So, your business could benefit from some extra cash, right? That’s only normal. You may consider applying for loans, but have you used all your resources and checked for small business grants, first?

Grants are essentially free money, and there are plenty of federal and state agencies that offer them. To help your business thrive, here are 5 small business grants you should know about.

1. Shuttered Venue Operators Grant

This grant provides emergency assistance for venues affected by COVID-19.

With many entertainment venues being shut down during COVID-19, venue operators lost their income. Without an end in sight, the Shuttered Venue Operators Grant (SVOG) program was launched by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act.

The program offers over $16 billion in grants administered by SBA’s Office of Disaster Assistance.

Eligible applicants could be granted 45% of their gross earned revenue with a maximum amount of $10 million.

For eligible applicants with up to 50 full-time employees, $2 billion is reserved.

For more information, click here.

2. Targeted EIDL Advance

The EIDL Advance is back! Last year you probably heard all about PPPs and EIDLs. If you are on my email list, or follow me on social, I spoke about them A LOT and encouraged all my entrepreneur friends to apply (and early) because this was an opportunity of a lifetime (and availability was on a first come first serve basis). There is now a Targeted EIDL Advance. Just like last year’s advance, this EIDL Advance does not need to be paid back.

The difference between last year’s advance and this Targeted Advance lies in who qualifies.

Businesses eligible for the Targeted EIDL Advance meet the following criteria:

Are in a low-income community
Can demonstrate more than 30% reduction in revenue during an eight-week period beginning on March 2, 2020, or later
Have 300 or fewer employees

The advance provides up to a total of $15,000 for eligible applicants.

To be eligible, you must first apply for a COVID-19 Economic Injury Disaster Loan. You don’t need to be approved for or accept this loan to proceed with the EIDL advance. If you have previously applied, you don’t need to reapply, the SBA will contact you.

Once you apply, and if you qualify, you will receive an email to apply for the EIDL advance. If you previously applied last year (and if you even received funds), you don’t need to reapply, the SBA will contact you.

You can use this link to find out if you qualify due to your location.

Here is a link for more information on the overall program.

3. Rural Business Development Grants

This program is designed by the United States Department of Agriculture (USDA) for small, rural businesses to provide technical assistance and training to their employees.

To qualify, the business must have fewer than 50 new workers and less than $1 million in gross revenue.

The grant money is intended for projects benefiting towns, higher education, and any other rural public entities. Some projects include technology-based economic development, studies and business plans, leadership and entrepreneur training, etc.

There is no minimum or maximum amount for this grant, however, priority is given to smaller requests.

For more information, click here.

4. Women-Owned Small Business Federal Contracting Program

The federal government tries to award at least 5% of all federal contracting funds to women in business through the SBA.

Through this program, the Office of Women’s Business Ownership provides support to female entrepreneurs through business training, federal contracts, counseling, and funding opportunities specifically for women.

The program is designed to even the playing field for women entrepreneurs and help them grow their businesses.

To be eligible, you must be a small business, per the SBA’s measuring tool, be at least 51 percent owned and controlled by women who are U.S. citizens, and have women manage day-to-day operations and also make long-term decisions.

For more about this program, click here.

5. GoFundMe Small Business Relief Fund

Started by GoFundMe, The Small Business Relief Initiative helps small businesses that have been affected by COVID-19 and empowers their communities to support them.

When a community gets together to donate $500 to a small business, GoFundMe matches their donation and gives $500 as well.

Intuit QuickBooks, Yelp, GoDaddy, and Bill.com have also donated to the fund, as well as millions of community members and citizens around the world.

You can start your own page for your business online to raise funds and let your community help you out as well as GoFundMe once they match your $500 collection!

For more information, click here.

Need guidance? I’m here to help. As a business solutions expert, I have helped dozens of businesses untangle complex issues and clarify a path to greater profitability.

Check out my FREE guide to The 5 Missteps That Limit Your Business’s Profitability to unblock common barriers to profitability that I observe among way too many businesses.

Schedule a Discover & Strategize Session for a quick consultation and action steps moving forward!