Small business owners are often in pursuit of money to invest in their companies. The more obvious places to look might include traditional banks and alternative lending sources like Kabbage. But, is it possible for small businesses to secure capital through grants that do not have to be paid back? We’ve gathered a list of the different types of grants open to business owners – from a state and local level, to private grants.
Government Grants
The Small Business Administration , also known as The SBA, doesn’t provide grants to small business owners to begin or expand a venture. Government grants are only awarded to very specific businesses in very specific situations through bills passed by Congress and then signed by the President.
Ayman Salem, CEO of Materials Resources in Dayton, Ohio, has applied for and received several grants through the government’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. SBIR/STTR grants provide opportunities for small businesses and non-profit research organizations to receive money to fund research and development in scientific innovation. The guidelines for determining who is eligible and what kind of work qualifies are very strict.