Your business might have suffered a significant decline in revenues and business in 2024 due to the COVID-19 pandemic. Families, small businesses, and communities can apply for small business grants. Small businesses and for-profit entities will contribute to the state's economic growth by having access to Funding options, financial assistance programs, resources, and information.
Missouri receives $13.56 billion from the federal government or federal agencies, while the state contributes $10.29 billion in additional funding from the local government. Businesses in Missouri can utilize these funds, regardless of the type of business, to combat the aftershocks of the Coronavirus (COVID-19) crisis. A total of 118,502 businesses exist in Missouri, and the state has more than 108,000 farms.
Small businesses can benefit from grants since disadvantaged businesses can use them to launch marketing campaigns, hire more employees, and bridge cash flow gaps. The amount of payroll and salaries in Missouri each year totals 88.81 billion dollars. The number of bankruptcy petitions filed by Missouri residents is estimated to be more than 32,931. In the case of business expansions, a federal government agency does not award grants for the expansion of existing businesses. Private grants, however, may be available to support your growing business.
What Is a Grant?
Grants are awarded by government agencies or authorities to help develop new products, businesses, or projects. In contrast to government-backed low-interest loans, grants are not repaid, nor do they have interest payments associated with them. Small businesses rely heavily on grant programs because of this reason.
Grant programs are funding options that require a lengthy application and administration process when compared to low-interest loans. Your business must demonstrate how it will benefit from the grant to qualify for funding. Charitable organizations, local governments, or private organizations can provide grants to small businesses.
Missouri Small Grants
Residents of Missouri have the opportunity to apply for grants that can provide them with the capital they need for their businesses to rebuild after the devastation of the Coronavirus (COVID-19) pandemic. You may be able to apply for some business grants in 2024 if you follow these steps.
Trade Adjustment Assistance For Firms
TAAF (Trade Adjustment Assistance For Firms) was a program sponsored by the US Department of Commerce to financially help manufacturers affected by import competition. This program provides up to $75K in federal match funding to help businesses recover from import competition and general business decline. As part of the Economic Development Administration's (EDA's) initiatives, local assistance centers help businesses apply for funding and reduce the paperwork they must fill out.
US Small Business Administration State Trade Expansion Program (STEP)
It distributes federal funds to state entities to assist small businesses who wish to export products. The financial assistance can be used by small businesses to participate in foreign trade missions and shows, obtain access to foreign markets, develop websites and design international marketing campaigns.
Business Warrior Small Business Loans
A traditional bank can make it challenging to get a loan approved. Business Warrior understands this challenge. With a $5 million grant, Business Warrior is helping small businesses access capital. Unlike cash advance companies, they will offer loans between $5,000 and $50,000 without charging high-interest rates.
Fresh Start Business Grant
Fresh Start Business Grant was designed for new business owners, early-stage companies, and aspiring entrepreneurs looking for capital to grow their businesses. Incfile is a company that helps first-time entrepreneurs by assisting them in setting up their new businesses. As part of the grant, recipients will receive $2,500 and a free gold plan from Incfile. While the June 30 deadline has passed, September 30 and December 31st deadlines remain.
Eligibility Requirements
- Applicants must be graduating seniors, undergraduates, graduates, or trade school students.
- Students must attend educational institutions such as a college, trade school, or high school in the United States.
- A minimum GPA of 3.0 is required.
- You must be interested in starting your own business.
How to Apply
- Complete the online application.
- Send a two-minute video in which you describe the impact entrepreneurship will have on your life.
- You are requested to submit a sample business plan.
GoFundMe Small Business Relief Fund
Small Businesses Relief Fund from GoFundMe matches $500 grants for qualified small businesses that have been negatively impacted by the COVID-19 crisis and have raised $500 or more through a GoFundMe campaign. GoFundMe, Yelp, Intuit QuickBooks, GoDaddy, and Bill.com are among the sponsors of the fund. If you have already created a campaign with the hashtag #SmallBusinessRelief, please add the hashtag and fill out this form to confirm your for-profit company.
Small Business Digital Ready Program
As part of its partnership with Verizon, National ACE has developed a digital readiness program to assist small business owners in adapting to new technologies. Free online resources include expert coaching, peer networking, and other small business resources. Registration for the program and completion of two courses qualify participants for a $10,000 grant. The program's website has more information about this opportunity, which is currently rolling out.
ARPA Small Business Funding
Small businesses in Greene County are the primary beneficiaries of the Small Business ARPA funds, which are intended to mitigate the negative economic impacts of the COVID-19 crisis on the economy. Greene County provides emergency grant funding for small businesses affected by the disaster to support the county's economic health, thereby improving residents' health and welfare. A public health emergency such as COVID-19 can potentially harm small businesses operating within the county. Businesses may be eligible for assistance to mitigate the effects of revenue reductions or financial hardships. Approved applicants must submit an end-of-year report showing how the funds have been utilized. As part of its assistance program, Greene County will provide funding throughout 2022 and 2024.
Eligibility Criteria
The following criteria must be met by a small business to qualify for ARPA funding:
- Greene County, Missouri, must be home to the business.
