Starting a Business: Lesson 7
The Realities of Grant Funding
Kayla Miller teaches you about what kind of grant funding is available for you and how to access it.
Test Your Knowledge
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What is the name of the website that lists all federal grants available for small businesses?CorrectIncorrect
What type of businesses are most eligible for the Small Business Innovation Research (SBIR) grant program?CorrectIncorrect
What are potential additional costs associated with grant funding? (Select all that applies.)CorrectIncorrect
Video Lesson Topics
- Federal Government Grants
Grants.gov contains all of the grants that the federal government provides. Anyone can apply for these grants; however, the majority of the grants on this website are reserved for non-profit institutions, educational institutions, and related to research funding. For the average small business, this website is not incredibly useful.
- Federal Grants Available to Small Businesses
A grant program that a lot of small businesses can take advantage of is SBIR (Small Business Innovation Research). However, this program is meant for individuals and businesses in innovative research (projects related to Nasa, space, environmental protection, and the EPA). If your business focuses on any of those areas, this program may be right for you!
- Private Grant Funds
These types of funds are out there, but can be scarce and extremely competitive. There are some grant funds available through state agencies and rural development programs through the USDA; these are searchable through grants.gov and state agency sites.
- The Downside of Grants
Although grants are available, they are scarce and are not for the majority of small businesses. If you find a grant that you would like to apply for or receive more information on, talk to your TSBDC consultant about it. Oftentimes, there are administrative burdens and costs associated with grant funding. In addition to applying for a grant, you are also potentially going to have to provide reports on a quarterly or annually basis to the grant funding agency. You also want to be aware of any matching requirements that could be present (“We give you a dollar, you match us a dollar.”).
Topics & Lessons
Each Below Topic Contains a Video Lesson and Helpful Downloadable Information
What Problem am I Solving and Who am I Solving it For?
The Planning Process and Planning Tools
What It Takes to Be Successful
Funding Options for Starting Your Business
The Realities of Grant Funding
Partnership and Operating Agreements
B Corp Certification
Is Starting a Business Right for You?
Analyzing Your Personal Finances Before Starting A Business
Want to learn more about how this topic relates to your business?
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