Types of grants for starting a business
While government grants are commonly sought after, there are plenty of other grants for new small businesses that work for different business types. Let's define some of the more popular types:
Government grants
Government grants, offered by local, regional, or national government bodies, aim to boost economic growth and create jobs for local communities. You can apply for a grant through your government accounting body. Check out what they offer for your business type, and make sure to spend time doing your research before applying to make sure that it’s suitable.
Grants for women starting a business
Aspiring female business owners can tap into grants aimed specifically at them. Grants tailored for women offer a powerful avenue for financial support and empowerment, with various global organizations and foundations champion gender equality.
These grants cover a spectrum of needs, from new business funding to operational expenses, to fostering a more inclusive community of business owners. This type of small business grant caters to the unique requirements of women-owned enterprises.
Prestigious recognitions like the "Women's Initiative Awards" and programs such as the "Cartier Women's Initiative" go beyond financial support, offering mentorship and networking opportunities. If you’re a woman navigating these opportunities, we recommend doing thorough research prior to applying and crafting a compelling application with the help of established female entrepreneurs.
Going to networking events, staying informed about ongoing initiatives, and fostering collaborations among other female-led small businesses will also give you the best possible chance of being approved.
Social impact grants
Social impact grants are geared towards businesses that prioritize social and environmental impact. If your business has a strong focus on sustainability or community development, these types of grants might be a suitable option.
Technology and innovation grants
Business grants for new businesses in the technology or innovation spaces are available to encourage research, development, and the implementation of cutting-edge technologies.
Grants for minority-owned businesses
Financial organizations will often promote diversity, equity, and inclusion by offering grants to businesses owned by minorities. These grants aim to address historical disparities.
Industry-specific grants
Some grants are industry-specific, catering to businesses in sectors like healthcare, agriculture, manufacturing, and hospitality. They may sometimes include mentorship to help smaller businesses thrive in their industries.