7 government grants for small businesses to apply by May 2024

1. Small Business Innovation Research (SBIR) program

For: Small companies interested in conducting innovation research
Financing limit: More than $2 million
Deadline: September 5, January 5 and April 5

The Small Business Innovation Research program was designed by the Small Business Administration to encourage U.S. companies to participate in federal research and development. The competitive program is open to selected small businesses and specifically encourages the participation of women and socially or economically disadvantaged individuals.

To qualify for the SBIR program, your company must make a profit, be more than 50% owned by permanent U.S. residents, and have fewer than 500 employees. To apply for the grant, you must register your company with SBIR. If you haven’t already done so, submit a proposal by one of the program’s three-year deadlines, then respond to feedback and refine your draft as necessary.

Read more about the SBIR grant and how to apply for it here.

2. Technology transfer for small businesses (STTR) programs

For: Small companies that have joined a research institution
Financing limit: More than $2 million
Deadline: September 5, January 5 and April 5

Like the SBIR, the Small Business Technology Transfer program is a government program focused on developing innovative solutions to pressing problems in the US. This type of funding is intended to facilitate collaborative research and development efforts between small businesses and U.S. nonprofit research institutions, with the potential for commercialization of innovative technology solutions.

However, unlike SBIR, this program requires the small business applicant to already be working with a nonprofit research institution, which typically takes the form of a university or federal laboratory. The STTR program also focuses on technology transfer from the research institution, and not just the research.

Except that STTR is linked to a research institution, the participation criteria are almost identical to those of SBIR.

Read more about the STTR grant and how to apply for it here.

3. Federal Contracting Program for Women-Owned Small Businesses

For: Women-owned businesses
Financing limit: $4 million for service contracts and $6.5 million for production contracts
Deadline: Rolling

The Women-Owned Small Business Federal Contracting Program is designed to create a level playing field for women entrepreneurs. The contracts are intended for specific sectors where female-owned businesses are underrepresented. View here which sectors are eligible for the subsidy program.

To qualify for this program, you must operate a small business that is at least 51% owned and controlled by American women, and have an economically disadvantaged woman managing day-to-day operations and making long-term decisions. .

Read more about WOSB and how to register here.

4. 8(a) Business Development Program

For: Socially and economically disadvantaged entrepreneurs
Financing limit:$7 million for acquisitions assigned production NAICS codes and $4.5 million for all other acquisitions
Deadline: Rolling

The 8(a) program is a nine-year program created by the SBA to financially support businesses owned and controlled by socially and economically disadvantaged individuals. Designed for a nine-year period, it helps eligible companies access new business opportunities through government contracts.

Since the program’s founding in 1970, it has helped disadvantaged businesses access billions of dollars in financing. To qualify for the government grant, you must operate a small business, be at least 51% owned and controlled by U.S. citizens who are socially and economically disadvantaged, have a personal net worth of less than $805,000, and demonstrate of good character.

Learn more about the 8(a) business development program and how to apply here.

5. HUBZone program

For: Small businesses in historically underutilized business zones
Financing limit: $3.5 million for products and services, and $5.5 million per contract for manufacturing
Deadline: Rolling

The HUBZone program is an SBA initiative designed to promote economic development and job growth in Historically Underutilized Business Zones (HUBZones). The program does this by offering financial subsidies to entrepreneurs active within these communities.

To qualify for this business grant you must operate a small business and ensure that the business is at least 51% owned and controlled by a Community Development Corporation, an agricultural cooperative, an Alaska Native Corporation, a Native Hawaiian organization or an Indian tribe. , be headquartered in a HUBZone and have at least 35% of employees live in the HUBZone for at least 45 days before signing up.

Read more about the HUBZone program and how to apply here.

6. Small State Enterprise Credit Initiative (SSBCI)

For: Small businesses run by socially and economically disadvantaged individuals
Financing limit: $20 million
Deadline: Rolling

The Small State Business Credit Initiative is a federal program designed to support entrepreneurship in the US. The grant program is provided by the U.S. Treasury Department and was expanded in 2021 by President Biden’s American Rescue Plan Act, providing an additional $10 billion in funding to eligible businesses.

In addition to providing capital assistance to small businesses, SSBCI can also provide technical assistance to eligible businesses through the Technical Assistance (TA) Grant Program. The SSBCI is available to owner-occupied small businesses with 500 employees or fewer, and is specifically tailored to small businesses owned and controlled by socially and economically disadvantaged (SEDI) owners and very small businesses with fewer than 10 employees.

Learn more about the SSBCI program and apply here.

7. U.S. Department of Commerce Minority Business Development Agency (MBDA).

For: Small businesses run by minorities
Financing limit: Up to $350,000 for the first 10 months
Deadline: Rolling

The U.S. Department of Commerce’s Minority Business Development Agency (MBDA) is a federal grant program designed to promote the growth of minority-owned businesses. The ultimate goal of the program is to provide minority-owned businesses (MBEs) with access to funds, contracts and market opportunities both in the U.S. and globally.

To qualify for MBDA support, a business must be owned or controlled by one or more socially or economically disadvantaged persons. The majority of business owners must also identify as racial minorities.

To apply for an MBDA business grant, you must register your business with SAM.gov and Grants.gov if you have not already done so, tailor your proposal to the stated requirements and submit your application by the deadline.

Read more about the grant and how to apply for it here.

Tips for perfecting your government grant application

Government subsidies offer a golden opportunity for companies looking to grow or rebuild their business. However, due to the competitive nature of funding, you need to ensure that your grant proposal is polished and stands out from the crowd.

We understand that writing a grant application can seem like a daunting process, especially when you’re first starting out. To give your proposal the best possible chance of success, you should therefore take the tips below into account.

Give yourself enough time – You don’t want to write a grant application against the clock. Writing a proposal can take much longer than you expect, so to allow for unexpected delays we recommend that you give yourself at least 45 days to complete your written application.
Follow the instructions carefully – Don’t go off-piste when writing your application. Be sure to include all information requested by the agency and present it in the correct format.
Be as concise and clear as possible – Make sure your application is written in clear, simple language and use as many candid examples as possible to paint a clear picture for your reader. If you use graphs or images, make sure you label them clearly as well.
Keep the audience in mind – Chances are the reviewer is not yet familiar with your company. To ensure you don’t miss necessary information, write the proposal for an audience that is hearing about your company for the first time.
Develop a proofreading strategy – You don’t want to hinder the success of your application with silly mistakes like typos or grammatical errors. To ensure that your proposal looks polished, read the application carefully or outsource the service to a professional.