Thinking about applying for a grant?
There ARE grants available for small businesses. Here are some things to keep in mind:
- Grants are typically geared toward the stage and type of business you are in, your location, and in some cases, the owner’s demographic profile.
- Given the competitive and time consuming nature of applying for grants, your SBDC advisor can help identify those grants that may be a good fit for your business.
- Grant awards:
- Can take a significant amount of time before they hit your bank account.
- May require you to report how you are spending/spent the money.
- May be “reimbursable,” meaning you must pay for things up front and then the grantee pays you back.
- The availability of grants is constantly changing, with application windows and deadlines opening and closing throughout the year.
- To explore which grants may be a good fit for your business, schedule a meeting with an SBDC Advisor today
Examples of Grants
For Innovation-based businesses
Small Business Innovation Research The SBIR program is designed for small businesses engaged in research and development that have commercial potential, with the aim to stimulate technological innovation and scientific entrepreneurship. $150,000 – $1M.
Small Business Technology Transfer The STTR has similar goals as the SBIR program but requires their small business applicants to collaborate with a research institution. Five federal agencies currently participate in this program, setting aside a bit of their budget to work with small businesses. $150,000 -$1M.
Commonwealth Commercialization Fund Administered by Virginia’s Center for Innovative Technology (CIT), CRCF invests in priority research and commercialization activities through the private sector, academia, and nonprofit research institutes. Approximately $2.5MM awarded annually through its programs – see examples of programs here.
Virginia Catalyst Grant Program Awards annual grants to fund development and commercialization of life science projects that address major unmet needs for improving human health and advancing Virginia’s economy. Awards from $200,000 – $800,000.
For agriculture and value added food & beverage products
Tourism Related
FinImpact keeps a current list of the top grants available, primarily for BIPOC entrepreneurs.
