Table of Contents
- What Is a Grant?
- Florida Small Business Grants
- Amber Grants – Florida
- Microfinance Guarantee Program
- Small Business Loan Fund
- Florida High Tech Corridor Grant
- Enterprise Florida Grants
- Prospera Small Business Grants
- USDA Rural Business Development Grant
- National Association for the Self-Employed Grant
- Federal Minority Business Grants
- FedEx Small Business Grant Contest
- Small Business Research Grants
- Florida Grant Watch
- The Bottom Line
The COVID-19 pandemic may have caused your company’s revenue to drop significantly, making you eligible for Florida small business grants. Federal agency grants total $31.98 billion, while local governments contribute $22.69 billion. Florida’s economy depends on small businesses and large corporations for financial assistance in the form of business grants. 399,819 businesses and 47,000 farms operate in Florida.
Almost 107,382 companies file bankruptcy in Florida every year, and the state pays over $253.36 billion in wages and salaries. Businesses cannot receive grants from the federal government to start and expand. Grants are available to entrepreneurs in Florida for launching and expanding their businesses, and federal grant beneficiaries do not have to pay back grants. Consider small business grants as a means of funding your business from the government.
What Is a Grant?
In most cases, awards generate new services or products for the community. In contrast to a loan, a grant does not require repayment. Since grants awarded by government agencies and private funding sources are non-repayable, they are great funding opportunities for small businesses.
Grants benefit growth despite the time required to apply and administer them. Nevertheless, applying for and administering grants can take time. It’s imperative that you have the financial resources and meet the requirements of the awarding body. Most grant programs are administered by governments, nonprofits, and foundations.
Florida Small Business Grants
Grants for small businesses are available to Florida residents. Here are a few Florida grants you might find useful.
There are some shady sites popping up, or you wind up on a government site. Woman-owned businesses want a straightforward way to get grants. Grants and funding for women entrepreneurs have been provided by Amber Grants since 1998. This is where you need to start if you’re a woman business owner.
Each month, one $10,000 Amber Grant recipient is selected. All 12 recipients become automatically eligible to win their year-end Amber Grant of $25,000 at the end of the year. You could earn $35,000 this year by donating a few minutes.
Providing targeted guarantees on loans made to small businesses and entrepreneurs in Florida is the purpose of Florida’s Microfinance Guarantee Program. To ensure the long-term stability of the program, funds appropriated for the program must be reinvested.
Entrepreneurs and small businesses in Florida will be able to take advantage of state funds by Enterprise Florida, Inc. in order to guarantee loans that are made by private lenders to them. It is only possible to provide a loan guarantee if the loan amount is between $50,000 and $250,000, and the guarantee cannot exceed 50 percent of the loan amount. A borrower who qualifies for this loan must be an entrepreneur or a small business with 25 or fewer employees and annual gross revenues that do not exceed $1.5 million for the past two years in order to qualify for this loan program.
As a community development financial institution (CDFI), the Small Business Loan Fund (SBLF) provides low-interest business loans to minority and women-owned establishments in Florida. Its purpose is to make credit more readily available to minority businesses and women-owned establishments in Florida. There are many Eligible businesses throughout the state who are in need of loans and depend on various business leaders, but the primary focus of this CDFI is on the statewide needs of small businesses located in South Florida – Broward, Miami Dade, and Palm Beach counties.
Small businesses have unique requirements which are best met by their diverse team of business professionals who have expertise in tailoring loan terms to meet their preferences. Over the last two years, their capital impact has exceeded $4.2 million in loan capital to over 50 unique small businesses throughout the State of Florida, which has resulted in the creation of or the retention of more than 350 jobs. With their wide range of business lending options, they offer a wide range of loan terms that will meet the needs of any business and make sure that you have the tools you need throughout the life of your loan in order to be successful and grow.
A Florida High Tech Corridor Grant could be a great opportunity for your Florida startup if it is a high-tech enterprise. As part of these grants, universities have the opportunity to partner with researchers and developers to carry out research and development projects. There are 23 counties in Florida where there are job opportunities available.
It is possible for high-tech Florida businesses to apply for two different grants. Amounts of awards vary from $10,000 to $150,000, but they are typically between those levels. The program is open all year long and applications are welcome at any time.
As the state’s primary economic development organization, Enterprise Florida has a wide variety of responsibilities. Its mission is to promote economic growth and diversification in order to enhance the state’s economy through the use of public-private partnerships between the state government and businesses. As a small business owner in Florida, you should be aware that this organization offers several small business grants and services to small businesses.
It is very important for Florida startups that they are connected to private capital opportunities, venture capital programs, and opportunities for minority business development financing as offered by Enterprise Florida’s State Small Business Credit Initiative (SSBCI). It is vital that business owners keep an eye on new grant opportunities throughout the year so that they can take advantage of them whenever they arise.
