Your small business, like all other hard-hit small businesses, might have lost significant revenue in 2024 due to the -COVID-19 pandemic. Small businesses, families, and communities are all eligible to apply for various business grant programs. Small businesses in Mississippi will be able to grow and contribute to the state's economy, business growth, and business continuity with the help of these resources and information.
Mississippi has $8.31 billion in federal government grants and $7.64 billion in local government funding. The funds in Mississippi are not restricted to any particular type of business. There are 42,000 farms and 46,137 businesses in Mississippi.
Grants can be extremely beneficial for Eligible businesses since they help them launch marketing campaigns, hire more staff, and bridge cash flow gaps. A total of $28.45 billion is paid in salaries and payroll in Mississippi every year. A total of 14,797 bankruptcy petitions are filed by Mississippians each year. It is impossible to receive federal grants for new startup or the business expansion of an existing one. Startups and expansions of existing businesses that are not eligible for grants from government agencies can turn to private grant awarding bodies.
What Is a Grant?
In the context of product development, businesses, or projects, funds are awarded by an authority or agency. Unlike a secured or government-backed loan, a grant is not repaid. Furthermore, grants are interest-free business financing options one can use instead of loans, which require to be repaid. Average business owners benefit greatly from grant programs because of this.
Despite being a low-cost option, grant applications and administration can be lengthy. You must demonstrate that your funding will help you build a successful small business to qualify for funding. Several grant funding options are available from local governments, charitable organizations, and private foundations.
Branch out from Mississippi's grant landscape and explore what the Prairie State has in store for small businesses. Dive into our latest blog post on Illinois small business grants to discover a range of funding opportunities that could further empower your business journey. Exploring diverse grant avenues might just provide the financial boost your business needs to thrive!
Mississippi Small Grants
There are several types of grants available to Mississippi residents. There may be various grants available for business owners in 2024.
Rural Business Development Grants
Rural Business Development Grants is a program administered by the US Department of Agriculture that helps strengthen and grow small businesses in rural areas. The applicant businesses must be located in an eligible rural area, demonstrate less than $1 million in gross revenue, and have fewer than 50 new employees to be eligible for these grants. Eligible applications are accepted through the USDA Rural Development's local or state offices.
Jackson (Mississippi) Business Grants
Jackson's Office of Economic Development is relaunching a CDBG Special Economic Development Grant program. Businesses can apply for a Small Business Resiliency & Safe Practices grant of up to $30,000 to ensure safe operations and sustainability. COVID-19 will lead to economic disruptions, and this is an attempt to minimize them. July 1 is the opening date for the online application.
After the pandemic, the Office of Economic Development has focused on promoting small businesses, training workers, promoting tourism, and recruiting and retaining retail staff. Several programs, partnerships, and projects have been created by staff that will positively impact the residents of Jackson City.
Several upcoming WK Kellogg initiatives are geared toward directly reaching employees, aspiring entrepreneurs, and creatives, for example, the Pathways to Human Dignity Workforce Development program and the Creativepreneur-based incubator. People looking for upwardly mobile career pathways or those who wish to learn methods to monetize their existing skills are ideal candidates for these initiatives. These initiatives will be implemented beginning in the Fall of 2022. As a result, the City is seeking Community-Based Organizations (CBOs) capable of delivering these types of training.
To improve minority contracting in the City, the office is collaborating with the National League of Cities. Through additional partnerships with the Robert Wood Johnson Foundation, Hope Credit Union, and the Rockefeller Foundation, Jackson is poised to expand its reach to the business community.
FedEx Small Business Grant Contest
A total of $250,000 is awarded to 10 small businesses through the company's annual grant competition, including $50,000 in grants and $4,000 in FedEx print and business services for its three grand prize winners. FedEx announced on May 4 that the 2022 contest had closed, and the winners had been announced. Small for-profit businesses in the US with less than 99 employees operating for at least six months were eligible to enter.
National Association for the Self-Employed
NASE members are eligible to apply every month for up to $4,000 in grants for their small businesses, and they are also eligible for an annual scholarship of $3,000 for their dependents that pays for college tuition. All applications from eligible entities are reviewed quarterly (January, April, July, and October) to award them. Grants are awarded all year round.
