Free money might sound like it’s too good to be true – especially in 2024 when businesses are finding it harder than ever to access traditional financing.
Yet, whether you’re looking to start a business or take an existing venture to the next level, there is actually a wealth of opportunities out there to help you reach your potential. What’s more, alongside financial support, a lot of grant programs give businesses the chance to increase their brand exposure and network, providing them with opportunities that are too good to miss.
While it’s never a bad time to apply for a business grant, October is one of the busiest months in the funding calendar, so it’s definitely worth exploring what options are out there before opportunities dry up during the holiday season. To save you the hassle of trawling the web we’ve rounded up the best business grants with October deadlines, outlining their cash prize, eligibility criteria, and more.
Small Business Grants to Apply For in October 2024
Hit the ground running this quarter by applying for one of these business grants today.
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1. Galaxy Grant Giveaway
- For: Minority and women entrepreneurs
- Grantor: Galaxy of Stars and Hidden Star
- Amount: $2,250
501(c)(3) nonprofit Hidden Star and its community for entrepreneurs Hidden Star have teamed up for the eight-year for their 2024 Galaxy Grant Giveaway. The grant program was designed to remove financial barriers for women and minority-owned businesses by giving them access to no-strings capital.
While the prize fund varies per year, this year a cash sum of $2,250 is up for grabs. To increase the number of sign-ups, the program also will award you and a friend the cash total if you encourage each other to apply. Businesses from all across the US are able to apply, with previous winners deriving from all across the country from San Diego to Detroit.
Applying to the Galaxy Grant Giveaway couldn’t be easier too. According to their website, the application only takes 30 seconds to enter – all you need to do is enter some simple business information, and who you were referred by.
- Deadline: October 31
2. The Marshall Good Stuff Accelerator
- For: Female entrepreneurs
- Grantor: Marshalls
- Amount: $5,000
The Marshall Good Stuff Accelerator is a new initiative launched by the US department store Marshalls. The program aims to empower female business owners by providing them with access to capital and the tools and resources needed to help them grow their ventures. In addition to a one-off grant of $5,000, successful applicants will receive a range of perks including peer coaching, a free Luminary membership, and the chance to participate in expert-led workshops.
To be eligible for the Marshall giveaway, you need to identity as a women, and be based in one of the 50 US states. To apply, you need to answer six simple questions and confirm that you’ll be able to commit to its year-long program. Click the link below for more details on the initiative and its eligibility criteria.
- Deadline: October 31, 2024
3. Hue Capital’s $1,000 Winning Women MicroGrant
- For: Female entrepreneurs
- Grantor: Hue Capital
- Amount: $1,000
Hue Capital’s Winning Women MicroGrant is another funding opportunity aimed at supporting female entrepreneurs. Specifically, the program was designed to provide backing to women founders building product-centric businesses – including those developing, marketing, or selling digital, physical, or hybrid products. The grant scheme is keen to accept applications from a range of female visionary founders, whether your business develops Software as a Service (SaaS) solutions or retails food and beverages.
In addition to your business being product-focused, to be eligible to apply, your business must be founded or co-founded by a woman, based in the US, and focused on solving a meaningful problem. Businesses at any stage are welcome to submit an application.
- Deadline: October 31, 2024
4. Skip $10k Grants
- For: Small businesses
- Grantor: Hello Skip
- Amount: $10,000
Skip is a platform designed to help small businesses access funding and growth opportunities. The funding portal has been handing out over $100,000 in grants since 2020, and this month it’s back with another round of $10k member grants. The opportunity is open to all US-based entrepreneurs and small business owners, as long as they are active Skip Plus members.
To apply, you need to give some insights into your business, describe your community and the problems it faces, explain how you’d use the grant money to help your business and describe your business’s biggest accomplishment. While the program’s deadline is technically on November 1, we’d recommend applying in October it’s only accepting a limited number of applications.
- Deadline: November 1, 2024
5. BryteBridge Cares Microgrant
- For: Nonprofit organizations
- Grantor: BryteBridge Nonprofit Solutions
- Amount: $1,000
Last up, we have the BryteBridge Cares Microgrant Program – a funding initiative that aims to support nonprofit organizations across the US. Specifically, the program was designed to empower nonprofits to deliver a more meaningful impact in their community, through one-off cash grants and other valuable resources.
The scheme awards a total of $20,000 in cash microgrants annually, with ten successful applicants receiving $1,000 and ten runner-ups receiving $1,000 in service credits or a BryteBridge Connect membership. To be in the running, you need to work for a 501(c)(3) public charity that focuses on addressing local or global challenges.
- Deadline: November 1, 2024
Common Mistakes To Avoid When Applying For Grants
You’ve only got one shot at firing off a grant application. The grant landscape can be incredibly competitive too, leaving little room for error when writing your proposal.
Despite this, lots of applicants make common pitfalls when throwing their hat in the ring. We outline what these mistakes are, and how you can steer clear of them, so you’re able to maximize your chance of success when applying for funding.
- Failing to meet eligibility criteria – One of the biggest foibles businesses make is applying for a grant without properly reviewing its eligibility requirements. Failing to meet a program’s eligibility criteria will result in an instant disqualification. So to avoid wasting your time, you should carefully comb through a provider’s guidelines, and reach out to them directly if you’re uncertain whether you’re eligible.
- Submitting your proposal after the deadline – This may sound obvious, but deadlines aren’t written in the sand. Grant schemes very rarely accept applications that have been submitted after the deadline, so to avoid disappointment we recommend working on your application ahead of time, instead of leaving it to the last minute.
- Fumbling the numbers – Lots of grant schemes will ask you to explain where you’ll direct the prize fund, so they can determine whether you’ll receive a good return on their investment. Being wishy-washy with your grant budget will only hinder your chances of being successful, so to avoid this pitfall you should make sure your estimates are as realistic and specific as possible.
- Failing to emphasize your business’s mission – Since many funding opportunities were designed to help businesses with specific missions, failing to emphasize your overarching vision could result in your application getting lost in the crowd. To improve your chances, we’d advise researching the grantor and focusing on how your venture’s goals align with theirs.
- Being overly generic – Most grant programs will have to filter through hundreds, if not thousands of applications. As a result, if your application is too generic, it has a much higher chance of falling through the cracks. To avoid being forgettable, we recommend emphasizing the unique aspects of your business – and don’t be afraid to show a little personality.
