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NGExpert financial copywriter
Page written by Chris Godfrey. Last reviewed on September 4, 2024. Next review due October 1, 2025.
Business grants are effectively free money – there’s no need to repay the funds if you use them as you said you would – and they’re a great way for New Yorkers to launch or finance a business or create opportunities to support their community.
The NY State Trade Expansion Program provides grants to small businesses entering the export market. Funds can be used for virtual services, compliance testing, export training workshops, international marketing campaigns, foreign market sales trips and trade shows. Awards of up to $6,000 are available. Businesses at least a year old that manufacture, assemble and/or distribute a product or provide an exportable service may apply.
Global NY Fund Grant Program is also designed to help NY organizations increase their global exports. For-profit businesses can get up to $25,000, whereas non-profits can receive up to $100,000. Businesses can use their award to pay for export workshops, product adaptations to meet foreign regulations, trade show participation and overseas market development.
Organizations involved in the Arts suffered badly during the pandemic. Now the state government is providing support to breathe new life into the sector. The New York State Council on the Arts (NYSCA), A.R.T./New York offers the Creative Opportunity Fund (COF) to provide general operating support grants to theaters throughout New York State. Small professional theaters with annual budgets under $500K can receive general operating support grants of $2,000 to $5,000.
Provided by local government, the City of Troy’s Community Business Investment Grant provides reimbursement funds to eligible commercial and mixed-use projects that strengthen the surrounding community. Such projects can include interior or exterior renovations to a commercial space and other capital improvements. Business owners in Troy can receive between $5,000 and $50,000 to reimburse them for eligible project expenses.
The City of Rochester offers small business reimbursement grants to qualifying retail and neighborhood service establishments. The cash can be used to pay for items such as advertising, furniture/equipment, exterior signage, computers, architectural services, and security equipment. Business startups operating for up to 12 months are eligible for up to $5,000. Existing businesses (in business for 12 months or more) are eligible for awards of up to $8,000.
The Market New York grant program can help small businesses and other eligible applicants pay for tourism initiatives in the Empire State. Matching funds of 50% with a minimum request of $50,000, or 80% with a minimum request of $150,000, may be obtained to help pay for tourism marketing , capital projects, and special events such as meetings, conferences, conventions, festivals, and athletic competitions. To qualify you must be a not-for profit corporation or a for-profit business certified in the state of New York.
US Grants is a one-stop portal to find and apply for government grants, stimulus packages and funding opportunities from local, State and federal government agencies. Available New York small business grants include funding initiatives for organizations that operate in the fields of tech, health, research, sciences, agriculture, the environment, etc.
MORE: Grants for farmers.
If you can’t find the funding you need with a government program, you may find success with these other sources:
New York StartUP! Business plan competition
Enter the New York StartUP! Business Plan Competition to win up to $15,000 to start a new business. Entrepreneurs can also access business support programs and resources. To qualify your organization must be located in Manhattan, The Bronx or Staten Island and you must also reside in the same district as your business. The program is purely for start-ups. Your organization must have earned less than $10,000 since it was launched to qualify.
Obtain an award of up to $40,000 with a New York Foundation Grant. Applications are conducted over two rounds. In the first round you must submit your initial funding request. If you are successful, you will then be invited to submit a full proposal for funding. The program supports businesses located in New York City that address the critical needs of specific populations, such as youth or the elderly. Program staff also look for companies that work on advocacy and organizing communities.
MORE: Grants for minorities, Black women, disabled business owners and veterans.
The WomensNet Amber Grants awards multiple grants per year to women wishing to start or grow their own business. $10,000 is offered monthly in three separate categories (total of $30,000 per month available). Participants who win a monthly prize also automatically qualify for the draw for an annual $25,000 award – with three prizes available, one for each award category.
You can apply for any of these grants by completing an online application and paying a $15 entrance fee.
MORE: Grants for women.
The National Association for the Self-Employed (NASE) provides business growth grants of up to $4,000 to members. Since 2006, nearly $1,000,000 has been awarded, with grants used for marketing, advertising, hiring employees, expanding facilities and other specific business needs. All minorities may apply, but you must be a member of NASE to participate. (Membership fees may be applicable).
Founders First CDC offers a number of regional and national grant programs. Total grant awards vary from $100,000 to $25,000 shared across multiple winners. Participants must identify as one of the following to apply for these programs: Asian, Black or Latinx women, LGBTQ+, military veterans.
Business loans may provide an alternative source of funding for your business or new venture.
Online lenders will typically be the best option for this type of financing, but you may pay higher interest rates and fees than you would with traditional banks. Credit checks are standard with most commercial financing, but depending on the type of loan you choose, you may not need to provide collateral:
You receive a single, lump-sum cash injection and then pay it back in regular instalments over a fixed period of up to 25 years. Collateral may be required.
A business line of credit is a business loan that functions like a high-value credit card. Borrowers can withdraw as much as they want when they want from a loan facility up to the limit of their borrowing. You only pay interest on the sums you withdraw, not the whole credit line. This can significantly reduce your borrowing costs. Collateral may be required.
Also known as account receivables financing. Borrow against the value of your unpaid invoices. The lender will usually provide up to 95% of the invoice value within a few days or even hours of the bill being raised. Your invoices act as security for the loan, no added collateral required.
Equipment loans use the asset you’re financing as security – no added collateral is required. You use the equipment as you pay for it and the lender maintains a lien on the machinery. Once you pay the loan back, the lender releases the lien, and you own the equipment outright.
Merchant cash advances are designed for businesses that accept customer payments by credit and debit card. You borrow against the value of your card sales. As your card sales increase, your borrowing limit goes up. Pay the loan back with a fixed percentage of your card sales on a daily, weekly or monthly basis. Your sales act as security for the loan, no added collateral is required.
Revenue-based financing functions like a merchant cash advance but with higher borrowing limits. Based on the size and regularity of their total revenues, (not just their credit card sales), businesses may receive a lump sum and pay it back over a short-term schedule, typically by small deductions from their daily sales. This type of loan can usually be secured quickly as qualification rules are less intensive and credit scores are not so critical. No added collateral is required.
Nonprofit and community-based lenders can provide SBA Microloans to business owners who may struggle to secure standard business financing. Available up to $50,000, SBA microloans also come with more relaxed qualifying rules and can usually be secured with FICO scores as low as 500, or even with no credit score at all. Be aware that these type of business loans often require a personal guarantee that makes you personally responsible for the debt.
The US federal government provides grants that are accessible to businesses across the US. The best place to start your search is Grants.gov. This is a hub for thousands of funding possibilities. Use the filters to narrow your search by location, category, eligibility and more.
Yes. You can apply for as many government grants as you are eligible for. However, be aware that some programs may set a cap on the total award sum that your business can receive.
It was a $10,000 grant provided by NYC to help eligible small businesses recover from the economic hardships that occurred because of the COVID-19 pandemic. Applications for this grant are now closed.
There are no start-up grants available for small businesses from the US federal government, but you may be successful within your state or your local government. Note that start-up loans, including low-interest SBA loans, are often a better alternative to start-up grants, as you can usually obtain a higher amount of cash and get the money much sooner. See loan options here.
Working with business finance experts can make all the difference when applying for grant funding. Contact Swoop to discuss your borrowing needs, get help with your application and compare top quality small business grants and business loans from a choice of providers. Give your business the chance it deserves. Register with Swoop today.
Written by
Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Wells Fargo Bank, Visa, Experian, Ebay, Flywire, insurers and pension funds, his words have appeared online and in print to inform, entertain and explain the complex world of US consumer and business finance.
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