Starting a business from the ground up can be expensive. Startups need enough working capital for them to secure long-term growth. Once entrepreneurs need more funding to work with, they start looking for external financial resources.
Loans and credit lines are just a few external resources you can use to fund your startup. You can always ask your local government for help by applying for their small business grants.
If you need help funding your small business‘s next project, we’re here to help. This blog will explore the various government grants you can apply for as a Nevada startup.
Our income tax revenues fund federal grants, which help the government provide a helping hand to businesses nationwide. There are nearly 1,000 federal grants you can apply for. However, winning them can be extremely challenging.
Some grants follow strict criteria for their recipients. Once you get awarded the money, you still have to follow certain regulations depending on your business category.
Federal grants are often categorized into two: categorical and block grants. Categorical awards are only given to specific business categories, while block awards can be used for a wider scope of projects.
If you want to check which federal grants are appropriate for your startup, we suggest you check the following websites:
You can browse these websites and look for a program that fits your needs. If you want to be notified of any criteria changes, opt-in for email notifications.
State and Local Grants
Every state’s economic development agency creates small business grants to promote entrepreneurship. Even if they don’t have any programs available right now, these agencies can help you find ones available in your locality.
What makes federal and state grants different from one another is their source. Federal programs get their money from national government revenues, while state grants are funded by revenues from state programs.
Most startups choose state grants because they’re relatively easier to win. If you’re looking for a local grant that’s fit for your business, we recommend you visit the Department of Business and Industry website. You can also check Nevada’s Small Business Development Center.
The state’s SBDC offers free one-on-one consultations to entrepreneurs. Their advisors can help you find other financing opportunities aside from state grants.
Industry grants are only available to specific sectors. Some examples include the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (SBTT) programs.
Grant recipients must go through a three-phase process to get their funding. Each phase comes with an award amount. For instance, applicants for both programs can win $250,000 during phase one.
By phase two, SBIR participants will receive $750,000, while STTR participants can win up to $15 million. If you’re interested in one of these grants, visit SBIR’s website.
It’s also worth noting that eleven other agencies have created industry-specific grants, including the following:
Department of Agriculture
Department of Defense
Department of Health And Human Services
Non-profit and Corporation Grants
NASE’s growth grant is one excellent example of a non-profit program. Its members can receive up to $4,000, which they can use to buy new equipment and hire new talents.
To apply for a NASE grant, you must be an active member for three months before applying. Your application should also include a detailed explanation of how you plan to use the $4,000. It will also help if you provide any supporting documents for your plans.
Aside from non-profit grants, you can also seek the help of corporations like FedEx.
FedEx has a small business grant, which they award to 10 recipients annually. To get FedEx’s $25,000 award, you must show how you intend to use the grant.
We also recommend you send photos of your business and a short video explaining it.
Applicant-specific programs are aids intended to support specific demographics. Excellent examples of these grants include the SBA 8 Business Development Program and the Amber Grant For Women.
The SBA 8 Business Development Program provides help to people who find themselves at an economic disadvantage due to their race. The businesses they know are owned and controlled by people of color.
Meanwhile, the Amber Grant For Women aims to help female entrepreneurs strive in their fields. The Amber Grant Foundation gives $500 to various women-led businesses every month, with one out of the 12 annual recipients getting an additional $2,000.
If you want to apply for the Amber Grant, you need to explain what your business is in your application and pay a $7 submission fee.
Get Help Today
Starting a Nevada business may be tough, but the state is more than willing to support entrepreneurs like yourself. If you want to increase your company’s chances of success, you can build your business credit profile with NCH’s help.
NCH is one of Nevada’s leading providers of business formation services. Not only do we help business owners incorporate their startups in Nevada, but we also help them get favorable business credit terms.
Our consultants will help you find the grant your business needs and teach you how to create a strong credit profile. Call our credit experts today at 1-800-508-1729 or visit our website for more information.