apply with any lending institution, they just have to use the application for Indian Affairs. Additional requirements are in place if the funds are used for construction, renovation, or refinancing. In general, a list of collateral, a credit report, and an analysis of business operations are required. See bia.gov/as-ia/ieed/loan-guaranty-insurance-and-interest-subsidy-program.

The Minority Business Development Agency

The Minority Business Development Agency (MBDA) is operated by the US Department of Commerce. It is dedicated to helping minority-owned businesses access the resources they need to grow and succeed. The MBDA is not just for women. But not: grant competitions are regularly changing.

Visit the MBDA’s website for information on all current opportunities. Currently, the MBDA helps its members apply for grants via Grants.gov. This involves help with how to apply for government grants. See mbda.gov/grants.

The MBDA oversees the Enterprising Women of Color (EWOC) Initiative. The initiative works to focus on the fast-expanding minority women entrepreneur population. This population is often a revenue generator for families, communities, and the nation. Minority women are the fastest growing population of entrepreneurs. While many women are making tremendous strides in the business world, they still face obstacles as entrepreneurs.

MBDA serves as an advocate for women’s economic empowerment. They support efforts to advance women’s equality and promote women economic advancement programming. The vision of EWOC is to ensure women worldwide to reach their economic potential. See mbda.gov.

Find out why so many companies use our proven methods to get business loans.

The Verizon Small Business Recovery Fund

The Verizon Small Business Recovery Fund is new. It serves as a response to the COVID-19 pandemic. The fund offers $10,000 to successful applicants. The fund is specifically for providing grants to business owners of color, women-owned businesses, and other underrepresented entrepreneurs. See lisc.org/covid-19/small-business-assistance/small-business-relief-grants/verizon-small-business-recovery-fund.

The South Asian Arts Resiliency Fund

If your business is in the arts, and you’re of South Asian descent, then check out this fund. The India Center Foundation runs the fund. It works to support US-based South Asian arts workers impacted by the COVID-19 pandemic.

The fund will disburse grants up to $2,000, depending on financial need to US-based arts workers of South Asian descent. This includes those in the performing arts, film, visual arts, and literature. You must have heritage from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. Initial funding for the program is $20,000. But the India Center Foundation is soliciting donations to expand the grant program.

To be eligible, applicants must be of South Asian descent. Plus they must work in the arts and demonstrate loss of income due to COVID-19. Additionally, applicants must be at least 21 years old. They cannot be enrolled in a degree program. And they must be able to receive taxable income in the US. Grant funding could be put toward any artistic project. But the project must be developed, created, and presented within four to six weeks of receiving funding. See theindiacenter.us/artsfund.

Grants.gov

The federal government’s Grants.gov is a running list of more than 1,000 available government grants, including minority business grants. The website compiles grants from over two dozen government agencies, like the SBA, the USDA, and the Department of Commerce. To find a grant that’s right for your business, use the Search Grants tool on the website. You can sort through the list of grants by keyword or opportunity number.

Once you find the grant you wish to apply for, click the hyperlinked opportunity number for more detail. There, you will find more info about the specific grant as well as any associated documentation you might need. To apply for a grant through Grants.gov, you must first register. Then, you can download an application package for the grant want to get. But be ready for a lengthy process. See grants.gov.

Crowdfunding

If you would rather not rely on grants so much to start and run your business, try crowdfunding. But not everyone with a campaign on a crowdfunding site is successful. More unique products and services tend to do better. Kickstarter and Indiegogo are two of the most popular crowdfunding platforms to use. Some platforms may have higher success rates for women than others.

Angel Investors

Angel investors are informal investors. Essentially, you are selling a part of your business to them. They tend to not want a huge percentage of your business. Plus they won’t pass by more conventional businesses, like happens with crowdfunding and venture capital. Hence they can be another supplement or replacement for grants.

Business Center for New Americans

If grants aren’t an option, loans might work for you. If you’re an immigrant, try the Business Center for New Americans. They offer a pilot program for microloans up to $75,000. They work with immigrants, refugees, women, and other minority entrepreneurs. The goal is to help minority business owners who have not been able to get traditional financing. Terms are 3% interest, and your loan repayment term goes up to a year. So see accompanycapital.org.

Grants for Women Starting a Business: Takeaways

There are several options for grants for women starting a business. Apply for whichever grants you feel you are most likely to get. Other options for funding include crowdfunding, angel investors, and loans. Credit Suite can help you get the funding you need.

The post Get Grants for Women Starting a Business appeared first on Credit Suite.

Business Grants for Minority Women

Business Grants for Minority Women and So Much More

Are you a minority woman in business? Or are you starting a business? Money is always going to be an issue. What if you could get what is essentially free money? That’s what grants are – for the most part. So it would behoove you to look into business grants for minority women.

Business Grants for Minority Women and More Funding for Minority Businesswomen

How do you find the best options for you? How do you know if you need to be looking for grants or business loans for minority women? We recommend that you explore every option. This is because it will probably take a combination of funding options to fully fund your business.

There are business loans for minority women. But they’re often not for them exclusively. But there are other funding choices out there. Loans, crowdfunding, and even angel investors are all viable options. More on those later.

Business Grants for Minority Women

The government and private organizations want to GIVE you money! They’re highly competitive and rarely enough to fund a business on their own. Still, grants are a great way to supplement other business funding. And they are still worth the effort to apply. There really isn’t anything to lose except time – it’s free money. Here are a few you can start with.

Amber Grant

The Amber Grant awards one prize of $10,000 per month to a woman-owned business. One of the recipients also receives an additional $25,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee. See ambergrantsforwomen.com/get-an-amber-grant/apply-now.

