As a result of COVID-19, your business might have faced significant revenue and business decline in 2024. Families, small businesses, and communities can apply for grant programs. These funding opportunities, financial assistance programs, resources, and technical assistance will help small businesses in their economic growth and contribute to the state's economy with the support of economic development authority.
Georgia has $19.18 billion in federal government grants and $12.95 billion in additional funding from the local government, including funds from partner organizations. Eligible applicants, such as female business owners, minority business owners, and commercial property owners, can benefit greatly. The state of Georgia is home to a wide array of businesses, encompassing a myriad of square feet in commercial spaces, and housing 48,000 farms and 171,747 businesses.
Small businesses can benefit greatly from grants because they can launch marketing campaigns, hire more people, and bridge cash flow gaps, aiding in business development programs. They can even seek business advisory services to refine their business idea and structure a robust business plan development. In Georgia, payroll and salaries amount to $136.63 billion a year. Every business day, Georgians file more than 77,809 bankruptcy petitions. Business expansion of existing businesses aren't eligible for federal grants. Private grants, however, may provide alternative funding methods, including facilitating access to fund essential resources like water heaters for commercial properties.
Grants, including competitive grants, are an exceptional way to secure financial aid opportunities, available from local governments, charitable organizations, and private organizations, such as grants targeted specifically for women business owners. Grant funds and rural loan funds sourced from federal and state coffers, as well as investment capital from private entities, can significantly help. Online business loans might also be an alternative option, offering a wide range of affordable loans alongside grants.
What Is A Grant?
An authority or agency awards funds to support the development of new products, businesses, or projects. Grants, unlike secured loans, are funding options that do not need to be repaid, unlike government-backed loans. The interest on grants is also free, unlike that on loans, which must be repaid. For this reason, grant programs are quite valuable for small business owners.
Grant program application and administration processes can be lengthy, even though grants are a low-cost option. You must be able to demonstrate that the funds you receive will help you build a successful small business to qualify for funding. Grant funding is available from local governments, charitable organizations, and private organizations.
Georgia Small Grants
Grants are available to Georgia residents in a variety of forms and can help provide the required capital to businesses. In 2024, business owners may be able to apply for the following business grant opportunities.
Early Stage Innovation Fund
By easing access to funding, the Small Business Administration (SBA) aims to assist entrepreneurs in growing their businesses and creating jobs while increasing their access to capital. As a result, the SBA has set up a $1 billion Early Stage Innovation Fund that provides matching capital for Small Business Investment Companies (SBICs).
Fiserv Back2Business
Up to $10,000 will be awarded to Black- and minority-owned businesses under the Fiserv Back2Business program. To create sustainable businesses and shared value for all, we provide them with vital education, coaching, and capital. Fiserv has provided technology and payment solutions to millions of small businesses for over 35 years as a global leader in payments and fintech.
Through the Fiserv Back2Business program, Fiserv is giving back to help small businesses in hard-hit communities get back to business. With its business consulting services, Fiserv's Clover payments technology solutions, financial support for employee payroll, rent and lease payments, operations equipment, and resource deployment, Back2Business is designed to help small businesses grow and stabilize.
Together with AEO, we are elevating economic inclusion and creating transformative change in underserved communities by partnering with market partners.
Focused on elevating businesses with a special focus on minority business owners, this initiative offers not only financial aid but also advisory services to help steer the business in the right direction. Georgia-Pacific employees might find this particularly beneficial, given the company’s substantial presence in Georgia.
Eligibility Criteria
This section lists the criteria potential grant winners must meet, emphasizing inclusivity by extending opportunities to a wide range of applicants, including public entities.
- Own and operate a small business owned by a Black or minority entrepreneur.
- Be more than 18 years of age.
- Make less than $1 million in revenue each year.
- Must be established on or by January 1, 2021.
- This zip code must be in Nebraska, Carter Lake, Iowa, or Council Bluffs, Iowa.
- Having less than 11 employees in total (including the owner).
- The business has not received a Fiserv Back2Business Grant in the past three years.
ARPA Small Business Grant (City Of Norcross)
In collaboration with various agencies for community development and revitalization, this grant aims to provide affordable access to funding for businesses. Not only does it offer grant funding, but it also ensures affordable housing facilities for employees.
ACE and the City of Norcross are partnering to provide qualified small businesses with funding to meet operating expenses so that COVID-19's impact on Norcross' small businesses and employees can be mitigated. These funds are governed by the American Rescue Plan Act, which determines how the funds can be used. Norcross businesses negatively affected by COVID-19 can get financial assistance through this program to stabilize, sustain, and retain them. Grants may cover the following expenses:
- Costs associated with renting, leasing, or buying a home
- Invoices for utilities
- Employee payroll
- Insurance for the business
- Expenses associated with inventory, including inventory losses
- Indirect operating expenses
By submitting appropriate financial documentation, small business grant applicants must demonstrate both need and proper use of funds under the ARPA Small Business Grant Program.
Eligibility Criteria
Applicants must meet the following criteria:
- A) Have 1-10 full-time equivalent employees, and operate a small business within the city limits of Norcross, GA, before January 1, 2019, OR
B) Become a business owner of a small business with at least two to ten full-time equivalent employees, operating from a home office within Norcross, GA, on or before January 1, 2019.
- You are required to possess an active (not expired) Business License from the City of Norcross for the years 2019-2021.
- It is important to show that for the tax years 2019 and 2020, there has been an annual revenue decline of 25% or more due to COVID-19, and this decline is supported by appropriate tax documentation.
