It is possible that your small business, like other small businesses that were hard hit by the -COVID-19 pandemic in 2023, lost significant revenue. Various business grant programs are available to small businesses, families, and communities. With these resources and information, small businesses in Las Vegas will be in a better position to grow and contribute to the state’s economy, business growth, and business continuity.
The federal government provides $4.76 billion in grants to Nevada, while the local government provides $3.14 billion. There are no restrictions on the types of businesses that can receive funds in Nevada. A total of 47,929 businesses are located in Nevada, with 3,000 farms.
Eligible businesses can benefit greatly from grants since they can launch marketing campaigns, hire more staff, and bridge cash flow gaps. Payroll and salaries in Nevada account for $39.14 billion per year. In Nevada, there are 31,037 bankruptcy petitions filed annually. Grants cannot be obtained for new startups or the expansion of existing businesses. Grants from private grant awarding bodies can be used by startups and expanding businesses that are not eligible for grants from government agencies.
What Is A Grant?
It is common for authorities or agencies to award funds for product development, businesses, or projects. In contrast to a secured loan or a government-backed loan, a grant does not require repayment. A grant is also an interest-free business financing option rather than a loan, which must be repaid. This is one of the main reasons why grant programs are so beneficial to the average business owner.
The grant application and administration process can be lengthy despite being a low-cost option. Getting funding means demonstrating that you will be able to build a successful small business with the help of your funding. Local governments, charities, and private foundations offer many grant funding options.
Las Vegas Small Grants
Residents of Las Vegas can apply for several types of grants. In 2023, business owners may be able to apply for a variety of grants.
AAPISTRONG Small Business Grants
As many as 100 cash grants will be awarded to Asian American and Pacific Islander American-owned small businesses through the AAPISTRONG Small Business Grants program. The United States can boost the trajectory of AAPI entrepreneurs by providing cash grants and other valuable resources.
In partnership with National ACE and Meta, Reimagine Main Street makes AAPISTRONG Small Business Grants possible.
Through this program, Asian American and Pacific Islander American-owned small businesses can access grants and other resources from trusted partners and organizations.
Applications must be submitted by July 26, 2022.
Rural Relief Small Business Grants
LISC-Lowe is inviting small business owners in rural areas across the country to apply for the LISC-Lowe Rural Relief Small Business Grants. The Rural Relief Small Business Grants were created to elevatetheir impact in rural America.
Who is eligible?
This program is only available to small businesses in rural communities. The term rural community refers to a community with less than 50,000 people. Your business address is located within the community where your city/town/village is located. Please use the address where your vehicle is stored during off-business hours if your business is mobile (a food truck, fishing boat, ride-sharing driver, etc.).
If you are interested in applying, it is recommended that you review their FAQ and grant information first. Non-profits are not eligible for relief funding, but later funding rounds may be available.
How it works
The application process is conducted in “rounds .”Every time you apply for funding, you must submit a new application. Small businesses and enterprises affected by Covid-19 across the country will receive financial assistance, including those owned by entrepreneurs of color, women, and veterans.
Based on criteria designed to identify particularly challenged businesses, grants will be awarded to those that score highest in the scoring process.
Rural Business Development Grants
Agricultural Small Business Development Grants are administered by the US Department of Agriculture and are designed to strengthen and grow small businesses in rural areas. Several criteria apply to be eligible for these grants, including the presence of fewer than 50 new employees and the location of the applicant business in a rural area. A USDA Rural Development office in your state or locality can assist you in applying if you meet the eligibility requirements.
FedEx Small Business Grant Contest
During FedEx’s annual grant competition, $10 small businesses are awarded $250,000 in grants, including $50,000 in grants and $4,000 in FedEx print and business services. According to FedEx, the contest for 2022 has closed, and the winners have been announced. The competition was open to US-based small for-profit businesses with fewer than 99 employees operating for more than six months.
LISC Small Business Relief Grants
Since the COVID-19 pandemic began, LISC has awarded $215 million in grants to over 12,000 small businesses. Investing in racial and economic equity must be at the core oftheir new investments, nationally and locally, as part of this unprecedented effort to buoy entrepreneurs who are vital to their communities.
Small business owners could receive grants through the LISC Small Business Relief Grants program, which is run nationally. Through grants totaling over $82 million, over 6,000 entrepreneurs stayed in business and contributed to their local economies during the COVID-19 pandemic.
These grants have been made possible through contributions to the Rapid Relief & Resiliency Fund and grants from Lowe’s, P&G, Sam’s Club, Synchrony, Truist Financial, and Verizon.
National Association for the Self-Employed
For small businesses owned and operated by NASE members, grants ranging from $4,000 to $8,000 are available monthly. A scholarship of $3,000 for their dependents covers college tuition. A committee reviews all eligible entity applications quarterly (January, April, July, and October) before awarding them. It is possible to apply for grants at any time of the year.
Power Forward Small Business Grant
Black entrepreneurship is a strength that the NAACP believes in. Grants are provided to Black-owned businesses in partnership with several organizations.
