7 Small Business Grants to Check Out in 2024

When times get tough, it appears that Americans start their own businesses. In fact, according to CBS News, about 5 million businesses were launched in the U.S. in 2022 alone. Since the pandemic began in 2020, Americans have created 15 million new businesses.

While getting a business off the ground is challenging, there are grants available to help entrepreneurs get ahead. If you're a small business owner, you have all kinds of financial concerns to deal with, from keeping your business account in the black to knowing when it's time to hire employees.

There are thousands of grant opportunities out there, just waiting for the right applicants. In the meantime, here are a handful you may want to consider in 2024.

1. U.S. Department of Agriculture Rural Development Business Program

The Rural Development Business Program provides financial support (as well as technical assistance) to promote rural business development. In addition to grants, the USDA offers loans and financial guarantees. It's all about enhancing business opportunities in rural communities. So if you're starting a business in a less-developed part of the country, this one could be for you.

2. U.S. Department of Commerce Minority Business Development Agency (MBDA)

The U.S. Department of Commerce Minority Business Development Agency (MBDA) is the only federal agency committed solely to helping minority businesses grow and compete in the global market. MBDA achieves this goal by providing businesses with the capital, contracts, and markets they need to get off the ground and expand.

In an effort to customize services, MBDA pours resources into building centers, each designed to enhance businesses in a different way. Here are the four centers MBDA operates:

• MBDA Business Centers
• MBDA Advanced Manufacturing Centers
• MBDA Export Centers
• MBDA Federal Procurement Center

Thanks to MBDA, minority-owned businesses are eligible for these targeted grants and loans.

3. U.S. Small Business Administration State Trade Expansion Program (STEP)

The Small Business Administration (SBA) State Trade Expansion Program is intended to help small businesses that want to export their products. Because SBA is nationwide, the criteria for financial assistance are set by SBA offices in each state. Businesses can use the financial assistance to take part in foreign trade missions and shows, to break into foreign markets, and for practical marketing concerns, like building a website or designing marketing materials for an international audience.

4. Amber Grant Foundation

The Amber Grant Foundation exists with the goal of supporting female business owners. The foundation awards one $10,000 grant monthly and an additional $25,000 each December to female entrepreneurs with a great backstory. Whether you're running an online business or have a brick-and-mortar storefront, $10,000 can go a long way toward helping you get established.

5. Walmart Local Community Grants

Given the number of communities Walmart plants itself in, it's no surprise that the retail giant provides grants to local nonprofit organizations. Grants range from $250 to $5,000 for nonprofit businesses with a focus on one of these eight areas:

• Community and economic development
• Diversity and inclusion
• Education
• Environmental sustainability
• Health and human services
• Hunger relief and healthy eating
• Public safety
• Quality of life

6. IFundWomen Universal Grant

Another resource for female entrepreneurs is the IFundWomen Universal Grant. Through partnerships with companies like Visa, COMCAST, and Caress, IFundWomen has provided over $170 million in grants to business owners.

IFundWomen takes a holistic approach to its support of female business owners. Rather than measure a company's success solely on the amount of money it's pulling in, IFundWomen also focuses on the overall well-being of the business owner. According to the organization, the success of a business depends on more than its equipment or marketing budget. Success depends on how prepared a business owner is to cope, solve problems, and pivot when needed. To help female entrepreneurs build confidence and resilience, grants pay for traditional business expenses as well as the cost of coaching, therapy, and other wellness-related expenses.

7. National Association for the Self-Employed (NASE) Growth Grants

So far, NASE has given away more than $1 million in grants to its members. Although you must be a member of the organization for at least 990 days before applying, NASE grants provide up to $4,000 to business owners to help with training, marketing, and more. When you're in the first several years of running a business, getting $4,000 toward operations could really help.

If any of these grants appeal to you, check out the organization's link. If you don't see anything here that fits your specific situation, the best place to begin any search for grants is at Grants.gov. Grants.gov provides the most comprehensive database of funding opportunities from the U.S. government. There are, literally, thousands of grants waiting to be applied for, with opportunities for all types of businesses.