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How to get Free money to start a small business

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Free money to start a small business, Ways to get funding for your new business


Are you worried because you have no money, but want to start a business, looking for Ways to get funding for your new business thereby thinking how to get Free money to start a small business? Worry no more. Am going to show you best and easiest way to get Free money to start a small business.

Free money to start a small business

If you want to start a business with no money or very low start-up costs, consider these options:

#1. Service-based business

Starting a service-based business that runs primarily over the Internet is inexpensive. Creative services such as graphic design, software or app development, or copywriting require only a computer and are essentially free to run. Other ideas include photography, fitness coaching and house cleaning, although you will need equipment.

#2. Drop Shipping

This hot business idea means that you sell products that are manufactured, stored and shipped by a third party such as Alibaba. You can start your own low-cost online store using sites like Shopify. You will then choose the products to sell and focus on marketing and excellent customer service to make your store stand out.

#3. Print-On-Demand

You use third-party products and customize them with unique slogans or art. T-shirts, mugs, bags, cell phone cases and hats are just some of the items you can customize. Not a designer? Rent it out on sites like Fiverr.

#4. Own publishing platform 

Publishing your own e-book or print book using services like Amazon and Draft2Digital is easy and free. You can hire people to format your book or design covers using sites like 99designs and even hire ghostwriters on Freelancer.com.

#5. Digital products

Design courses or templates, or create downloadable music or graphics. You can also sell digital products on Shopify.

How much does it cost to start a business?

Many factors contribute to how much it will cost to start a business. The amount of money you will need depends on the type of business, the equipment required, the office space needed, the cost of services in your area, the team members you employ, the amount of market research and marketing you do, etc.

Starting a small freelance business from home can cost as little as $3,000 or over $100,000 for a more complex business.


How do I qualify for a small business loan?

To get a business loan, Forbes recommends that a small business owner needs:

  • Good credit score. Get your credit score and then follow these steps if you need to improve it.
  • Sufficient cash to cover outstanding loans. Your existing cash must cover not only the debts and loans you already have, but also the new loan.
  • Strong assets. You are more likely to qualify for a business loan if you have enough assets (such as cash and accounts receivable – or money owed by your clients) to cover the loan in the event of default.
  • Several years in business. However, this is not a given. There are funding sources that cater to new businesses.
  • Correct accounting. Creditors may prefer financial statements certified by an accountant. You will need a full and correct balance sheet, profit and loss statement and cash flow statement.



Federal Small Business Grants

The federal government also offers

 grants to support small businesses.

Small Business Innovation Research Program

Good for: Technology companies

The federal research grant program SBIR is intended for entrepreneurs focused on innovations in technologies that have the potential for commercialization. You can check its financing options here. Past areas of interest include clean and safe water, homeland security, land revitalization, green building, health care advancements, and more.

Small Business Technology Transfer Program

Suitable for: Energy-oriented businesses

The goal of the STTR program is to expand funding for innovative research and development using existing technology. What makes this program unique from the SBIR program is that small businesses are given the opportunity to formally partner with research institutions throughout the program. Each agency sets its own guidelines - find STTR open grants here.

Department of Defense Grants

Good for: Research and development companies

The Department of Defense offers grants to small businesses through the STTR program and a number of other initiatives such as the Defense Enterprise Science Initiative. Office of Naval Research, Air Force Office and U.S. The Army Research Institute is looking to research and develop technologies that will help them achieve their goals.

Department of Energy Grants

Good for: Innovative technology companies

DOE offers grants through the SBIR and STTR programs for innovative research and development using technologies developed by a DOE university or national laboratory. See its current grant openings here.

National Institutes of Health (NIH) grants.

Good for: Biomedical businesses

The NIH is a federal agency within the Department of Health and Human Services (HHS). It offers business grants to small businesses developing and researching biomedical technologies. Currently funding opportunities related to COVID-19 research.

Department of Justice Grants

Good for: Public safety projects

The Department of Justice awards grant funds to projects that support law enforcement, public safety activities, programs to improve the criminal justice system, and more. Here is an overview of agencies within DOJ that provide grants.

Home Office Grants

Suitable for: Various businesses

DOI offers small business grants through several departments, including US Fish and Wildlife Services, Indian Affairs, the National Park Service, and the Native American Graves Protection and Repatriation Act. Find more DOI grant opportunities at Grants.gov.

USDA Rural Development Business Grants

Good for: Small rural businesses

The Department of Agriculture offers both loans and grants to support businesses in rural areas to create quality jobs. It funds community projects such as housing development, community facilities and other services.

National Institute of Food and Agriculture (NIFA) grants.

Good for: Agriculture and food nonprofits

NIFA is a federal agency within USDA focused on leadership and funding programs. It offers grants throughout the year that come with support and guidance. Keep in mind that many of her grants are offered to nonprofits or larger businesses.

New York Small Business Recovery Grant Program

Good for: New York residents

This is not federal as it operates at the state level. However, if your small business operates in New York State, you may want to apply for this COVID-19 relief grant.

Small business grants specifically for women
While grants offered by private companies and start-up grants are available to a wider range of business owners, there are also grants specifically for women-owned businesses. You can find resources and information at women's business centers, but here are two business grants for women to get you started.

Amber Grant Program

Suitable for: Businesses in the planning phase

The Amber Grant is a $10,000 cash grant awarded to qualified female entrepreneurs each month. At the end of the year, monthly grant recipients will have the opportunity to win an additional $25,000.

Boston Women’s Fund

Suitable for: New businesses

The Boston Women’s Fund provides seed money, program support and operating funding for local women-led community efforts. You can find its subsidy programs here.

Conclusion 

How to find a grant to start a small business


A quick Google search will pull up millions of results for business grants. There are so many options that it can seem impossible to narrow down the prospects. However, there are several resources that will not only help you find the right grants for your business, but even guide you through the application process and help you identify can't-miss grant opportunities.

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