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NGExpert financial copywriter
Page written by Ashlyn Brooks. Last reviewed on September 4, 2024. Next review due October 1, 2025.
Starting a new business is an exciting venture, but finding the funds to get your startup off the ground can be challenging. Fortunately, there are numerous startup business grants available that provide free funding to help entrepreneurs launch and grow their businesses.
Here at Swoop we help you explore various types of grants, including those offered by the government, private companies, and nonprofits, as well as small-business incubator programs.
We’ll also discuss how to apply for these grants and consider alternative funding options if grants aren’t suitable for your needs.
Government grants are a big source of funding for startups, offering substantial financial support without the need for repayment. These grants often come with specific requirements and are designed to support various business activities, such as research and development, innovation, and support for minority-owned businesses.
Grants.gov is the primary resource for finding and applying for federal grants. This platform is a comprehensive database of all grant programs offered by the U.S. government.
While the big federal grants may seem enticing, the state and local governments also offer various funding opportunities tailored to the needs of local businesses. These may be smaller awards but some can be still substantial and have less strict requirements.
The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs are highly competitive but don’t let that deter you, they provide funding for small businesses engaged in research and development.
Small Business Development Centers (SBDCs) act similarly to the SBA by providing resources, mentoring, and training to help startups and small businesses grow.
The Minority Business Development Agency (MBDA) focuses on the growth and competitiveness of minority-owned businesses.
Many private companies and nonprofit organizations also offer grants to startups. These grants can provide more than needed capital; they typically include resources such as mentoring and networking opportunities. While this doesn’t have a direct monetary value, having guidance can be priceless plus, networking puts you in front of future investors, buyers, or business partners, so they are always worth consideration.
Fast Break for Small Business is a grant program supported by LegalZoom and is designed to support small businesses across various industries.
Grant databases are a treasure trove of opportunity, with most acting as hubs for multiple grant opportunities. IFundWomen (IFW) is a funding marketplace for women entrepreneurs, offering grants and crowdfunding opportunities.
One major benefit of IFW is their universal grant application that pairs you with multiple opportunities saving you time since sifting through so many can be a substantial task, especially for a startup with limited resources.
The Amber Grant for Women is a monthly grant awarded to women-owned businesses.
The National Association for the Self-Employed (NASE) offers grants to its members to support business growth.
Bizee offers grants to help new businesses get started and grow.
Venmo’s Small Business Grant program supports small businesses that are active on the Venmo platform.
The Amplifier Grant supports businesses that focus on social impact and community development.
The FedEx Small Business Grant Contest is an annual competition that awards grants to innovative small businesses.
The Tory Burch Foundation Fellows Program supports women entrepreneurs with grants and resources to help them grow their businesses.
There are many types of business grant for Black women. Award sums, qualifying criteria and selection committee objectives vary from source to source.
The Black Girl Ventures Pitch Program is an entrepreneurial fund-raising model for Black and brown female business founders. Using a hybrid pitch and crowdfunding system, participants have three minutes to pitch their opportunity to an audience of community and professional investors. The three participants with the most votes win at each event. First prize is $10,000, second prize is $6,000, third prize is $2,000.
To qualify, your business must be at least 51% owned by Black or brown women, have been operating for one year or more and be generating revenues.
Aiming to bridge the financial gap in funding for early-stage Black female entrepreneurs, the HerRise MicroGrant provides a monthly award of $1,000 to businesses that aim to positively impact their community. To qualify, your business must be at least 51% owned by women of color, be based in the US and have revenues of less than $1 million.
The Corporate Counsel Women of Color Grant Program equips female Black and brown entrepreneurs with the tools to compete in the 21st century marketplace – awarding small business grants to individual applicants who are women of color business owners. The Counsel provides five grants of $2,500 each per year, with award winners announced every January.
To qualify, your business must be a legal for-profit entity, be based in the US and have generated more than $25,000 in revenues since 01 January 2020.
The NAACP Powershift Entrepreneur Grant is an annual event held to celebrate Black Entrepreneurs Day. Since inception, the program has awarded more than $750,000 in small business grants. Black entrepreneurs and small business owners seeking financial support can apply for one of nine $25,000 grants awarded every year. Winners also get access to professional mentorships and resources to help them take their business to the next level.
Having financially supported more than 1400 small businesses since the program began, the Coalition to Back Black Businesses provides several grants of $25,000 to Black-owned businesses per year. (There were 14 winners in 2023). The goal of the Enhancement Grant is to solidify the resilience and long-term success of the award-winning businesses and to help strengthen the communities that those businesses serve.
US-based lingerie brand Third Love offers the TL Effect Grant Program to support female-identifying entrepreneurs. The company awards one $20,000 grant per year, plus a mentoring program, access to dedicated workspaces and exposure to the brand’s large consumer base to help drive awareness and sales for the winner’s business.
To qualify, you must identify as a woman of color with an early-stage startup that is at least 51% female owned. You cannot apply if your business has already received venture capital funding.
Offering a total of $435,000 in awards per year, this is one the most generous grants programs. The WomensNet Amber Grants awards multiple grants per year, with $10,000 being 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.
Small-business incubator programs provide startups with the resources, mentoring, and networking opportunities they need to succeed.
To get a startup business grant, you must apply before the deadline and meet the application requirements. Applying for a startup business grant involves several steps, and you need to be well-prepared to increase your chances of success. Keep in mind that grants are attractive options for a great number of businesses, especially startups, so there is typically strong competition.
If you are unable to secure a grant, there are several alternative funding options available to help you finance your startup.
The amount of funding options available for startups can be daunting. Still, Swoop simplifies this process by helping you identify funding opportunities that align with your startup. This includes; grants, loans, and other financing opportunities. Our search tool, personalized support, and user-friendly platform streamline the application process, allowing you to focus on what’s important – growing your business.
By leveraging Swoop’s resources and expertise, you can confidently explore non-repayable grants, flexible loan options, and innovative financing solutions to bring your business vision to life. Book a call with a Swoop representative today to secure the capital you need to grow and thrive, and let us help you achieve your business goals.
Written by
Ashlyn is a personal finance writer with experience in business and consumer taxes, retirement, and financial services to name a few. She has been published in USA Today, Kiplinger and Investopedia.
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