Cartier Women’s Initiative Award

This award is for women but there’s no specification that a woman be a member of a minority group. The Cartier Women’s Initiative Award has a regional category award and a science and technology award. The regional award is $100,000 for first place, and $30,000 for second and third place.

The award goes to three women from each of seven international regions. This award is a grant to 21 female business owners from around the world each year. Women business owners who are just getting started may qualify. Look over the complete application for more information. See cartierwomensinitiative.com/about-us.

The Cartier Science and Technology Pioneer Award

The Cartier Science and Technology Pioneer award is new as of 2021. With this award, three more women impact entrepreneurs at the forefront of scientific and technological innovation will get recognition. Open to women entrepreneurs from any country and sector. This award will highlight disruptive solutions built around unique, protected, or hard-to-reproduce technological or scientific advances. The laureate will get a $100,000 grant. Each of the two remaining finalists will get a $30,000 grant.

Cartier Fellowships

Cartier also offers a fellowship program. The fellowship is an educational program geared towards the 24 fellows selected each year. The fellowship program aims to equip the fellows with necessary skills to grow their business. And it helps them to build their leadership capacity. It does so by drawing upon the experience and expertise of many academics, practitioners, industry experts, and entrepreneurs.

The fellowship isn’t exactly a grant. But while it’s not a monetary award, the mentoring and networking opportunities could be worthwhile to apply for. See cartierwomensinitiative.com/fellowship-programme.

Demolish your funding problems with 27 killer ways to get cash for your business.

Business Grants for Minority Women – Black Women

National Black MBA Association Scale-Up Pitch Challenge

Also known as NBMBAA, the Scale-Up Pitch Challenge has cash prizes from $1,000 to $50,000. The association’s purpose is to help newer businesses with African American ownership. This is a pitch competition for startup businesses. See nbmbaa.org/scale-up-pitch-challenge.

The Minority Business Development Agency

The US Department of Commerce runs the Minority Business Development Agency (MBDA). It works to help minority-owned businesses get the resources they need to grow and succeed. The MBDA is not just for women. Grant competitions are regularly changing.

Visit the MBDA’s website for info on all current opportunities. Currently, the MBDA helps its members apply for grants via Grants.gov. This involves help with how to apply for government grants. See mbda.gov/grants.

The MBDA oversees the Enterprising Women of Color (EWOC) Initiative. The initiative focuses on the fast-expanding minority women entrepreneur population as a revenue generators for families, communities, and the nation. Minority women are the fastest growing population of entrepreneurs. While many women are making tremendous strides in the business world, they still face obstacles as entrepreneurs

MBDA is an advocate for women’s economic empowerment. They support efforts to advance women’s equality and promote women economic advancement programming. The vision of EWOC is to ensure women worldwide reach their economic potential. See mbda.gov.

The Verizon Small Business Recovery Fund

The Verizon Small Business Recovery Fund is new. It is in response to the COVID-19 pandemic. The fund offers $10,000 to successful applicants. The fund specifically focuses on providing grants to business owners of color, women-owned businesses, and other underrepresented entrepreneurs. See lisc.org/covid-19/small-business-assistance/small-business-relief-grants/verizon-small-business-recovery-fund.

Demolish your funding problems with 27 killer ways to get cash for your business.

Business Grants for Minority Women – Native Americans

First Nations Development Institute Grants

The mission of this group is to offer grants that help Alaska Natives, Native Hawaiians, and Native Americans. These grants are for any gender. So you would be competing against Native Hawaiian, Alaskan, and Native American men. They help in the application process in addition to funds.

First Nations also helps point individuals to appropriate grants offered by other organizations, including the US government. This includes help with writing grant proposals. See firstnations.org/grantmaking.

The Native American Business Development Institute (NABDI) Grant

The NABDI Grant is funded by the US Department of the Interior’s Bureau of Indian Affairs. It is not just for women. It provides funding to business owners of Native American or Alaskan Native descent. In 2019, the program provided more than $727,000 to 21 indigenous tribes. So this was to support economic feasibility studies for specific economic development projects or business startups.

For 2020, NABDI planned to award 20-25 grants. There is no minimum or maximum amount of funding you can request. But most awards range $25,000 to $75,000. They only fund projects for one year at a time, which is when they expect projects to be completed. To apply for a NABDI grant for your proposed economic development feasibility study, go to bia.gov/service/grants/tedc/apply-nabdi-grant.

Indian Affairs

There is more available via the Bureau of Indian Affairs. Businesses owned by Native Americans can get financing from the federal government through the Indian Affairs branch. These are not just for women. An individual can fill out an application for up to $500,000. But business entities and tribal enterprises may apply for more.

Potential borrowers can apply with any lending institution, they just have to use the application for Indian Affairs. Additional requirements are in place if the funds are used for construction, renovation, or refinancing. In general, you must supply a list of collateral, a credit report, and an analysis of business operations. See bia.gov/as-ia/ieed/loan-guaranty-insurance-and-interest-subsidy-program

Business Grants for Minority Women – Asian Woman

The South Asian Arts Resiliency Fund

If your business is in the arts, and you’re of South Asian descent, then check out this fund. The fund is operated by the India Center Foundation. It is designed to support US-based South Asian arts workers impacted by the COVID-19 pandemic

The fund will disburse grants up to $2,000, depending on financial need to US-based arts workers of South Asian descent. This includes those in the performing arts, film, visual arts, and literature. It’s for people with heritage from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. Initial funding for the program is $20,000. But the India Center Foundation is soliciting donations to expand the grant program.

