If you are a small business owner and you’re in need of funding to launch or grow your company, you might want to consider applying for a business grant, which is basically free money from the entity you receive it from. This means that you are not required to pay it back. In this article, we’ll take a look at the top federal grants for small businesses.

The Basics

Typically, the federal government will only provide grants for educational institutions and non-profits. However, there may be some grants you can get through your local government such as the Office of Economic Development. You can find documentation on the SBA website detailing the requirements for eligibility.

Following are a few federal agencies where you may be able to obtain a small business grant.

Small Business Innovation Research/Small Business Technology Transfer Programs

These are highly competitive programs encouraging small businesses to participate in federal research/development. They are also referred to as SBIR/STTR.

National Institutes of Health (NIH)

This is a subset of the United States Department of Health & Human Services, offering grants for small businesses with a focus on biomedical tech.

Department of Energy

This government entity is a participant in the SBIR/STTR programs mentioned earlier, offering a variety of funding opportunities with a focus on the field of energy.  

National Institute of Food and Agriculture

This entity is part of the Department of Agriculture and supports agricultural efforts in rural areas. This grant process has four phases.

National Institute of Standards and Technology

This is a non-regulatory arm of the Department of Commerce, offering a business grant for small businesses with a focus on technological improvement.

Environmental Protection Agency

The grants offered by the EPA are offered to those non-profits that are trying to reach environmental goals.

Department of Transportation

The DOT’s Volpe Center is a resource associated with the federal government that accepts solicitation for financial assistance. They introduced a new program in 2020.

As you can see, there are several options for federal grants for those who are looking to start a business or grow their current one. If you need help obtaining a business grant, contact Sterling Capital Consulting.