- It is a requirement that the business name is on all tax returns for 2019 and 2020.
- Neither a Paycheck Protection Program loan (PPP) nor an Emergency Injury Disaster Loan (EIDL) has been received by them.
- The company must be recognized as a domestic corporation in good standing within the State of Georgia.
A small business that received a PPP loan and repaid it may be considered for the second round of grant awards after all first-round grant awards have been distributed if funding remains after the first round of grants been distributed to all small businesses. There will be a preference given to small businesses that have not received PPP or EIDL loans in the first round.
To be considered for a grant award, the following criteria need to be met:
- If your annual revenue is between $25,000 and $1,000,000, you will receive a grant of $10,000
- Annual revenue of more than $1,000,001 can secure you a grant of $15,000
Applications for grants are open until midnight on August 21, 2022. For questions about the ARPA Small Business Grant Program, please send them an email.
Georgia Hispanic Chamber of Commerce
The "ELEVATE TOGETHER" program, powered by "Round It Up America," is the manifestation of a nonprofit initiative dedicated to addressing systemic discrimination and historical racial disparities in business growth and profitability of black-owned businesses and those owned by minorities. A partnership between the National Urban League's Entrepreneurship Centers and the US Hispanic Chamber of Commerce is helping to support the development of disadvantaged businesses with five or fewer employees through this initiative. The ODP Corporation (the parent company of Office Depot) is the founder and sponsor of this initiative.
There will be six businesses that will receive a cash grant of $5,000 from the HCC. It is essential to note that as part of the Elevate Together program, you are also eligible for small business mentoring and a cash grant. To qualify for a cash grant, small businesses must complete a mentor orientation workshop, three mentorship sessions, business advice, and a coaching session before receiving funding (although the mentoring sessions are intended to last a little longer).
Grant Criteria
- Black- and minority-owned small businesses with five or fewer full-time employees are eligible to apply.
- It is required that the applicant is a company with a majority Hispanic or Black entrepreneurs ownership and a valid EIN.
- Applicants must have operated their Hispanic/Black business for at least nine months before applying for the grant.
- Application requirements include participation in Georgia Hispanic Chamber of Commerce workshops or consultations.
Application Criteria
- Funds must be used according to a business plan.
- An application for the grant must include a 60-second video introducing the business and explaining why it is applying.
- Venture Mentoring Team grants are awarded to businesses that complete three mentoring sessions.
Timeline
- June 3 – 17, 2022 - Applications are invited
- June 20 – 24, 2022 - Meetings of the selection committee to select the recipients of the cash grants
- June 27 – 30, 2022 - The Hispanic Chamber of Commerce will notify the recipients of cash grants
- July 1 – 8, 2022 - Congratulatory letters are sent to cash grant recipients with dates and times for mentor orientation sessions and Elevate Together award toolkits
- July 18 – 22, 2022 - The first mentoring session for Elevate Together cash grant recipients will take place
- November 19, 2022 - Cash grant recipients must complete three mentoring sessions
Amber Grants For Women
Searching on Google for grants for women entrepreneurs will reveal many websites offering relevant grants. The Internet is filled with scams and confusing government websites that offer help to small women-owned businesses. Various forms and applications ask for personal and financial information.
Your business venture may be able to find funding through WomensNet, a women-centric nonprofit organization. There will still be some effort and time involved in completing the process. This site is a great resource if you want to take your business to the next level. Amber Grants are a great option for female entrepreneurs looking for grants.
This grant is available to women who own or operate businesses throughout the country (including Georgia). If you are interested in applying for the $10,000 Amber Grant, which is given away every month, right now is the perfect time for you to do so. If you are selected as one of their 12 monthly winners, you will automatically be able to apply for a grant of $25,000 if you meet the eligibility criteria. The total amount of money awarded through the grant will be $35,000 over one year.
GrantWatch
The Georgia GrantWatch program can help small businesses find additional funding opportunities. The website provides business loans and grants for small businesses from local, state, and federal sources. By using GrantWatch, a free resource that helps you find new grants, you can get in touch with grant writers who can help you prepare winning grant proposals and provide business loan assistance. Grant applications are only required to answer a few simple questions.
The information in Georgia GrantWatch is only accessible to subscribers who have purchased a subscription. An annual subscription costs $199, and a weekly subscription costs $18. A free member cannot submit a grant application.
Exploring grants in diverse regions can unveil unique opportunities for funding. Broaden your perspective by delving into our recent blog post on small business grants in Cincinnati, and discover how another state fosters small business growth. Your venture into different grant landscapes may unveil the perfect funding solution for your enterprise.
The Bottom Line
Several resources are available through the Georgia Small Business Development Center (ILSBDC) to assist small businesses. As a result of Coronavirus, many government and private organizations offer financial assistance to small businesses to overcome this problem. There are several ways in which small business financial aid can contribute to the economy's growth by providing a boost to the economy. It would be best if you chose a funding source above that worked for your business if you are looking for funding for your business.
While you're gearing up to leverage the grants for small businesses in Georgia, don't miss out on what's happening next door. Check out our latest blog post to learn about the grant opportunities available for Arkansas small businesses. Gain a competitive edge with a regional perspective on business grants this year!
Looking to explore funding opportunities beyond Georgia? Our latest blog post dives into the realm of Small Business Grants available in South Carolina, offering a new horizon of financial support. Venture beyond state lines to tap into diverse grant options and propel your business forward.
If you live in Florida instead, check out our post about small business grants in Alabama.
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!