Applicants must be of South Asian descent, work in the arts and demonstrate loss of income due to COVID-19. Additionally, applicants must be at least 21 years old. You can’t be enrolled in a degree program. Plus they must be able to receive taxable income in the US. Grant funding can go toward any artistic project you can develop, create, and present within 4-6 weeks of getting funding. See theindiacenter.us/artsfund.

Demolish your funding problems with 27 killer ways to get cash for your business.

Business Grants for Minority Women – Grants for All

Grants.gov

The federal government gives out grants to all genders and all races. Grants.gov is a running list of over 1,000 available government grants. So this includes minority business grants. The website compiles grants from more than two dozen government agencies. These are agencies like the SBA, USDA, and the US Department of Commerce. To find grants right for your business, use the Search Grants tool on the site. Sort the list of grants by keyword or opportunity number.

Once you have located the grant you wish to apply for, click the hyperlinked opportunity number for more detail. There, you will find more information about the specific grant as well as any associated documentation you might need. To apply for a grant through Grants.gov, you must first register. Then, you will be able to download an application package for the grant you want. Be ready for a lengthy process. See grants.gov.

More Types of Funding

Crowdfunding

If you’d rather not rely on grants so much to start and run your business, crowdfunding is a viable option. Still, not everyone with a campaign on a crowdfunding site is successful. This is because more unique products and services tend to do better. Kickstarter and Indiegogo are two of the most popular crowdfunding platforms to use. Some platforms may have higher success rates for women than others.

Angel Investors

Angel investors are informal investors. So essentially, you are selling a part of your business to them.  They tend to not want a huge percentage of your business. And they won’t pass by more conventional businesses, like with crowdfunding and venture capital. Hence they can be another supplement or replacement for grants.

Business Center for New Americans

If grants aren’t an option, loans might work. So if you’re an immigrant, try the Business Center for New Americans. They offer a pilot program for microloans up to $75,000. They work with immigrants, refugees, women, and other minority entrepreneurs. The goal is to help minority business owners who have not been able to get traditional financing. Terms are 3% interest. Loan repayment term goes up to a year. See accompanycapital.org.

Business Grants for Minority Women: Takeaways

So there are several options for grants for minorities and for women. Minority women should apply for grants they feel they are most likely to get. Other options for funding include crowdfunding, angel investors, and loans. Credit Suite can help you get the funding you need.

The post Business Grants for Minority Women appeared first on Credit Suite.

What Are Google Ad Grants?

Most of us have got a favorite non-profit, and usually with good reason. They might provide vital resources for your community or just be a cause close to your heart. Or they may have played an important role in your own life or that of a family member.

Non-profits need to be visible in today’s digital age — but that takes time, money, and expertise. Which is where Google Ad grants can help.

What Are Google Ad Grants?

If you’re a non-profit, Google Ad grants offer a set amount of funding towards Google advertising every month.

Why did Google launch its Ads grants program, and how do they work?

Google designed the grants program to help nonprofits flourish. The ads work just like regular PPC ads. Nonprofits use them to drive targeted traffic to their sites, just as any marketer or business owner would

And whether you realize it or not, you’ve probably seen some of these ads online; they show up beneath paid-for ads when you do a Google search.

But unlike Google’s PPC ads, there are some limitations. For instance, Google Ad Grant adverts are text only.

Google Ad Grants also have a strict eligibility criterion, and all non-profits must complete an application process. We’ll discuss the details of eligibility below.

Why Should You Apply for Google Ad Grants?

From high-profile nonprofits like Habitat for Humanity and the American Cancer Society to smaller organizations like the Elder Wisdom Circle and Travel to Impact, Google Ads Grants have many success stories.

For example, Habitat for Humanity achieved its marketing goals by combining Ad Grants and Paid Ads. This helped the organization to increase pickups.

The charity then sells the donated items to raise funds for its vital support programs. And to provide low-cost furniture and other goods for the local community.

Using free tools like Google Analytics and Tag Manager allowed Habitat for Humanity to measure its conversion values. As a result, the charity noted a substantial increase over the next six months.

The free ads also helped Habit to Humanity attract more donors and use remarketing campaigns to keep visitors engaged and encourage them to donate again.

But it’s not just the free advertising budget that nonprofits can benefit from. Other advantages of Google Ad Grants include their digital marketing resources.

Your digital marketing strategy is fundamental to success online. The same is also true for nonprofits that want to raise awareness and funds in the digital age.  

And if you’re new to digital marketing, Google has you covered. There’s a set of videos to talk you through the various elements of a successful digital campaign, such as:

  • Designing your social media strategy
  • Starting and building your campaign
  • Tracking your conversions

Your nonprofit can also use the ads to:

  • Get noticed online and raise awareness of your organization.  
  • Raise essential funds
  • Attract new volunteers
  • Achieve the aims of individual campaigns

How Much Money Does Google Ad Grants Offer?

  • The Google Ads Grant gives nonprofits $10,000 worth of advertising every year.
  • Your monthly budget equals $329 a day, and you can divide this between various campaigns.

If you’re tracking donations, purchases, and fees, then Google suggests using a maximizing conversion bidding strategy. You can read more about this on Google’s support pages.

Your organization can decide how to best spend the money itself. Or you can turn to one of Google’s Ad Grants certified professionals to guide you through the application.

How to Apply for Google Ad Grants

As with any other grant, there’s an application to fill out. But don’t let the process put you off applying. It isn’t nearly as complex as you might think.

In this next section, I’ll break this down into the following steps:

  • Check eligibility
  • Sign up for a Google nonprofits account
  • Activate your Google Grants account

Make Sure You’re Eligible for Google Ad Grants

The Google Ads grants are only open to eligible non-profits. This means your organization must:

  • Be in one of the 50 eligible countries. You can find a list of them online.
  • Sign up for Google Nonprofits.
  • Accept Google’s certifications, which cover non-discrimination and donation receipt/use
  • Have an established website that meets Google’s Ad Grants standards, including HTTPS security
  • Complete the activation process

Your next step is to establish a Google for Nonprofits account.

