As the old adage goes, money doesn’t grow on trees: but it might be easier to access than you think, thanks to the growing number of private grants available to small businesses.
Whether you’re unfairly impacted by systematic barriers, or simply lack the capital needed to get your idea off the ground, private grants can provide lifelines to small businesses by enabling them to grow without tying them down with the debts associated with business loans.
Interested in securing a grant for your business? We’ve rounded up six exciting opportunities that close this month – alongside their funding amounts and eligibility criteria – to help you shoot your shot while you still have the chance.
Small Business Grants to Apply For in August 2024
Traditional financing isn’t the only route to get ahead. Check whether you’re eligible for any of these small business grants:
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1. Xero Beautiful Business Fund
- For: Small businesses
- Grantor: Xero
- Amount: Up to $42.5k
The Xero Beautiful Business Fund is an initiative designed to financially support small businesses all over the world. The accounting software provider has pledged to provide over $460,000 in support to successful applicants from the US, Canada, Australia, New Zealand, South Africa, and the UK, with four winners being selected from each country.
Prizes will be allocated to winners across four distinct categories: innovating for environmental sustainability, trailblazing with technology, strengthening community connection, and upskilling for the future, with up to $42.5k in funding up for grabs in total.
If you’re interested in taking a punt, you need to complete the entry form, upload a 90-second pitch video, and answer a selection of questions. You also need to be a Xero customer to be in with a chance of winning.
- Deadline: August 27, 2024
2. Future of Women at Work Grant
- For: Women entrepreneurs
- Grantor: StitchCrew
- Amount: Up to $10k
If you’re a female entrepreneur, or your business is over 50% women-owned, you could be in with a chance of winning up to $10k from StitchCrew’s Future of Women at Work Grant. Alongside the non-dilutive funding, winners are invited to participate in an all-person retreat where they can meet other participants and industry stakeholders.
The grant program caters to businesses in the care economy – specifically childcare, eldercare, long-term care, and household management – and businesses that focus on emerging technology like workplace collaboration tools and talent recruitment. To apply for StitchCrew’s grant, you need to be women-owned, be based in the US, and have an existing business with the ambition to scale.
- Deadline: August 24, 2024
3. Amika: rooted in growth
- For: Professional hair brand founders
- Grantor: Innovation Studio
- Amount: $50k
Amika: rooted in growth is a targeted grants and mentorship program powered by Innovation Studio. The opportunity, which was designed to support emerging professional hair brand founders, picks out four lucky winners, who receive $50,000 in finding – making it one of the most generous programs on this list – a 4-month mentorship program, and valuable networking opportunities with the amika team and industries leaders.
Successful applicants also get travel and accommodation to Brooklyn covered for the program kickoff meeting in October 2023, and an industry tradeshow in February. If you’re looking to get recognized in the professional hair industry, this opportunity by Innovation Studio is too good to miss.
To be eligible, you need to own a brand focused on hair and hair care, aspire to be in the professional channel, make no more than $2m in annual revenue, and be based in the US.
- Deadline: August 17, 2024
4. Visión Verde Grant
- For: Hispanic entrepreneurs in the alcohol industry
- Grantor: Bacardi U.S.A
- Amount: $10k
Visión Verde is a multi-pronged grant designed to support Latinx and Hispanic entrepreneurs within the beverage alcohol service, sales, and hospitality industries. Successful applicants will receive $10,000 in funding which they will be able to use to promote sustainability and environmental consciousness via education and mentorship.
Applicants must be majority Latino/Hispanic-owned, be residents of the US, and be committed to engaging with various elements of the program including collaborating with the Hispanic Heritage Foundation & Bacardi team on comms creation. To apply, you need to answer a number of simple questions relating to your business journey, your motivators, and how the grant will allow you to meet your sustainability needs.
- Deadline: August 25, 2024
5. Faire Small Business Grant
- For: Small businesses
- Grantor: Faire
- Amount: $5k in Faire stock
Faire is an online wholesale marketplace that connects independent retailers from all over the world. The company has recently launched a Small Business Grant Program that gives select new stores $5,000 worth of credit to use on Faire stock. This credit can be used on anything in the Faire store and is eligible for brick-and-mortar locations as well as online stores.
To be in with a chance of winning, you need to be an independent retail store based in the US and have started your business in 2023-2024 (or plan to open in 2024). You’ll also have to send off a video submission and carry out soft credit checks. However, since the deadline isn’t until the last day of August, you have a bit more time to build and refine your application.
- Deadline: August 31, 2024
6. Pure Leaf Tea Break Grants Program
- For: Organizations that promote employee wellbeing
- Grantor: Pure Leaf
- Amount: $5k to $20k
The Pure Leaf Tea Break Grants Program was designed to improve the experience of employees in the workplace and is part of Pure Leaf’s national campaign to promote tea break culture in the US. The scheme is open to small businesses and 501(c)(3) nonprofits that promote employee well-being and revitalization and is run in partnership with Mind Share Partners, a nonprofit that focuses on workplace mental health.
The size of the grant will depend on the organization’s number of full-time employees, with the smallest sum being $5,000 and the largest being $20,000. To be eligible to apply, you need to be a US resident employed by a non-profit business or 501(c)(3), and the organization needs to have less than 250 employees.
- Deadline: August 22, 2024
What Should I Include in My Business Grant Proposal?
The type of proposal you submit will depend massively on your type of business and the funding opportunity you are applying for. Some grantors won’t even ask you to submit a proposal, and will vet you through other methods like questionnaires instead.
However, if you want your grant proposal to be a success, there are a number of important touchpoints to bear in mind:
- Include a cover letter – Just like job applications, including a well-written cover letter will maximize your draft proposals’ competitive advantage. The document should succinctly state your intentions, and summarize the main points in your proposal. You can use AI cover letter generators to get you started, just be sure to triple-check the output before you attach it to your application.
- Describe your project – You should kick-start your proposal by describing your project. This should include detailed information about your project’s timeline and budget, the size of your team, and why you’re a worthy recipient of the grant. This should be limited to two pages or under to ensure it’s as concise as possible.
- Include your budget – Now it is time to drill down the number and explain what you plan to do with the money. For best practice, support the information with engaging visuals like tables and graphs, stay within funding limits, and be as specific as possible.
- Attach relevant documents – Different grantors will have different requirements, but you may be asked to submit accompanying documents like a business plan, financial statement, and letters of support. Tipple-check what documents you need before firing off your application.
