To get a small business grant in 2025, the process generally involves several key steps:
- Research Available Grants: Look for grants that fit your industry, business size, location, and owner demographics. Use databases like Grants.gov, GrantWatch, or check with local Small Business Development Centers. There are federal, state, local, corporate, nonprofit, and industry-specific grants available.
- Check Eligibility: Carefully read the eligibility requirements for each grant. Different grants have different criteria, such as business type, revenue, ownership (e.g., women-owned, veteran-owned), and geographic location. Only apply if you meet the qualifications.
- Prepare Documentation: Gather necessary documents which may include business licenses, financial statements, tax returns, business plans, and certificates of good standing. Follow any specific formatting instructions.
- Align Your Business with the Grantor’s Mission: Demonstrate how your business contributes to the goals of the grant provider. This may involve emphasizing community impact, innovation, or industry relevance.
- Tell Your Business Story: Craft a compelling narrative explaining why your business deserves the grant, how you will use the funds, and what makes your business unique. Some applications require essays, videos, or formal business plans.
- Submit Your Application: Complete and submit the application by the deadline. Some grants may involve additional steps like interviews or public voting for finalists.
Small business grants are competitive with only about 10% of applicants typically funded, so careful preparation is crucial. Examples of notable grants include federal Small Business Administration (SBA) grants, state- specific grants, corporate grants like the FedEx Small Business Grant Contest, and grants targeted to underserved groups (women, veterans, BIPOC, and LGBTQ+ entrepreneurs). Following these steps will improve chances of securing a small business grant in 2025.