Grants For Houston Small Businesses in 2022

The COVID-19 pandemic might have affected your small business as well. Families, businesses, and vulnerable communities can apply for a wide range of business grants. It will be easier for small businesses in Houston to grow and sustain their businesses with the help of these resources and information.

Texas has 55.67 billion dollars in grants in federal government grants and $35.33 billion in grant money from the local government. Texas small business funds are available to them no matter what type of business a small business is. Texas is home to 392,378 businesses and 247,000 farms.

Further, grants can help businesses finance marketing campaigns, hire more staff, and close cash flow gaps—payroll and salaries in Houston amount to $376.65 billion annually. The number of bankruptcy petitions filed by Houston residents every year is 57,810. An expanding company or a new business start-up cannot receive or use government small-business grants. Along with federal grants, nonprofit organizations and private grant awarding bodies can also provide funding for new and expanding businesses to create a positive financial impact and social impact. These business grant opportunities are pivotal to supporting small businesses that pave the way for economic development and prosperity.

What Is a Grant?

A government/private agency or authority can present funding opportunities for developing products, businesses, or projects. In contrast to secured and government-backed loans, grants cannot be repaid. As a source of financing for a business, grants may also replace loans that need to be repaid. Consequently, the grant recipient small businesses benefit greatly from grant programs.

Although grants have a low cost, they are a lengthy process to apply for and administer. You must demonstrate how the funding will assist you in building a successful business in a small business funding application. Non-profit organizations, local governments, and foundations offer various grant funding options.

Houston Small Grants

Residents of Houston have access to a variety of grants. There will be a variety of grants available to business owners in 2022.

Texas Enterprise Fund

Businesses looking to start a project in Texas versus other out-of-state options may be eligible to receive a “deal-closing” grant from the Texas Enterprise Fund (TEF). TEF has several eligibility requirements. Eligible projects must generate at least 75 full-time jobs in urban areas (or at least 25 full-time jobs in rural areas). Wages must meet or exceed the average county wage where the project will be located. The project must also be supported by the local county government where the project takes place.

Awards are calculated based on whether the project will likely see a return on investment. Awards will also depend on the number of jobs created, average wages, and hiring timeframe.

To apply to TEF, applicants must undergo a lengthy due diligence process. You must fill out a 20-page application and pay a $1,000 application fee. You will receive an offer letter detailing your grant contract if your application is approved.

The State of Texas Trade Expansion Program

To encourage Texan businesses to export to foreign markets and increase the value of exported goods and services, The State of Texas Trade Expansion Program (STEP) awards grants of up to $10,000 to eligible small businesses participating in select export activities. Companies that want to participate in foreign trade shows, get compliance testing to test the viability of a product in a foreign market, or need to translate their website or invest in search engine optimization are considered approved export activities.

STEP requires that the business matches 25% of the grant in conjunction with the grant up to $2,500. Eligible businesses must be organized and operating in the U.S., meet industry-based business size standards (you can check your size standard through the Code of Federal Regulations), be in business for at least one year, and understand the costs associated with exporting and conducting business transactions with foreign purchasers.

Amber Grant

If you search for women-owned business grants on Google, you will find a variety of websites. There are many scams on the Internet, and there are also confusing government websites (SBA). Your personal and financial information will usually be requested on forms and applications.

Using the WomensNet website, you may be able to obtain funding for your new business venture. After completing it, you will find it worth your time and effort. Even if it takes time and effort, this is a worthwhile project. Whether you want to learn about Amber Grant or pursue your business dreams doesn’t matter.

Many women-owned and operated businesses are eligible to apply (including Houston). Amber Grants of $10,000 are available every month to qualified applicants. Consider applying if you want to become one of their 12 monthly winners. Every month, they choose a winner to receive a grant of $25,000 if they meet their eligibility criteria. Over 12 months, the grant can award the recipient $35,000 in total.

Houston and Wells Fargo Open for Business Grant

The city of Houston and Wells Fargo is launching a new $20 million Open for Business grant. The portal opens for applicants on August 9 to support the city’s underserved businesses. Wells Fargo’s contribution is part of its nationwide Open for Business Fund, created during the early days of the pandemic. To qualify, businesses and non-profits must be led by people of color and located in the Houston area with 50 employees or fewer. Eligible businesses and non-profits can apply for grants between $10,000 and $65,000. The application portal and the current grant cycle close on August 23.

GrantWatch

The GrantWatch website provides small businesses with access to grants that are relevant to their needs. The website also offers access to loans, grants, and government subsidies for small businesses. You can search for new grants through GrantWatch and contact grant writers who can assist you in preparing winning grant proposals. With GrantWatch, you can search for new grants for free. It only takes a few minutes to fill out a grant application.

Information in this business grant portal is accessible only to Houston GrantWatch subscribers. There is a $199 annual subscription fee and an $18 weekly subscription fee. Since free members are not eligible to apply for grants, they cannot submit them.

The Bottom Line

Many business resources are available through the Houston Small Business Development Center (MSSBDC) for small business owners looking to start or grow their businesses. Government and private organizations have offered financial assistance to small businesses to help them overcome Coronavirus. By encouraging the growth of small businesses, financial aid can boost the economy in various ways. Choosing a funding source from the above list is the best way to get funding for your business.

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!