8 Best Small Business Grants for 2023

Businesses with a high volume of shipping needs should consider the FedEx Small Business grant. Up to $30,000 in funds can be issued to businesses that can demonstrate recurring needs for shipping.

Up to 10 grand prize winners are selected, each receiving $30,000 in funding. An additional $20,000 is awarded to a US veteran, selected from one of the grand prize winners. Winners will also receive $1,000 in print credit to FedEx, 20% off an SEO monthly plan, access to a network of mentors, and more.

As with some grants, the specific eligibility criteria, terms, deadlines, and monetary prizes can change from one year to the next. Currently, business owners are eligible if they run a for-profit company, have been in operation for six months, and have fewer than 99 employees. Shipping with FedEx is not a requirement, although it can improve the odds of being selected as a winner.

Grand prize winners are selected based on a number of factors, including the quality of responses to questions on the grant application, a review of your company’s social media presence, your business products and services, and the amount of shipping you have done with FedEx. Companies with a unique or otherwise innovative product or service, regularly give back to the community, and have an environmentally-friendly business model, can have a greater chance of winning.

The NASE grant is open to business owners who can demonstrate a need for funding and have a strong business plan detailing how it will help grow the company. There are no industry restrictions, applications are accepted year-round, and winners are chosen on a monthly basis.

If selected as a winner, you could receive up to $4,000. Funding is typically issued within 30 days of signing all required disclosures and agreements. Funds can then be used for a number of business purposes, such as hiring team members, improving office buildings, marketing, and more.

Applications for this grant can be completed online, but you must first become a member of the NASE. Among its more affordable memberships, you can choose the option to pay $12 monthly with a minimum three-month commitment or the annual membership option at $120 for the year for an even lower monthly average cost.

Applications for the 2023 Venmo Small Business are not yet open. However, based on last year, it is expected that the program will begin accepting applications later this year in July.

While details of the 2023 program have not yet been released, Venmo offered a strong program last year, which is why we’ve selected it as a provider to consider. Additionally, many grants retain many of the same core qualification requirements and terms from one year to the next.

Last year, this program offered up to $10,000 in grant funds to 20 different businesses. Eligible companies were required to have a Venmo account in good standing, employ no more than 10 employees, have gross annual sales of less than $50,000, and have sold at least $500 worth of goods or services in the three months prior to the start of the program.

Grant applications were made online and winners were evaluated based on the quality of responses to questions in the application. Businesses were judged based on a demonstrated passion for the business, future plans for growth, and an explanation of how a partnership with Venmo would continue to benefit the company. Inspirational, innovative, and original stories also improved a company’s chance of winning.

To be eligible for the Amber Grant, your business must be at least 50% women-owned and based in the U.S. or Canada. Applicants must also be a minimum of age 18. For-profit and non-profit companies are both eligible.

This grant made our list of the best women-owned business grants because of the amount of funding and frequency of selecting winners. Applications are accepted year-round, with multiple winners being selected each month. This includes a single monthly winner who receives $10,000, along with four $1,000 prizes to finalists. There is also an additional monthly grant of $10,000 issued to the winner of a specified business category.

In addition to monthly winners, a $10,000 award is issued each quarter to a non-profit company and a startup company. An annual award of $25,000 is also available to business owners who were selected as a winner during the year.

Businesses are evaluated based on a company’s startup story and business plan. Inspiring and original stories have a better chance of being scored more favorably, and your business plan must indicate how additional funding will help you grow your business.

The Visa Anywhere Initiative grant is a popular choice for fintech companies delivering innovative payment and commerce solutions. Some examples include products for digital banking, digital wallets, authentication, security, and risk management.

A total of 18 separate grants are available. Awards include an overall winner, an audience favorite, and multiple geographic locations. Top prizes can be as much as $50,000, with other winners receiving no less than $10,000.

To be eligible for this grant, you must be an owner of your business and be age 18 or older. You must also be a startup operating in one of the following categories, the details of which can also be found in Visa Everywhere Initiative’s terms and conditions:

• Enabler of digital services and digital issuers
• Digital issuance
• Value-add for merchants and consumers in regard to finance
• Small/medium-sized business recovery
• Risk, urban mobility, or sustainable fintech

Application deadlines vary by region and can be viewed on the Visa Everywhere Initiative grant website. Deadlines currently range from April through June, and if you’ve missed the deadline, you can still provide your information to be notified of other opportunities in the future.

