Smaller businesses, specifically entrepreneurial enterprises, find it extremely challenging to stay operative or survive in a highly competitive market. They do not have the same financial, marketing, or technological resources to combat the larger businesses. Therefore, the Small Business Association has stepped forward with the following proposals to provide economic assistance to the struggling, pandemic-stricken businesses.
The Targeted EIDL Advance Grant Program
The Targeted EIDL Advance Grant Program leads the list of grants for small businesses by the Small Business Association. The grant amount set under this program is $10,000 distributed among smaller businesses hit hard by COVID. The smaller businesses will be selected from low-earning neighborhoods to bridge the uneven income gap.
So far, the Small Business Association has distributed $2 million from the $30 million grant pool. As you can tell, there has not been any significant progress. The slow pace is primarily because of the tedious application process that requires struggling businesses to apply for a disaster loan first.
The Shuttered Venue Operators Grant Program
Next on the list of grants for small businesses is called the Shuttered Venue Operators Grant Program. Similar to its predecessor-mentioned program, the funds remain yet to be withdrawn and distributed. The grant has received more than at least 15000 applicants that seek a total of funding of $11.7 million. This amount is meager compared to the $38 million the House has set aside to provide assistance under this grant.
The Small Business Association is also contributing to the slow pace. It has processed only four thousand applications to completion, granted $3.2 million. On the other extreme, only $2 million have been distributed out of the grant pool.
The Community Navigator Program
Let’s continue the list of grants for small businesses by mentioning the Community Navigator Program by the Small Business Association. The pandemic has caused an absence of food, a loss of income, and roofless days and nights. The current grant is an opportunity for small businesses to network and counsel for services until they are back on their feet.
The Community Navigator Pilot Program distributes one to five million dollars among small businesses to resurrect economic activity. Smaller businesses can learn more about the program by contacting their local elective offices since the submission date may extend to late September.
The Rural Innovation Stronger Economy Grant Program
The Department of Agriculture is also actively involved in providing grants for smaller businesses. The Rural Innovation Stronger Economic Grant Program distributes grants as big as $2 million to aid business development. Additionally, the rural grant has been allotted $10 million for nonprofit organizations and the public sector to facilitate and accelerate economic programs in rural areas.
With the assistance of the rural grant, jobs will be created, training will be provided, and new industries will be set up. The primary intention is to boost infrastructure facilities with a minimum grant of half a million dollars.
America’s Seed Program
Another influential ally of grants for small businesses is the National Science Foundation which proposed America’s Seed Program. The Foundation intends to distribute technology and agriculture knowledge to new farmers. The technology will include cloud computing, artificial intelligence, and advanced materials for outstanding annual agriculture growth.
The Foundation facilitates 400 farmers annually with the help of this program. It has contributed to 3,500 business startups based on innovative ideas. The Foundation is responsible for seeing ideas come to fruition with competent leadership and unbiased supervision. Small businesses can earn an initial quarter of a million grant which may grow into a million dollars depending on progress.
SBIR and STTR collaboration—a concluding thought
These aiding programs are very competitive, so do not be dishearted if you do not fill the criteria. Most of these joint grants will only be provided to entrepreneurial businesses that do not employ more than 500 employees. Nonetheless, the joint program encourages small businesses to promote their products and services for federal research purposes.
The grant can range from anywhere to $50,000 to a quarter of a million-dollar. However, the larger grants are reserved for business ideas that are prototype-based. Nonetheless, the collaborative program continues to facilitate smaller businesses to achieve growth.
Do not forget…
Smaller businesses are the bedrock of economic prosperity and growth. Therefore, public governmental bodies use grants for small businesses to abolish possible future monopolistic practices while simultaneously promoting the “free market” concept.