Locating financing for projects and other business endeavors is always stressful. Aside from loans, credit and crowdsourcing, some projects may be eligible for grant funding. Most grants are designated for non-profit businesses and those in specialty industries, but that does not necessarily mean that your business is not eligible. To fund one of your projects, check out the following resources for potential grant funding.
Disadvantaged Business Enterprises (DBE) Grants
Southern California has grant programs available for disadvantaged business enterprises, including women-owned and minority owned companies in a variety of business sectors. An article on Entrepreneur.com titled, “11 Grants for Women-Owned Businesses You Need to Know About” suggests searching at the state level first. “When researching grants specifically for a woman-owned business, start at the state level. Most states offer grants for women-owned businesses in some capacity.” The same advice applies to any business owner searching for a grant opportunity.
Community Development Block Grants (CDBG)
Many communities offer development grants to small businesses that help out in the community. If your business offers services or goods that help better the community, check into one of these grants. One such program is the City of Pasadena Community Development Block Grant. The city’s website states, “Over 50 non-profit agencies in Pasadena currently receive CDBG funds to provide vital services to the community. Some examples of CDBG-funded activities in Pasadena include tutoring, health services, small business assistance, senior services, housing rehabilitation, public facilities improvement, food assistance, and fair housing services.”
Federal Research Grants
Small businesses in scientific research and development may qualify for a Federal Research Grant. These grants are available from many different departments of the United States government, from the U.S. Department of Agriculture to the National Science Foundation. If your business is involved in research and development ventures, check out the Small Business Administration website to see if you qualify for grant funding.
Obtaining grant funding is a tricky process, and the funding isn’t guaranteed. You will need to determine your eligibility, fill out paperwork and compete with other businesses. However, getting the grant is a tremendous resource, as you don’t have to pay them back, which can relieve financial pressure.
This article was written by Alaina Brandenburger for CBS Small Business Pulse.