Whether you are considering forming a Nevada corporation or LLC, or even if you already have a business entity, the only constant is the necessity for money. Getting started, developing or expanding your business, it all comes with a price tag. The silver lining is that with enough research and effort, free money for your business is waiting in the wings. The federal government offers some grants for small-business owners, but they’re designated for very specific purposes, such as certain research and development projects, or for businesses in rural areas. Each state and local government offers resources for grants and incentives for operating in their jurisdiction. There are also additional venues and agencies that are willing to contribute to your startup’s efforts.
For federally sponsored grants, search the database on Grants.gov. You can search for small-business grants, but make sure you filter the results on the left side of the page to view grants specifically for small businesses. You can look for a grant that best suits your business category and opt in for email notifications for any changes made to a specific grant opportunity. Federal small-business grants are very limited and often are very competitive, so you may have better luck looking for grants for your Nevada LLC or Corporation at the state and municipal levels.
State and Local Grants
For Nevada state and city specific resources that offer small business grants and incentives, visit the website: Department of Business and Industry. Every state has economic development agencies focused on promoting a strong local economy. Even if the agency itself doesn’t offer a small-business grant, it will likely be able to point you in the right direction. SBDC’s offer free, one-on-one business consulting. Set up a meeting with your local SBDC advisor and they’ll be able to tell you about grants and other business financing opportunities in your area.
There are industry specific grants, such as Small Business Innovation Research and Small Business Technology Transfer programs, which ultimately provide grants to small businesses that contribute to federal research and development. Eleven federal agencies, including the departments of Agriculture, Defense, and Health and Human Services, post grant opportunities on their websites. You can also search all grant opportunities on the SBIR website.
Non-profit and Corporation Grants
Non-profit organizations is another great resource for researching grants. For instance, the National Association for the Self-Employed is a fantastic option. To apply for a grant of up to $4,000, you’ll need to become an active member of the association, provide a detailed explanation of how you’ll use the funds, show how the grant will support your business growth, and provide some supporting documentation. Larger corporations like FedEx, also have the small business owner in mind. FedEx awards up to $25,000 each to 10 small businesses annually. The application requires an explanation of your business, how you’d use the money, photos of your business, and a short video explaining your business (optional). You don’t need a FedEx account to apply.
The majority of grants are based on the work, products, or services that your business will provide. However, there are organizations targeting efforts to support varying demographics of entrepreneurs and small business owners. The Minority Business Development Agency is a corporate member organization that focuses on increasing business opportunities for certified minority businesses. If you’re looking for help competing in the corporate market, but can’t afford it, the SBA 8(a) Business Development Program provides assistance to socially or economically disadvantaged small-business owners through this Small Business Association program. The program offers business development assistance, training workshops, management, and technical guidance. To qualify, a small business must be at least 51% owned and controlled by a citizen subjected to cultural bias or prejudice, and placed at an economic disadvantage because of race or ethnicity. For the female entrepreneur, the Amber Grant Foundation awards $500 every month to a different women-owned business. At the end of each year, one of the 12 grant winners are awarded an additional $2,000. To apply, you must explain what your business is, describe what you’d do with the grant money, and pay a $7 application fee. The foundation’s advisory board chooses the winners, looking for passionate women with great stories.
Though the road to Nevada Business Formation and all its benefits requires funding, a little extra research and effort can save you thousands of dollars. Whatever your financing needs are, it is possible to obtain a line of credit for your business. NCH can improve your chances of success, build your business credit profile, and position your company for favorable credit terms. Start building business credit today, so that when the time comes to get funding for your business, you’ll be ready. Give the credit experts at NCH a call today at 1-800-508-1729.