Since 1991, Prospera has been helping Hispanic entrepreneurs in Florida start and grow new businesses. In order to ensure that new and growing Hispanic-owned businesses have the tools and resources to ensure their success, this economic development organization is a nonprofit organization that works with them to provide their business with the necessary resources.
As part of the Prospera business grant program, business grants are awarded on an individual basis, based on the applicants’ needs, industry, and opportunity potential. Generally, the grants provided by Prospera help Hispanic startups establish their new businesses by covering business development services.
It may be possible for you to qualify for a USDA Rural Business Development Grant if you are planning to start a new business in a rural area in Florida. Applicants for these grants must have gross revenue of less than $1 million per year and have less than 50 employees in order to qualify for these grants.
Generally, these grants should be used to improve business operations and to promote rural community projects in order to benefit the residents of the rural area. Generally, grants of this type do not have a set amount; however, the amounts of the grants may not exceed the amount of funding for the USDA Rural Business Development program available on an annual basis.
For Florida-based small businesses and startups who are also based in other US states, the National Association for the Self-Employed (NASE) offers grants of up to $4,000 as part of its small business grant program. During the past ten years, the NASE has awarded nearly $1 million in grants, in order to assist new startups with their growth and development since the program was started in 2006.
A NASE grant can only be obtained by those members who have been active members of the organization for at least 90 days in order to be eligible for it. Additionally, you need to provide evidence of financial need and detail on how your business plans to use the grant money, as well as a copy of your company’s business plan and resume, as well as a description of how receiving this grant will contribute to your company’s success.
A Federal Minority Business Grant is a loan program available to entrepreneurs who are classified as minorities in Florida based on their ethnicity, gender, or disability status and who would like to finance their business ventures. Minority-owned small businesses receive grants in the form of direct funding, but they can also take advantage of the grant’s business development services, including training, technical assistance, and management courses, in order to help their businesses grow.
There are a variety of grant amounts available depending on the small business needs, the industry, and the size of the business. Each year, the federal government sets aside $1 million to support business grants for minorities across the country as part of its commitment to diversity. There are many ways to find funding for minority businesses. However, one of the most efficient ways is through Grants.gov, where you can search for available grants based on your area of expertise and your industry.
FedEx offers small businesses across the country the opportunity to compete for grants every year through their Small Business Grant Contest. Applicants in Florida who run a small business are welcome to submit their applications.
As a general rule, FedEx reserves the majority of the grant money for small businesses that demonstrate the greatest financial need as well as those who have innovative ideas that could help communities thrive.
Several grants are often awarded in varying amounts as part of the FedEx Small Business Grant Contest, and there is no set amount for the contest. Through this program in 2020, for example, 12 businesses will receive combined grant assistance of over $250,000, which will be distributed among them.
The Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer Program (SBTT) are two of the most important research grant programs intended to assist small businesses in the United States to obtain new technology. Both programs are also known as America’s Seed Funds.
A number of research projects are funded through these two grant programs with the cooperation of the U.S. government. There is no doubt that if you are a Florida-based entrepreneur in the technology industry, you should strongly consider applying for an SBTT or SBIR program in order to finance research and development in the future. Depending on the type of business grant opportunities and the needs of the business, award amounts may vary.
Due to the fact that so many grant applications are being submitted and closed at the same time, it can be difficult to keep track of all the different grant opportunities that are available. This is precisely the purpose of the Florida GrantWatch’s comprehensive database, which assists with this need. On this website, you will be able to find all of the current grant programs that are available to small businesses, nonprofits, and other organizations.
There is a lot of information available on this website regarding grants that are available from both the federal and state governments. With Florida GrantWatch, you will be able to keep track of new grant opportunities every day, since it is updated continuously throughout the day.
These details are only available to subscribers, which requires them to pay for a subscription, which also requires them to pay for subscription. If you choose the weekly subscription plan, you will be charged $18 per week. If you choose the annual subscription plan, you will be charged $199. There are certain restrictions that apply to your free membership. You will also be unable to view grant details as a free member of the site, in addition to not being able to apply for grants as a free member of the site.
The Bottom Line
If you are waiting for your small business grant to be approved, you may want to consider looking for other options for small business loans while you are waiting for your grant to be approved, since it can take time for a grant to be approved. There are a variety of loan programs that are available to small business owners in Florida that can be used to help them start or expand their businesses.
Unless you are able to secure small business grants in Florida, it may be necessary for you to broaden your search beyond Florida’s borders and consider small business grants in other states if you are not able to locate small business grants in Florida. There are a wide range of grants available for small businesses throughout the country, including several that are tailored specifically for underrepresented groups of the population.
Are you interested in learning more about different grants and programs that can help you with your living situation? Check out the rest of Gov Relations’ blog section today!