The SBIR and STTR programs are federal grants that can be a good fit for companies conducting research and development on products that have the potential to be commercialized. To be eligible, businesses must meet the following criteria:

• Have fewer than 500 employees
• Be based in the US
• Operate as a for-profit company
• Have more than 50% ownership by a US citizen or permanent resident

SBIR and STTR awards have three phases, each with different award amounts. Phase 1 is the early stage of research and development, wherein the viability of a product or technology is evaluated, and amounts are typically capped at $250,000. Candidates for possible commercialization of a product or technology are then moved to Phase 2, where up to $750,000 in funding can be awarded. Finally, Phase 3 is reserved for businesses to pursue commercialization of the product or technology, although no additional funding is available.

To apply for funding, you can visit the SBIR website to locate agencies currently participating through the federal grant program. Each listing will have a description containing information to help you determine if you are eligible. The website is also regularly updated, with new postings being added on a rolling basis, so you can continually check back for updates.

The United States Department of Agriculture (USDA) Value Added Producer Grant is designed to help those working in the agricultural industry generate more income with new products or improved marketing. Farmers, ranchers, and farm workers can receive priority for this grant. Grants are awarded through a national competition.

Up to $250,000 in grant funds can be issued to a business, with a maximum program funding of $31 million for 2023. Funds can be used for a variety of working capital expenses, such as payroll, inventory, and other operational costs.

This program is not available in all locations, and you can determine your eligibility by visiting the USDA website to view state-specific information. Businesses interested in applying for this grant should allow at least one month before the deadline to allow sufficient time to complete the necessary paperwork.

Another grant offered through the USDA is the Rural Energy for America grant. This program is designed to provide funding to certain businesses needing to conduct energy-efficient improvements or acquire renewable energy systems. Common examples include solar- and wind-powered equipment.

Grant amounts can be issued up to $1 million. Renewable energy system grants can range from $2,500 to $1 million, while energy efficiency grants range from $1,500 to $500,000. Eligible businesses include agricultural producers, private for-profit entities, cooperatives, and electric utilities providing service to rural consumers. Companies must also have no delinquent federal debt.

Applications are accepted online year-round. We recommend that you visit the USDA website for additional information on this program and to obtain state-specific information that may apply to you.

Grants are offered by a wide variety of organizations. In addition to considering individual companies, there are organizations that provide a list of grant opportunities. Some of these companies also provide resources to assist you in improving the strength of your application.

Below are some additional resources you can use. Companies update available grants regularly, so it’s a good idea to check back frequently even if you don’t initially find a good fit.

• Grants.gov: This website provides a list of available federal grants. It also offers educational content on how grants work, how to apply for grants, and answers to frequently asked questions.
• Small Business Development Centers (SBDC): The SBA provides a tool you can use to locate the SBDC office closest to you. SBDCs provide training, mentoring, and other resources to help businesses with things like gaining access to capital, business planning, and more.
• Minority Business Development Agency (MBDA): This is a federal agency designed to assist minority businesses grow and was selected in our list of the best minority small business grant resources. It can provide business owners with resources to obtain working capital, analyze business strategies, implement marketing ideas, and more.

Once you’ve found a grant, you’ll want to gather the information required. Grant instructions will indicate which documents are needed. Specific requirements will vary from one grant to the next, but common requirements include:

• Business plan: This document is used to provide a summary of various aspects of your business. A good business plan typically includes a brief description of your business, its products or services, strategies for marketing, and financial projections. Learn how you can create this document using our guide on how to write a business plan.
• Projected budget: Many grants will want to know how you plan on using the funds. A budget will help accomplish this, and you should also consider what outcome or impact you expect it to have.
• Financial statements: Commonly requested items may include cash flow statements, a balance sheet, and income statements.

With rare exceptions, there is no limit to the number of grants you can apply for. Grants offered by the same organization may have restrictions on how often you can reapply for the same grant. Similarly, companies may not allow past winners to apply for the same grant.

Business grants provide funds that do not have to be repaid. They are offered by different organizations, including federal and privately owned companies. Grants will often specify eligibility criteria and evaluation methods for determining grant winners. Common criteria include a company’s impact on its community, business plans, and projected impact of grant funds.

In addition to receiving a monetary prize, grants can also connect business owners with a network of mentors. Other perks can include educational resources, leadership training, and other tools to help the business succeed.