Sign Up for a Google for Nonprofits Account

To sign up to Google for Nonprofits:

1. Register with TechSoup. If you’re not familiar with TechSoup, here’s what you need to know:

TechSoup is a nonprofit that offers a variety of tech resources from well-known brands like Microsoft and Intuit QuickBooks. It’s free to join, and all you need to do is complete a short application.

what are google ad grants techsoup

For nonprofits outside of the U.S., you may need to register through one of Google’s other partners. For example, in the UK, you’ll get taken to the charitydigitalexchange.org website.

Note: Verification from TechSoup can take up to 12 days.

2. Request a Google for Nonprofits account by clicking ‘Get Started.’

Google ad grants Google for nonprofits account

Then, fill out the requested information, and wait for Google’s verification email.

Activate and Create Your Google Ad Grants Account

To activate your Google Ad Grants account, follow these steps.

  1. Fill out the eligibility form. You’ll find this when you log into your ‘Google for Nonprofits’ account and look under the ‘Google Ad Grants’ heading.
  2. Select the ‘Activate’ option.
  3. You’ll then see an eligibility form. Here, you’ll tell Google more about your organization and confirm your entitlement to a grant.
  4. Once you’ve completed the form, go back to your Google for Nonprofits account and click ‘activate’ again.
  5. Then, you should see a checkbox. Confirm you’ve filled the eligibility form out, and click ‘activate.’

That’s it. Activation typically takes up to three business days.

Note: Remember, your Google for Nonprofits/Ad Grants accounts need the same username.

What Can I Do With My Google Ad Grants Account?

Now you’ve established your Google Ads account, your nonprofit can start reaping the benefits, like launching your free ad campaigns.

Setting up your first ads may seem confusing. Let’s walk through it.

Create a Google Ad Campaign

Google ad grants Create Google Ad Campaign

To create your Google Ads Grant marketing, just follow these steps.

  1. Login into your Google Ads account and go to the ‘campaigns’ page. Now, you’ll want to choose the ‘new campaign’ option.
  2. You’ll then see an option that says: “Select the goal that would make this campaign successful for you.” You’re looking for the ‘Create a campaign without a goal’s guidance’ option.
  3. Select your campaign type. Look for the ‘smart’ option.
  4. Decide what action you want customers to take, then click ‘continue.’
  5. Describe your business. This is pretty straightforward. Just enter your organization’s details, nonprofit URL, and any other information related to your nonprofit. Then press ‘save.’
  6. Head to the ‘Where are your customers? page. This allows you to customize your campaign to your local radius or specific areas. Choose the language and select your relevant business category.
  7. You should see a heading that says ‘what specific products or services do you want to promote in this ad?’. Here, you’ll detail the services your nonprofit offers. Or you can include the auto-suggested keywords. You’ll find these under the ‘suggested for you’ heading.
  8. Click ‘next’ and choose your budget. Remember to set it at the $329 daily maximum.
  9. Tap the ‘next’ button, which will take you to the review stage. Here, you can change your ads, before clicking ‘next’ once more.

Your campaign setup is complete!

Google Ad Grant Best Practices

If you’re creating the campaign yourself, the best thing you can do is take your time and consider Google’s best practices. But if you’re not comfortable with this part, remember there are certified professionals who can manage the advertising.

To get you started, here are some tips along with some Google recommendations:

Differentiate Your Organization

What makes your organization different? This is how you stand out from the crowd and encourage engagement and donations.  For example, does your organization:

  • Donate 100% of its profits?
  • Team up with local partners and projects?
  • Offer proof and updates on how your non-profit is spending its funds?
  • Highlight the good the donations are doing?

If you’re struggling to find your nonprofit’s unique selling point, there’s a useful article on identifying your non-profit’s USP online. And you can also learn more about one non-profit’s marketing approach.

Include a Call to Action

Perhaps the most important part of any online ad is the call to action. What do you want visitors to do next? Think about your goals and what steps you need visitors to take to reach your goals.

Choose Your Keywords Carefully

Begin by thinking of the search terms and keywords you’d use if you were looking for a nonprofit in your niche. Then, use a keyword planner tool like Ubersuggest to perform further keyword research. Use these terms in your ads.

Write Ad Groups and Ensure They Are Relevant

Develop a group of ads for rotation and include your target keywords in each group. You’ll also want to ensure that your ads are relevant to your intended audience.

For example, you may want to target them at attracting:

  • Volunteers
  • Donations
  • Click-throughs

Decide on Your Next Actions

What do your visitors do once they’ve visited your site? Do they donate? Sign up as a volunteer? Ask for information?

Use an analytics tool to determine this, and design future campaigns around relevant keywords.

For further tips for creating successful Google ads, visit their support page.

Track Your Google Ad Success

A recent survey found that 64% of marketing professionals would choose Google Ads over SEO. This is despite SEO’s positive return on investment (ROI) and the organic traffic it delivers.

Why?

Well, according to the survey, Google Ads are better for:

  • Conversion
  • Measurable data
  • Traffic volume
  • Effectiveness and scalability.

And there’s another huge plus to Google Ads: they’re easier to implement.

You can see how important these factors are to a marketing professional. But they’re every bit as important to your nonprofit too.

