Small businesses had a moderate bounce back this year as interest rates and inflation somewhat stabilized in the 3rd and 4th quarters, but 2024 is still expected to be a tough year. The good news is that a plethora of public and private grants are or will be available this year. That means small businesses in virtually every industry will have chances to get much-needed free money.

Knowing which grants to apply for, how best to compete for them and finding a way to win can be a monumentally tough challenge, however. Some grants are difficult to find, while others may require a mountain of paperwork and other requirements to apply. This year, Kapitus has compiled a list of grants, issued by both the public and private sectors, in an easy-to-follow format to help you easily find the best grant opportunities for your business.

Top Private Sector Grants

Many large companies, especially those in the financial services sector, offer annual grants as a way of giving back to the small business community that uses their services. Private grants come in all forms and sizes, and in many cases, any small business can apply and compete for them. The top private grants in 2024, in no particular order, are:

1.Venmo Small Business Grants

Every summer Venmo, an online direct payment application, grants $20,000 apiece to 20 small businesses based on their stories and history of overcoming challenges.

Key Information:

Award Amounts:$20,000 apiece to 20 winners.

Launch Date: Summer

Deadline: TBA

Where to Apply: Continually visit Venmo’s small business grant site as information on its 2024 grant program will be announced in late spring.

Requirements: Your business must have a Venmo profile, but does not have to be a customer of its sister company, PayPal. Eligible small businesses must have 10 or fewer employees and $50,000 or less in annual sales.

Application Difficulty Level: Medium

2.National Association for the Self-Employed (NASE) Small Grants Program

Every year the NASE offers its members a chance to win $4,000 in grant money to grow their business through new marketing and advertising initiatives, hiring additional employees and expanding their facilities.

Key Information:

Award Amounts:$4,000 awarded to 10 chosen applicants on a rolling basis.

Deadline: Applications can be submitted by November 30, 2023, with monthly winners announced on a rolling basis. Application period will reopen on Feb. 1, 2024.

Where to Apply: Small businesses should check NASE’s grants website for updated information.

Requirements: Must be a member of NASE in good standing for at least three months prior to application. Winners are selected based on information given in their applications.

Application Difficulty Level: High

3.Small Business Growth Fund

Hello Alice is teaming up with Progressive, Etsy and the Global Entrepreneurship Fund to provide grants in varying amounts to small businesses still in their infancy.

Key Information:

Award Amounts: Grant amounts will vary between $5,000 and $25,000 based on scoring factors.

Deadline: TBA, application period usually begins at the beginning of every year.

Where to Apply: Visit Hello Alice’s website to apply.

Requirements: Must sign up to Hello Alice, an online community of entrepreneurs and small business owners. Membership is free. Applying businesses must have $1 million or less in gross annual revenue in 2023. Small business owners must also clearly explain how they would use grant money to grow their businesses as part of the application process.

Application Difficulty Level: Easy

4.Skip Monthly Business Grant

Skip is a California-based social media company that helps both people and businesses get access to government-related services and information and is part of YoGov.org. Every month since March 2020, Skip uses revenues from its YouTube channel which awards $1,000 grants to small business owners as well as free services and information.

Key Information:

Award Amounts:$1000 per month, but the amounts can vary based on Skip’s YouTube monthly income.

Deadline: The winner is announced on its YouTube channel on the third Wednesday of every month.

Where to Apply: Detailed instructions on how to apply can be found on Skip’s website.

Requirements: Open to all small businesses as defined by the US Small Business Administration.

Application Difficulty Level: Low

7.Small Business Digital Ready Program

Small business consultant National ACE and Verizon are offering an online course for small businesses on how to succeed in a digitalized world. Those who sign up for the course and attend two sessions are automatically eligible for a $10,000 grant.

Key Information:

Award Amount:$10,000

Deadline: The two companies have a rolling deadline throughout the year, and a winner will be chosen once per quarter.

Where to Apply: The sign-up sheet for the course can be found on National Ace’s website.

Requirement: Open toall small businesses that sign up for the course.

Grants to Mark on Your Calendar for Later This Year

The following grants are great opportunities for small business owners; however their submission deadlines have already passed for 2023. Be sure to mark your calendars so you don’t miss out in 2024!

8.US Chamber of Commerce Dream Big Award

Every year the US Chamber of Commerce awards a $25,000 grant to an exceptional small business, plus tertiary prizes for small businesses in several categories, including women-, veteran- and minority-owned small businesses.

