Small-business owners are facing new challenges this fall, with uncertainties stemming from both the shifting economy and the run-up to the presidential election.
Despite the Federal Reserve's recent high-profile interest-rate cut, small-business owners paid an average 10.1% on short maturity loans in September, the highest rate since 2001, according to a survey by the National Federation of Independent Business. Additionally, 23% of owners said inflation remains their single most important problem in operating their business, keeping it atop the list of challenges cited by owners in NFIB's monthly polling.
It's with those and other obstacles in mind that we've gathered the following collection of small-business grants that owners can apply for in November.
Verizon offers grants and education for small businesses
The Verizon Small Business Digital Ready program is offering $10,000 grants to businesses as part of a wider education effort. Small-business owners can register on Verizon’s platform to access online courses in English and Spanish as well as mentorship opportunities, one-on-one coaching and in-person community events.
Business owners who complete at least two courses by Dec. 13 are eligible for a grant to be awarded by Verizon.
The company also is launching a small-business funding marketplace that will have loan and other funding opportunities available to small businesses.
Aurora Tech Award targets women founders of tech startups
The Aurora Tech Award, supported by inDrive, is a global grant program for women founders who have a functional product prototype, have received less than $4 million in funding and whose ventures are less than five years old. The award aims to spotlight how little funding female startup founders receive relative to male founders.
The top winner gets a $30,000 grant, followed by $20,000 for second place, $15,000 for third place, and $10,000 for both fourth and firth place. Winners also get guidance from industry experts, feedback from venture capitalists, and media representation for shortlisted startups.
Applications are due by Nov. 21 and must include a startup showcase presentation. The longlist of honorees will be announced Dec. 20, and grand-prize winners will be announced in the spring.
Techstars startup accelerator offers $120K and mentoring
Early-stage startups can submit their pitch for a chance to join the Techstars accelerator. With local programs around the world, the three-month accelerator offers the $400,000 cash equivalent of hosting, accounting and legal support, along with a $120,000 investment in the business.
Applications close Nov. 20.
$10,000 grants available from the Restaurant Disaster Relief Fund
Small-business owners who have been hit by a natural disaster are eligible for a $10,000 grant made possible by a partnership between DoorDash and small-business platform Hello Alice.
To be eligible, a business must operate in the restaurant space and have a brick-and-mortar location, three or fewer total locations, $3 million or less in revenue per location, and fewer than 50 employees per location.
Businesses also must be experiencing hardship because of a state or federally declared natural disaster.
Applications close Dec. 2. Recipients will be announced in April.
Secretsos offers $2,500 to entrepreneurs
The Secretsos Small Business Grant offers $2,500 to help entrepreneurs overcome challenges and accelerate their growth. To apply, business owners must be age 21 or older and operate in eligible U.S. states (excludes Alaska, Florida, Hawaii, New York and Rhode Island). Applications are due by 11:59 p.m. CT Dec. 31.
Grants for seed-stage products with big potential
The National Science Foundation’s America’s Seed Fund provides millions of dollars in grant funding to small businesses and startups that have big ideas. Applicants submit project pitches any time during the year, and if invited to submit a proposal could end up getting funded. The grant program gives out roughly $200 million per year to eligible businesses.
Grants for self-employed workers
The National Association for the Self-Employed has a $4,000 growth grant that it offers on a rolling basis. The catch? You have to be a member. The group has awarded nearly $1 million in grants to members since 2006.
Additional opportunities for small businesses
Entrepreneurs and business owners looking for additional assistance have other resources available to them as well. We've compiled a rundown of some of the other grant opportunities and types of training and technical assistance available to companies throughout 2024.