By tracking and analyzing the data of your nonprofit, you can also:

  • Optimize conversions to increase your results
  • Adjust your ads
  • Measure the success of individual campaigns and landing pages
  • Gain real-time and audience insights
  • See where your donors are located

There may come a time when you want to change your nonprofit ads. Just make sure your nonprofit complies with Google’s policies.

For example, Google doesn’t allow:

  • Single keywords, although there are exceptions.
  • Keywords with a 1-2 quality score
  • Overly generic keywords

Nonprofits must also keep their click-through rates (CTRs) at 5% every month (or risk having their accounts deactivated) and have valid conversion tracking if using smart bidding.

Note: It’s worth mentioning that Google policies are subject to change. Their Ad Grants Compliance Guidelines are available online. Keep up-to-date with these, and if you’re unclear on anything, check.

Conclusion

Google’s Ad Grants program allows qualifying nonprofits to gain visibility, attract more donations, and recruit staff and volunteers. Google Ad Grants is an ideal starting place for nonprofits that don’t have a digital marketing strategy or lack the budget to get started.

Aside from the generous $10,000 limit available to nonprofits, there are many other advantages to signing up with Google Ad Grants, such as access to technology tools, data tracking, and professional services to help grow your nonprofit.

Although it may seem complicated, Ad Grants are free to set up. And if you’re unsure of the correct strategy, consider hiring a PPC consultant to guide you.

Has your nonprofit applied for a Google Ad Grant? Tell us about your experiences or share some tips below.

The post What Are Google Ad Grants? appeared first on Neil Patel.

Grants for Small Business Startup: Will It Be Enough?

Do you know how to find grants for small business startup? There are a number of grant programs out there for those wanting to start a business.  Even those already operating but still in the startup phase can benefit.  However, grants for small business startup are highly competitive.  Funds are often limited. It’s rare to get enough from a grant to fund an entire startup without needing other options.

There are Grants for Small Business Startup, But You Need More

What are options other than grants that offer free money?  I mean, that’s the best thing about a grant.  You do not have to pay the money back.  Also, bad credit doesn’t matter when it comes to grants. There are not a lot of other options that great.  However, there are a few.  

Why Use Grants for Small Business Startup

The truth is, grants for small business startup are rarely enough.  You are going to need more funding.  That said, you definitely should apply for any grants you might qualify to get.  Just be careful.  Be sure you meet the eligibility requirements before you begin the application process. 

The process of applying for grants can be tedious and lengthy.  That isn’t always the case, of course, but you don’t want to spend a lot of time on something you have no chance of getting.  By being intentional and finding the opportunities you can actually take advantage of, you increase your chances of approval and decrease your chances of wasting time. 

Any amount you receive, even if it is a few hundred dollars, can help reduce the amount of debt you have to take on.  Also, winning a grant can help your business look more viable to lenders. 

So, which grants do you qualify for? It depends.  Many grants are designed specifically for a certain type of business or business owner.  Some are not.  Here are a few possibilities to help get you started, along with some resources to do your own research.

grants for small business startup Credit Suite

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Grants for Small Business Startup: Available for All

There are grants options that can work well for anyone.

FedEx Small Business Grant

This grant is the company’s way of working to strengthen small business innovation.  There are 10 grants the company awards each year.  They range from $15,000 to $50,000, and if you’re a minority owned business with a cutting-edge product, this could be the grant for you.

A business must use the FedEx website to submit entries. There are a few questions to answer about your business.  In addition, there is a requirement for an elevator pitch about what makes your business special.  Also, you have to explain how you would use the grant funds. A 90 second video submission is optional.

NASE Growth Grants

The National Association for the Self-Employed (NASE) has small business Growth Grants of up to $4,000. They are for micro-businesses, and proceeds can be used for a number of things.  They can be utilized for marketing, advertising, expansion, and even to hire employees. These grants are open to everyone.  However, you do have to be an NASE member to apply.  Membership fees vary based on the membership level chosen. 

USDA Value Added Producer Grant

The USDA’s Value-Added Producer Grant (VAPG) program offers grants for small businesses.  It includes minority owned business.  Grants range up to $250,000.  They are specifically to help agricultural producers with activities that add value to their products. As a result, grants are open to those in rural areas.  They must be operating as one of the following: 

  • Cooperative
  • Farmer
  • Rancher
  • an independent agricultural producer
  • or an agricultural producer group

Grants for Small Business Startup: Minority Business Owners

Here are some minority grant options to consider.  There are certainly others out there.  However, they are not always well advertised.  This means you need to be sure to do your own research. 

First Nations Development Institute Grants

The mission of this group is to offer grants that help Alaska Natives, Native Hawaiians, and Native Americans.  They offer assistance in the application process in addition to funds.

Not only that, but there are a wide range of opportunities from the First Nations Development Institute.  New ones initiate as old ones retire. There is a mailing list you can join to receive information about new opportunities as they become available.

National Black MBA Association Scale-Up Pitch Challenge

Also known as NBMBAA, the Scale-Up Pitch Challenge has cash prizes ranging from $1,000 to $50,000.  The associate states its purpose is to help newer businesses that have an African founder that maintains equal ownership.  

A business must be a member of the NBMBAA to compete.  There is a $10 monthly membership fee.  After that, there is an online application.   If chosen, you must submit a three-minute pitch. Then, finalists go on to compete at the NBMBAA annual conference.

Grants for Women Business Owners

For female business owners, there are several grant opportunities.  These are just a few. 

Eileen Fisher Women Owned Business Grants

The clothing brand Eileen Fisher awards $100,000 per year to 10 women-owned businesses. To qualify, a woman must have at least 51% ownership, and the business must be in operation for at least three years. Also, it must bring in less than $1 million per year in revenue and have a focus on environmental or social change.  