Key Information:

Award Amount: $25,000 for first place winner, while small businesses chosen in each category will receive a one-year paid membership in the US Chamber of Commerce, as well as a profile in the Chamber’s online small business news publication, CO.

Deadline: Contest usually begins in October, with winners announced in January.

Where to Apply: Hopeful applicants can sign up for CO’s newsletter here to get updates on exactly when the 2023 competition will begin. See last year’s winners here to learn more about the competition.

Requirements: Must be a US-based for-profit business that fits the SBA’s definition of a small business.

Application Difficulty Level: Medium

9.Fast Break for Small Businesses

This annual grant program is the result of a combined effort by the NBA, WNBA, NBA G League, and online law advisor LegalZoom. It offers $6 million in grants and legal services, and is managed by the Accion Opportunity Fund.

Key Information:

Award Amounts: TBA

Deadline: TBA

Where to Apply: The grant program is expected to start taking applications before the NBA season ends in early summer, but those wishing to participate can click here to sign up for email alerts on when the 2023 competition will begin.

Requirements:  Must be a registered small business in existence for at least 6 months prior to application, and have an annual revenue of less than $1 million.

Application Difficulty Level: Medium.

10.Barclays Small Business Big Wins Contest

Every year Barclays US Consumer Bank division hands out $255,000 in prizes to 60 small businesses that share their stories and what drives them via essays and photographs.

Key Information:

Award Amounts:$60,000 for one first-place winner. $40,000 for one second-place winner, $20,000 for one third-place winner, and $5,000 apiece for seven runners-up. Barclays will also award $2,000 apiece for 50 sweepstakes winners.

Deadline: TBA

Where to Apply: Click here to keep checking the registration page for when the contest will begin in 2024. It is usually launched at the beginning of every year.

Requirements: Go to the application site and fill out the basic information. Additionally, write a passionate essay detailing your small business’ story and what drives you as a small business owner, while including compelling photographs of your business.

Application Difficulty Level: Easy

11. FedEx Small Business Grant Contest

Every year, FedEx awards $30,000 each to 10 small businesses for its grant contest. Entrants must be customers of FedEx and submit essays and videos telling the stories of their businesses.

Key Information:

Award Amounts: FedEx will choose 10 winners that will each receive $30,000. Winners will be selected by public voting.

Launch Date: TBD

Deadline: TBD

Where to Apply: Click here to find out further information and enter once the grant competition begins.

Requirements: Entrants must open a FedEx account, write a short company biography and submit photos and a video telling the stories of their businesses and why they deserve to win.

Application Difficulty Level: Medium.

Other Private Grants to Consider

The following grants may set more application requirements than other options on this list, but if you’re eligible then they’re certainly worth considering.

12. digitalundivided BREAKTHROUGH Program

The BREATKTHROUGH program from digitalundivided is a corporate-backed grant that helps women who own small businesses. Along with providing awards, digitalundivided is also an excellent resource for professional connections and support.

Key Information:

Award Amount:$5,000

Deadline:2024 TBA

Where to Apply: Apply for the grant from the digitalundivided grant page

Requirements: Identify as both a woman and a member of the BIPOC and/or Latina community, be at least 18 years old, have a business registered for at least a year in which you have majority ownership, have a website or mobile app for your business, generate at least $50,000 in revenue annually.

Application Difficulty Level: Medium

13.Main Street America’s Backing Small Businesses Grant Program

Main Street America and American Express work together to award grants to minority-owned small businesses. In total, Main Street American and American Express award 350 grants each year.

Key Information:

Award Amounts: The program will award $5,000 grants each to 350 small business owners, plus $25,000 in enhancement grants will be awarded to 25 winners based on their stories.

Deadline: April 7, 2023

Where to Apply: Click here for information about the program as well as an application form.

Requirements: The grant is available to minority and women-owned small businesses, as well as veteran-owned small businesses and businesses owned by people disabilities. Applicants must have a brick-and-mortar location and employ 20 or fewer full-time employees.

Application Difficulty Level: Easy

Tips for Applying to Private Grants

Before you begin applying to private grants, consider following these tips to strengthen your application and focus your time and effort on grants you could win.