Fast Break for Small Business
There will be $10,000 grants and up to $500 in LegalZoom services available to small-business owners through an agreement between LegalZoom, the NBA, WNBA, NBA G League, and Accion Opportunity Fund. There is a focus on creating opportunities for small businesses in underserved and underrepresented communities under this program. There is an application period twice a year, where you can submit your application.
Patagonia Corporate Grants Program
With Patagonia's Corporate Grants Program, nonprofit organizations striving to preserve and protect the environment can apply for a small-business grant that will help them preserve and protect that environment. To attract new customers, the retailer looks for innovative business companies with quantifiable plans and goals that include clear actions, objectives, and action plans for their proposed projects. It is typical for nonprofit organizations to receive grants from $5,000 to $20,000.
Visa Everywhere Initiative
A grant competition organized by Visa Everywhere offers funding to tech-forward startups worldwide across five different regions. Applicants must demonstrate that they have developed a product or service that uses Visa's products creatively.
There will be a maximum of five finalists in each region selected by Visa, and these businesses will go forward to a final global event to determine the overall winner. During the competition, the overall winner is awarded a grant of $100,000 for a small business during the next 12 months. A second, third, and local winner and the audience favorite are also awarded additional grants as part of the awarding process.
Amber Grants For Women
It is relatively easy to find a variety of websites on the Internet that offer grants for women-owned businesses by searching for grants for female entrepreneurs on Google. You probably already know how jam-packed the Internet is with scams and confusing government websites (SBA), as everyone is aware of the problem. Many forms and applications require information about your personal and financial information.
There is a chance that you might be able to find funding for your new business venture through the WomensNet website. Although the process will take some time and effort to complete, it is worth your while. It is a great resource for business owners looking to take their company to the next level, and this site can help them. Women looking for grants to help realize their business dreams can get a lot of help from Amber Grants.
Women-owned or operated businesses throughout the country (including Mississippi) have the opportunity to apply for this grant which is available for them. Now is the perfect time for you to apply for the $10,000 Amber Grant, which is offered every month, in the event you are interested in applying. Do not hesitate to do so if you are interested. Suppose you are chosen as one of their 12 monthly winners. In that case, you will automatically be able to apply for a grant of $25,000 if you meet the eligibility criteria if you are selected as one of their 12 monthly winners. Thus, a total of $35,000 can be awarded to the recipient through the grant over 12 months12 months.
State Trade Expansion Program (STEP)
Small businesses can use STEP grants to cover costs associated with starting or expanding into international markets through funding from the SBA. Depending on your state, you will be able to access funding amounts and eligibility criteria for these government small-business grants. You may be able to use these funds to participate in export trade shows, design international marketing products, support website globalization, and many other business-related activities.
GrantWatch
Small businesses can find relevant grants with the help of the Mississippi GrantWatch program. In addition to providing loans and grants for small businesses, the website also provides business loans and grants from local, state, and federal sources. By using GrantWatch, a free resource that assists you in finding new grants, you can get in touch with grant writers who can assist you in preparing winning grant proposals by using GrantWatch to find new grants. When applying for a grant, only a few simple questions need to be answered.
Subscribers who have purchased a Mississippi GrantWatch subscription are the only ones who have access to the information contained within it. A subscription costs $199 for an annual and $18 for a weekly subscription. Free members are not permitted to submit grant applications as they are not eligible to do so.
Exploring funding options across different states can provide a broader perspective and unveil unique opportunities. Take a moment to delve into our latest blog post on grants for Connecticut small businesses and compare the grant landscapes between Mississippi and Connecticut. This exploration could lead you to valuable resources to fuel your business growth!
The Bottom Line
Small business owners looking for assistance launching and growing their companies can get various resources from the Mississippi Small Business Development Center (MSSBDC). Small businesses have received financial assistance from government and private organizations to overcome Coronavirus due to the virus. One can use financial aid for small businesses in various ways to boost the economy by providing a boost to its growth in several ways. The best way to get funding for your business will be to choose a funding source from the above list if you are looking to get funding for your company.
Looking to explore grant opportunities beyond Mississippi? Dive into our new blog post to learn about the small business grants available in Louisiana. Gain a broader perspective on your options and forge a robust path for your business's financial strategy.
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!