Amber Grant 

The Amber Grant awards $500 to $1,000 per month to a woman-owned business. One of the recipients also receives an additional $10,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee.

#GIRLBOSS Foundation Grant 

Specifically for woman-owned businesses in fashion, music, and art, the #GIRLBOSS small business grant awards $15,000.  They also offer exposure via the Girlboss website and social media platforms. Judges rate those applying on creativity, business savvy, planning, innovation in the field, need, and where they plan to work.

grants for small business startup Credit Suite

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Cartier Women’s Initiative Award 

The Cartier Women’s Initiative Award is $100,000 for first place and $30,000 for second place.  They award the grant to 18 female business owners from around the world each year.  Women business owners who are just getting started may qualify.  Look over the complete application for more information.

All of the finalists get to attend the INSEAD Social Entrepreneurship 6-Day Executive Program (ISEP). They will also have the opportunity to participate in workshops on entrepreneurship and business coaching seminars, as well as be exposed to networking opportunities.

Grants for Small Business Startup: Other Grant Resources

Of course, new grant opportunities open all the time.  During the COVID-19 pandemic, many local agencies have stepped up to help small businesses, including offering grant opportunities.  Sometimes, more funding becomes available allowing for new grants to open.  Here are some resources to help you find more grants for small business startup.  

Other Debt Free Options

Of course, debt free is best, so you are probably wondering if there are other options, besides grants for small business startup, that will help you fund your business debt-free.  Yes, there are. However, much like grants, they are a long shot and do not always fund your business completely. 

The two main options you have are crowdfunding for startups and angel investors.  Crowdfunding basically involves convincing several micro-investors to fund your business a few dollars at the time.  If you have a successful crowdfunding campaign it can be very effective.  Also, it’s not as easy as it sounds.  

Angel investors are not a new idea.  If you can find one, you are golden.  These are just one or two, or a small group, of investors that invest large sums.  They usually do so in return for equity in your business, meaning they want some of the future profits.  That means it’s not totally free money, but it is money for your business that you can get without being tied down by debt. Anyone can be an angel investor, even your mom!

An Awesome Non-Grant Option

Now, the truth is, it is virtually impossible to start a business debt-free.  Financing in some form is almost always necessary.  What you need is the most effective and flexible option for financing with the lowest interest rates.  

If you have top notch personal credit, that is probably going to be a traditional business loan.  However, many capable business owners do not have the personal credit score necessary.  Not only that, but you don’t want your personal credit to bear the brunt of your business debt.  You need business credit as well. There is a debt option that you can access with a lower personal credit score than what is required by traditional lenders.  Furthermore, it will help you build business credit at the same time. 

Credit Line Hybrid

A credit line hybrid is essentially an unsecured line of credit.  It allows you to fund your business without putting up collateral, and you only pay back what you use.  The funds can be used for many things, including startup costs. 

 It’s super easy to qualify.  You need a personal credit score of at least 680, which is lower than what is required by many banks. Additionally, you can’t have any liens, judgments, bankruptcies or late payments.  Also, in the past 6 months you should have less than 4 credit inquiries.  You should have less than a 45% balance on all business and personal credit cards as well.  It’s also preferred that you have established business credit in addition to personal credit.

Here is the beauty of it.  If you do not meet all of the requirements, it’s okay. You can take on a credit partner that meets each of these requirements.  Many business owners work with a friend or relative to fund their business.  If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding. 

Benefits to Using a Credit Line Hybrid with Grants for Small Business Startup

There are many benefits to using a credit line hybrid.  First, it is unsecured, meaning you do not have to have any collateral to put up.  Next, this is no-doc funding.  That means you do not have to provide any bank statements or financials.  

In addition, typical approval is up to 5x that of the highest credit limit on the personal credit report. Often, you can get interest rates as low as 0% for the first few months.  This allows you to put that savings back into your business. 

With the approval for multiple credit cards, competition is created.  This makes it easier to get interest rates lowered and limits raised every few months. The process is generally quick, especially with a qualified expert to walk you through it. Also, you can build fast business credit because some of the accounts involved report to the business credit reporting agencies. 

SBA Loans

While federal grant money is preferred, other types of federal funding are available. This is another option for startup funding when grants for small business startup are not enough.  The Small Business Administration offers federally guaranteed loan programs that can help fund a business at any stage.  The applications are processed and funds disbursed through traditional lenders.  However, the requirements are easier for many businesses to meet.  This is because of the government guarantee that they have.  

You can find a lender that offers SBA loan programs using the lender match tool. Here are just a few of the programs they offer.  Which one may be right for your business will depend on a number of variables. 

7(a) Loans

The minimum credit score to qualify for this one is 680, just like the credit line hybrid.  There is a down payment requirement of at least 10% if you are using the funds for the purchase of a business, commercial real estate, or equipment. The minimum time in business is 2 years, but if you are a startup, business experience equivalent to two years will fill the requirement.

504 Loans

Funds from 504 loans can buy machinery, facilities, or land. Generally, these are used for expansion.  They work especially well for commercial real estate purchases.

They require a minimum credit score of 680 as well, and they are collateralized by the asset being financed.  There is also a down payment requirement of 10%, which can increase to 15% for a new business.

There is also a requirement you be in business at least 2 years, or that management has equivalent experience if the business is a startup.

grants for small business startup Credit Suite

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Microloans

These loans work well for starting a business, purchasing equipment, buying inventory, or for working capital. Community based non-profits administer microloan programs as intermediaries, with financing coming directly from the Small Business Administration.

The minimum credit score is 640, and the collateral and down payment requirements vary by lender.