Make Sure You Meet All Requirements

From double-checking your eligibility to making sure you have all the materials required to apply, your best bet is to go through each grant’s website to see if your business qualifies.

Some grant competitions seek small businesses that operate in certain industries, while others may have a set definition on what a small business is that’s different from the definition given by the SBA. Some may require a certain number of employees, while others may set a limit on a contestant’s net revenue. It’s especially important to read the fine print for each individual grant. Checking previous winners could also shed some light on the types of businesses that tend to win the award, too.

Set Your Small Business Apart

Before you consider applying for a private grant, make sure you put your company in the best position to compete. While there are many grant competitions out there with different requirements, they all have some common threads in terms of what they are seeking, so here are some general steps you can take to prepare your small business:

• Have a compelling story to tell. Almost every grant competition will require you to tell the story of your business – what your passions were that motivated you to start your business and what initial obstacles you had to overcome. Create a unique, interesting story beforehand that both judges and the public can relate to.
• Explain how you overcame adversity. If there’s one characteristic that successful small business owners have in common, it’s resiliency. There are plenty of deterrents right now for small businesses, including soaring inflation, a tight labor market, and supply chain disruptions. Creating a story beforehand about the creative ways your business has overcome challenges will go a long way in readying your business for a grant competition.
• Line up testimonials. Many grant competitions allow for customer testimonials, so it’s important you ask your best customers if they would be willing to give you either a written or video testimonial for your business. Lining these up beforehand can give you the competitive edge you need to win.
• Learn how to create compelling videos and photos. Many grant competitions require entries in the form of videos of the business owners and employees telling the story of their businesses and operations. You want your videos and photos to be compelling, colorful, and action-oriented.

Private Grant Alternatives

If you enter a grant competition and don’t win, don’t fret – there are other ways to get funding for your business. Although most funding sources don’t give away free money, they often come in the form of flexible deals that can be great for your business. Some other ways to get money:

Crowdfunding

Crowdfunding is popular among startups as it is a way to garner funds through popular crowdfunding websites. Generally, a business owner takes money in exchange for discounts or some form of profit sharing in your business.

Strategic Loans

There are several lending products offered by both commercial and alternative lenders that are specifically designed to help your business grow and meet expenses.

Taking on Investors

If you are confident that your business is in a unique position to significantly grow soon, you might want to try to entice outside investors in your business. There are several types of investors, including venture cap and angel investors. Typically, however, this will mean sharing your profits or even giving up pieces of ownership in your business, so consider this option carefully.

More Grant Resources

Beyond national grants, there are also grants for particular small business owners that may be disadvantaged. These include:

• Grants tailored for veterans who are seeking to start own small business after they’ve been discharged.
• Grants for minority owned businesses that may be disadvantaged.
• Grants for women run their own small businesses, and
• Government grants for small businesses mostly specializing in technology or are operating in rural areas.

For a summary of the different types of grants for small businesses, read here.

. Looking to apply to grants beyond those offered by private institutions? Check out our ultimate list of small business grants to get started!

 

Frequently Asked Questions About Private Grants

Some of the most frequently asked questions from small business owners regarding grants:

Do I Need to Pay to Enter a Grant Competition?

Typically, entities that sponsor grant competitions do not require an upfront payment. Some trade organizations that offer grants, however, may require paid membership, and that could be costly. Read the requirements of each grant competition carefully.

Can I Apply for More Than One Grant?

Yes, you can compete in as many grant contests as you like, however, some grant competitions will not allow you to apply twice for the same grant.

Are Private Grants Easy to Win?

The short answer is no. Private grants are highly competitive, as most grant competitions have hundreds – if not thousands – of entries. Most grant competitions do post video submissions or written entries of past winners on their websites, so you should carefully go over those to see what gave them the competitive edge.

If I Win Grant Money, are There Strings Attached?

Grant competitions give away free money, but there are often conditions on how the winner can spend that money. Some grants require you to spend the money on expansion, while others may require you to spend the winnings on economic development in your area. Most grant sponsors will check up on you throughout the following year to see if you are spending the winnings on what you said you would spend them on. Read the rules carefully before entering a grant competition.

Do I Have to Pay Taxes on Grant Money?

Unfortunately, yes. If you’re fortunate enough to win grant money, in almost every case it will be up to you to report those winnings to the IRS and figure out how much you owe on them. It would be best to consult with your accountant if you’re one of the lucky winners of a grant.