- It must be an independently owned or operated for-profit business with fewer than 50 full-time employees, including the owner(s).
- Unless the owner is employed, no undocumented immigrant workers can be employed by the business. The business must also enroll in E-Verify.
- Greene County, Missouri, must have been the location of the business as of March 1, 2020.
- COVID-19 public health emergency has caused negative impacts on the business since March 1, 2020.
- There is no suspension or debarment from using federal funds for the business.
Overland Park CDBG Small Business Economic Recovery Program
Small businesses located in Overland Park, Kansas, may not qualify for other forms of financial relief and are in the process of receiving grants of up to $10,000 from the Overland Park CDBG Small Business Economic Recovery Program. This program is administered through the Community Capital Fund (CCF) in partnership with the City of Overland Park.
Through the Small Business Program, companies suffering from low demand, capital and payroll expenses, and other economic challenges associated with the ongoing effects of the pandemic will be able to obtain immediate liquidity.
Amber Grants For Women
When searching on Google, you will find many websites offering grants to female entrepreneurs. Online scams and confusing government websites seriously threaten small women-owned businesses. There are a variety of forms and applications that require personal and financial information.
You may be able to receive funding for your business venture through WomensNet, a nonprofit organization focused on helping women. This process may take a bit of time and effort, but it'll be worth it eventually. Many resources on this site can help entrepreneurs grow their businesses. Women entrepreneurs should consider Amber Grants if they are searching for grants.
The Missouri Women's Business Grant is available to women who own or operate businesses in Missouri (as well as across the country). Amber Grants - $10,000 awards are given every month - are available right now, and you have the perfect chance to apply. If eligible businesses are selected as one of their 12 monthly winners, you will automatically be eligible for a grant of $25,000. It is possible to award $35,000 through the grant over a year.
Missouri GrantWatch
The Missouri GrantWatch program can provide small businesses and minority-owned businesses with additional funding opportunities. This website provides access to grants and loan programs from local, state, and federal sources for small businesses. GrantWatch allows you to locate grant writers who can help you prepare winning grant and project proposals and provide business loans with a free grant-finding tool. The grant application process is as simple as answering a few questions.
Only paid subscribers have access to detailed information on grants. You can either pay a $199 annual fee or an $18 weekly subscription fee. On the other hand, free members can not access grant information or submit grant applications.
Frequently Asked Questions:
There are various grants available for small businesses in Missouri, including federal, state, and local grants, as well as those offered by private organizations and foundations. These grants may be focused on specific industries, business stages (e.g., startups, established businesses), or demographic groups (e.g., minority-owned businesses, women-owned businesses). Examples of grants include the Missouri Small Business Grant Program, Missouri Technology Corporation (MTC) grants, and USDA Rural Development grants.
To find and apply for grants, you should begin by conducting research on the available funding opportunities. You can search for federal grants on the Grants.gov website, and for state and local grants on the Missouri Department of Economic Development website. Additionally, you can consult with local business development centers, chambers of commerce, and small business support organizations for information on grant opportunities specific to your industry or business type. Once you have identified a suitable grant, follow the application guidelines and submit the required documentation within the specified deadline.
The specific information and documentation required for grant applications may vary depending on the funding agency or organization. However, common requirements include:
-A detailed business plan outlining your company's mission, objectives, products/services, target market, and financial projections
-A grant proposal that demonstrates how your business aligns with the grant's objectives and how you plan to use the funds
-Financial statements, such as profit and loss statements, balance sheets, and cash flow statements
-Proof of business registration, licenses, or certifications-
-Personal and/or business tax returns
-Resumes or biographies of key team members
Yes, startups and new businesses can qualify for certain grants in Missouri, provided they meet the eligibility criteria specified by the funding agency or organization. Some grants may specifically target startups, while others may be available to both startups and established businesses. It is important to carefully review the eligibility requirements and application guidelines for each grant opportunity to determine whether your startup qualifies.
Yes, there are grants specifically targeted at minority-owned and women-owned small businesses in Missouri. These grants are often offered by state agencies, local governments, or private organizations and foundations. Examples of such grants include the Missouri Women's Business Center's Women's Business Enterprise Grant and the Minority Business Development Agency (MBDA) grant programs. To find and apply for these grants, visit the websites of the organizations offering them or consult with local business development centers and support organizations that specialize in minority-owned and women-owned businesses.
Venture beyond the borders of Missouri and explore new funding landscapes. Uncover a wealth of financial resources in our latest blog post on "Grants For Georgia Small Businesses." There might be inspirations or grant opportunities awaiting that could propel your Missouri business forward!
The Bottom Line
Several resources are available through the Missouri Small Business Development Center (ILSBDC) to assist small businesses. Financial assistance is being provided to small businesses or minority businesses due to Coronavirus. It is possible to boost small business growth in various ways through small business financial aid. A funding source that works for you is the best option if you're seeking funding for your business.
Looking to broaden your understanding of the grant landscape nationwide? Discover what the East Coast has to offer in our newest blog post on grants for Connecticut small businesses. Compare, learn, and leverage the best opportunities no matter your location.
Also, Learn about Small Business Grants In Florida
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!