The thing to remember about all loans and lenders, including those related to the Small Business Administration, is that details such as interest rates, terms, and eligibility requirements can change frequently.  Be sure to check with individual lenders for the more up-to-date information.

Grants for Small Business Startup: Are They Worth the Time and Energy?

If you find one for which you meet all the eligibility requirements, yes, absolutely it is worth it.  Any amount you get that reduces the amount of debt you need to fund your business is worth it.  That said, remember it is unlikely you will get out of having to use financing at all. So, be sure to find the type of financing that will work best for you.  The credit line hybrid will work for almost anyone, and has many benefits, including helping to build business credit!

The post Grants for Small Business Startup: Will It Be Enough? appeared first on Credit Suite.

Loans, Grants, and Other Funding, Oh My! Women Owned Business Grants and Other Funding Options for Women Business Owners

There are a ton of options available to women for business funding.  Some are female specific, like women owned business grants. Others are not regulated to women specifically, though they may work better for women than some other options.  The key is to quilt together the options that work best for you and your needs. 

Top Options for Female Business Owners, Including Women Owned Business Grants

You can look around for women owned business grants and other funding options specific to women.  They do exist, but there are not that many of them. The best bet is to combine those that you can find along with options that work well for women in business, though not specifically designed for women exclusively. 

 

Demolish your funding problems with 27 killer ways to get cash for your business. 

Business Loans for Women

Hands down, business loans are the most easily accessible and sure-fire option for funding a business.  This is true whether you are a woman, a minority, a veteran, have a disability, or even if you do not fit into any of these categories.  It may be hard to believe, because loans cost money, right? Free money is better, and if those options are out there, they have to be better, right?  

While these free money opportunities are great, they are few and far between.  Not only that, but they are typically highly competitive. Definitely pursue them, but realistically you need to understand that loans are pretty necessary when it comes to running a business.  Especially in the early phases. In general, the best place to start for virtually all small business owners, whether a female or not, is The Small Business Administration. 

Small Business Loans from The Small Business Administration

While many start out looking for women owned business grants, you can just know that you will probably need loans at some point as well.  Though not specifically for women alone, the SBA offers government backed loan programs.  Many of these are perfect for women business owners, even though they are not for women exclusively.

7(a) Loans

This program offers federally funded term loans up to $5 million. The funds can be used for expansion, purchasing equipment, working capital and more. Banks, credit unions, and other specialized institutions in partnership with the SBA process these loans and disburse the funds. 

To qualify, a business owner has to have a credit score of at least 680.  There is also a required down payment of at least 10% for the purchase of a business, commercial real estate, or equipment. The minimum time in business is 2 years. If a business is a startup, business experience equal to two years is enough. 

This is by far the most popular of the SBA loan programs.  Funds are available for a broad range of projects, from working capital to refinancing debt, and even buying a new business or real estate. 

504 Loans 

These loans are also available up to $5 million.  They can buy machinery, facilities, or land. Generally, they are used for expansion.  Private sector lenders or nonprofits process and disburse the funds, and they work especially well for commercial real estate purchases. 

Terms for 504 loans range from 10 to 20 years.  Funding can take from 30 to 90 days. The minimum credit score requirement is 680, and collateral is the asset being financed. There is also a down payment requirement of 10%.  However, this can increase to 15% for a new business. 

Furthermore, there is a requirement that you be in business for at least 2 years, or that management has equivalent experience if the business is a startup. 

Microloans 

Microloans are available in amounts up to $50,000. They work for starting a business, purchasing equipment, buying inventory, or for working capital. Community based nonprofits handle microloan programs as intermediaries.  Unlike other SBA programs, financing comes directly from the Small Business Administration. 

Interest rates on these loans are 7.75% to 8% above the lender’s cost to fund, and the terms go up to 6 years. They can take up to 90 days to fund. There is a 640 minimum credit score requirement.  However, the collateral and down payment requirements vary by lender. 

 Demolish your funding problems with 27 killer ways to get cash for your business. 

SBA Express loans 

Express loans top out at $350,000 and have a maximum interest rate of 11.50%. Terms range from 5 to 25 years, and the SBA guarantee is less than with their other loan programs at 50%. To qualify, your credit score must be above 680.  In addition, you must have a debt to service ratio of 1.1 or higher. If the loan is greater than $25,000, collateral may be necessary depending on the lender. 

The turnaround for express loans is faster, too.  The SBA takes up to 36 hours to give a decision. Necessary paperwork for application is also less, making express loans a great option for working capital, among other things, if you qualify. 

SBA CAPLine 

There are 4 distinct CAPLine programs that differ mostly in the expenses they can fund. Each of them carries a maximum amount of $5 million and an interest rate that ranges from 7% to 10%. Funding can take 45 to 90 days. 

The four different programs are: 

  • Seasonal CAPLines -Financing for businesses preparing for a seasonal increase in sales.
  • Contract CAPLines -Financing for businesses that need funding to fill a contract.
  • Builder’s CAPLines -Financing for businesses taking on a real estate or construction project.
  • Working capital CAPLines -Financing for businesses that are struggling with a short-term slump in sales.

You must have a credit score of 680 or above to qualify for these. There is no minimum time in business requirement unless you are getting a seasonal CAPline. That one carries a one year in business requirement. 

SBA Community Advantage Loans 

This pilot program is set to expire or extend in 2020. It’s meant to promote economic growth in underserved areas and markets.  Lenders can be less strict when it comes to poor credit or low revenue if the business has the potential to stimulate the economy or create jobs in underserved areas. 

Loan amounts range from $50,000 to $250,000 with a maximum interest rate of 11%.  Terms range up to 25 years.