With the Boston Celtics Shamrock Foundation, Vistaprint and the Boston Celtics Shamrock Foundation announced a combined commitment of $1 million to the Power Forward Small Business Grant. Grants of $25,000 will be awarded on a rolling basis to help empower Black-owned small businesses in New England and create a lasting impact.
In addition to being featured on national co-branded platforms, grantees will receive marketing and design resources tailored to their specific needs and support the growth and development of their businesses. You can apply for this grant using this link.
Amber Grants For Women
Searching on Google for grants for female entrepreneurs will show you a variety of websites that provide grants for women-owned businesses. Internet users are probably already aware of the multitude of scams and confusing government websites (SBA) that abound online. Providing personal and financial information on several forms and applications is necessary.
WomensNet may be able to help you find financing for your new business venture. It would be best if you tried to complete the process, even though it takes time and effort. There is a lot of information on this site that can be helpful to business owners looking to take their company to the next level. Amber Grants is a great resource for women seeking grants to realize their business dreams.
Businesses owned or operated by women throughout the country (including Las Vegas) are eligible to apply for this grant. If you are interested in applying for the $10,000 Amber Grant offered monthly, now is a perfect time. We encourage you to take advantage of this opportunity if you are interested. Consider the possibility of being selected as one of their 12 monthly winners. If you meet the eligibility criteria and are chosen as one of their 12 monthly winners, you will automatically be eligible to apply for a grant of $25,000. The recipient can be awarded $35,000 through the grant over 12 months.
Verizon Small Business Recovery Fund
The Covid-19 pandemic poses severe economic challenges to small businesses across the country. Local economies rely on these enterprises to provide essential goods, services, and jobs. The difference between staying in business and closing permanently can be determined by financial support during this critical time. They have a lifeline now that Verizon has stepped up to help small businesses.
It was evident from the beginning of the crisis that Verizon would have to help small businesses cover urgent financial gaps until normal operations could resume or until more permanent financing was available. Verizon created the Verizon Small Business Recovery Fund, which offers grants of up to $10,000 to small businesses, particularly in historically underserved communities. The fund was established with a $7.5 million investment in LISC.
State Trade Expansion Program (STEP)
SBA STEP grants can be used by small businesses to cover costs associated with entering or expanding into international markets. You can apply for these government small-business grants based on your state’s funding amounts and eligibility criteria. Many other business-related activities can be supported with these funds, including export trade shows, international marketing products, and website globalization.
North Las Vegas Small Business Stabilization Forgivable Loan
A revolving small business loan program offered by the City of North Las Vegas and Prestamos CDFI provides small businesses with much-needed capital and personalized business coaching. Small businesses struggling to recover from the pandemic will find comprehensive resources to help them succeed post-pandemic.
As a result of economic difficulties in these times, the program is offering funds for small businesses up to 25K. Suppose a North Las Vegas business wants to qualify. In that case, it must demonstrate a revenue reduction of at least 5% between 2020 and 2021, including any grants or other forgivable loans it may have received. For-profit businesses with five employees or less are given preference over businesses with more than 20 employees.
As part of its support for business owners, Prestamos CDFI will offer free consulting services. Business consultants at Prestamos CDFI can help businesses with everything from messaging to cost projections. A bilingual expert can assist busy business owners with individual sessions to facilitate website development, streamline processes and procedures, ignite business growth, assist with financial and accounting concerns, and grow social media content development.
The Nevada GrantWatch program assists small businesses in finding relevant grants. Additionally, the website provides local, state, and federal business loans and grants. Using GrantWatch, a free tool that helps you find new grants, you can find grant writers who can help you prepare winning grant proposals by finding new grants through GrantWatch. The grant application process requires only a few simple questions.
Information contained within Nevada GrantWatch is only accessible to subscribers who have purchased a subscription. The annual subscription costs $199, while the weekly subscription costs $18. The free membership does not qualify members to submit grant applications.
Frequently Asked Questions:
Grants for small businesses in Las Vegas include federal, state, local, and private grants targeting specific industries, business stages, or demographic groups, such as minority-owned or women-owned businesses.
Search for grants on Grants.gov, Nevada Governor’s Office of Economic Development (GOED), and City of Las Vegas websites. Consult local business development centers, chambers of commerce, and small business support organizations. Follow application guidelines and submit required documentation.
Common requirements include a detailed business plan, grant proposal, financial statements, proof of business registration, personal and/or business tax returns, and resumes or biographies of key team members.
Yes, startups and new businesses can qualify for certain grants in Las Vegas, provided they meet the eligibility criteria specified by the funding agency or organization.
Yes, grants specifically targeted at minority-owned and women-owned small businesses are available, offered by state agencies, local governments, or private organizations and foundations.
The Bottom Line
The Nevada Small Business Development Center (NVSBDC) offers small business owners various resources to launch and grow their companies. Coronavirus has forced small businesses to seek financial assistance from government and private organizations. Financial aid for small businesses can boost their growth in many ways to boost the economy. If you’re looking for funding for your company, you should choose a funding source from the above list.
Learn More About Nevada Small Business Grants
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!