The U.S. Small Business Administration (SBA) is well known for its funding programs that guarantee a portion of loans that can launch and expand businesses.
What’s less well known is the SBA grants program, a far-reaching group of programs that also provide much-needed financial support to small businesses. Here’s a look at the who, what, and where of small business grants.
SBA grants provide funding for a range of business purposes, including technology, exporting, and management support. In addition, there are programs specifically designed for military veterans, microentrepreneurs, and women. Some of these programs are designed for for-profit businesses while others are geared for nonprofits and agencies, often as administrators to distribute funds to small businesses.
The Many Types of SBA Grants
Here’s a look at the most popular SBA grant programs:
- Federal and State Technology (FAST) Partnership Program. Geared toward organizations, this program offers one-year funding to operate state and regional programs that grow the number of Small Business Innovation Research (SBIR) and Small Business Technology Transfer proposals and awards.
- 7(j) Management and Technical Assistance Services. Small businesses that offer management, technical assistance, and guidance to other small businesses can use these grants.
- Programs for Veterans
- Boots to Business (B2B) Funding Opportunity. Grants for five years are available for participants in B2B, an entrepreneurial training program for transitioning service members.
- Veterans Business Outreach Centers Cooperative Agreement. Transitioning service members can gain access to counseling, training, and B2B networking events.
- Veteran Federal Procurement Entrepreneur Training Program (VFPETP). Organizations can use grants to provide start-up and established small businesses with procurement training.
- Women Veteran Entrepreneurship Training Program (WVETP). Similar to the above program but for women entrepreneurs.
- Service-Disabled Veteran Entrepreneurship Training Program (SDVETP). Organizations can apply for funding that provides entrepreneurship training to service-disabled veterans who own a small business or want to do so.
- Program for Investors in Microentrepreneurs (PRIME). Private nonprofit or government-run microenterprise development organizations can earn grants to provide guidance and support to “disadvantaged entrepreneurs” or microentrepreneurs.
- State Trade Expansion Program (STEP). State agencies can fund small businesses looking to grow the number of companies exporting goods.
- SCORE. Current recipients of an SBA SCORE award that are not-for-profit businesses are eligible for funding opportunities through this program.
Supplementing SBA Grants
SBA grants can help with some aspects of business funding but are unlikely to provide you with all the financing you need to launch or grow your business. That’s where the small business experts at Benetrends can help.
For more than three decades, Benetrends has helped thousands of small business owners with innovative funding strategies. Our Rollover as Business Startups (ROBS) program helps businesses gain access to funds quickly by leveraging existing 401(k) or IRA funds. Benetrends also offers an array of business support services, including SBA loan guidance, retirement fund management, legal services, credit card processing, and insurance.
At Benetrends, small business is our business. Let us help you navigate the complex world of small business funding and gain the funds you need for success. To learn more, download Innovative Funding Strategies For Entrepreneurs.