CrowdFunding

If you want to reduce the amount of loans you need to start and run your business, crowdfunding is a viable option.  Crowdfunding gives today’s business owners a new way to build a successful business. Don’t be fooled. Not everyone with a campaign on a crowdfunding site is successful.  Funding a business with crowdfunding doesn’t happen overnight. In fact, it often doesn’t happen at all. To succeed at crowdfunding, you have to research what works, what doesn’t, and then cross your fingers because truthfully it may work, and it may not.

Find which crowdfunding platform is best to use for your business. Kickstarter and Indiegogo are two of the most popular crowdfunding platforms to use. Some work better for specific types of businesses than others.  Also, some may have higher success rates for women than others. Do your research.

Women Owned Business Grants

All grant programs are highly competitive.  However, they are still worth the effort to apply.  There really isn’t anything to lose except time.  It’s free money. Women owned business grants are rarely enough to fully fund a business, but they can supplement other funding types. Here are some examples of women owned business grants. 

SBA Women’s Business Centers

In addition to helping with loans, the SBA Women’s Business Centers also help women entrepreneurs get access to other types of funding. Some lend money or award grants directly, while others help connect women entrepreneurs with financial institutions.  Take a look at their website to find out more on how to apply for women owned business grants through this network.

Eileen Fisher Women Owned Business Grants

The clothing brand Eileen Fisher hands out $100,000 per year to 10 women-owned businesses. To qualify, a woman must have at least 51% ownership, and the business must be in operation for at least three years. Also, it must bring in less than $1 million per year in revenue and have a focus on environmental or social change.  

Amber Grant 

The Amber Grant awards $500 to $1,000 per month to a woman-owned business. One of the recipients also receives an additional $10,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee.   

#GIRLBOSS Foundation Grant 

Specifically for woman-owned businesses in fashion, music, and art, the #GIRLBOSS small business grant awards $15,000.  They also offer exposure via the Girlboss website and social media platforms. Judges rate those applying on creativity, business savvy, planning, innovation in the field, need, and where they plan to work. 

Demolish your funding problems with 27 killer ways to get cash for your business. 

Cartier Women’s Initiative Award 

The Cartier Women’s Initiative Award is $100,000 for first place and $30,000 for second place.  They award the grant to 18 female business owners from around the world each year.  Women business owners who are just getting started may qualify.  Look over the complete application for more information.

All of the finalists get to attend the INSEAD Social Entrepreneurship 6-Day Executive Program (ISEP). They will also have the opportunity to participate in workshops on entrepreneurship and business coaching seminars, as well as be exposed to networking opportunities.  

Other Funding Options Beyond Women Owned Business GrantsFemale Owner Biz Grants Credit Suite

While programs like those that provide women owned business grants and those offered by The Small Business Administration often work to meet the special challenges women business owners face, sometimes it just isn’t enough.  If your credit score does not allow you to qualify for SBA loans, there are other  options available as well. They tend to work well, though not specifically designed for women. 

Lending Club

LendingClub functions as a peer-to-peer lender that offers mostly fixed-term small business loans. Borrowers that get loans from LendingClub generally use loan funds to buy equipment, finance growth or expansion projects, consolidate other debt, or hire new employees.

One benefit LendingClub offers with their small business loans that many others do not is access to a client advisor. This is someone to help you figure out how to best use your business loan funds, as well as how to budget loan payments.

The minimum loan amount at LendingClub is $5,000 and the maximum is $300,000.  There is a minimum time in business requirement of 12 months to qualify.  In addition, you must have at least $50,000 in annual sales.  There can be no tax liens or bankruptcies, and you must have at least 20% ownership.  They will work with a credit score that is fair or higher.  A fair credit score ranges from 620 to 659. 

Lendio

Lendio offers a loan-connection service that dramatically cuts the time it takes for small business owners to find the perfect loan.  They do the legwork by vetting a network of competing small business lenders. Funding is fast, sometimes in as little as 24 hours.  

Potential borrowers submit one application and then see offers from lenders in the network.  The minimum loan amount is $500 while the maximum is $5,000,000.  The business must be U.S. or Canada based and must have a business bank account.  There is a minimum personal credit score requirement of 560.  

Blue Vine

BlueVine offers two options for small business financing.  They include lines of credit and invoice factoring.  They also offer the ability to talk with a financial advisor. Their application process takes place exclusively online.  The minimum loan amount is $5,000 and their maximum is $100,000.  Furthermore, to be eligible you must be in business for at least 6 months, have revenue of $120,000 per year or more, and have a credit score of at least 600.  

Kiva

Kiva has a unique lending model. They offer loans to businesses, but their platform is far different from that of traditional or even other non-traditional lenders.  It is sort of a cross between crowdfunding and lending.  They offer loans with a 0% interest rate.  That means, even though you have to pay it back, it is actually free money. In addition, they do not run a credit check. The only requirement is that you have to get at least 5 family members or friends to donate money for your business.  Also, you have to give at least a $25 loan to another business on the platform yourself. 

Grameen

Grameen is one of the few lenders that offers microloans specifically for women.  The loan amounts range from $2,000 to $15,000, and they also offer financial training and support.   

As a bonus, they report payments to Equifax and Experian.  The result is, these loans help borrowers build credit. 

Choose Your Funding Options Wisely for Women Owned Business Grants and More

For many, business funding will be similar to a quilt.  Just as a quilt weaves various colors and types of fabric into a beautify, functional work of art, so can business funding work.  There are various types available, and if you combine the ones that work best for you, they can work together to ensure your business not only stays running, but also growing and thriving. This includes women owned business grants. 

The post Loans, Grants, and Other Funding, Oh My! Women Owned Business Grants and Other Funding Options for Women Business Owners appeared first on Credit Suite.