Small Business Grants Support Entrepreneurs in Need This Holiday Season

There’s still time for some small businesses to apply for grants before the end of the year. But this season is also a popular time for businesses to receive funds from local banks and organizations. Below, read about a few new opportunities to apply for, along with some small businesses that recently received funds from ongoing programs.

Alaska International Trade Assistance Grant

Alaska recently announced its International Trade Assistance Grant (ITAG), which is created through a $100,000 from the US Small Business Administration’s State Trade Expansion Program (STEP). This ITAG initiative offers reimbursements covering up to 75% of eligible expenses, which include things like joining foreign trade missions, subscribing to international websites, creating marketing materials for international audiences, taking part in international trade shows, export training, or hiring international consulting services. Grants can range from $1,000 to $10,000. Applications for the grant are open until September 29, 2024, which is also the deadline for completing eligible activities to receive reimbursements. The funding from STEP will be available until September 29, 2025. The SBA gives a two-year window to use all the STEP funds.

United Way Prosperi-Key Grants

United Way in the Greater Dayton Area is providing a unique opportunity for 20 small businesses. Each business will receive a one-year grant worth $1,500 to advertise on their Prosperi-Key platform. This platform, which started in 2021, is designed to bridge the gap between individuals living paycheck to paycheck and those looking to assist them by offering discounts and services typically not accessible to such individuals. Prosperi-Key primarily focuses on assisting ALICE households – a term used by United Way for those who have earnings slightly above the threshold for welfare programs but still struggle to meet monthly expenses. United Way recognizes that while the budget of these households is tight, they still have some spending power. To be eligible for this grant, businesses must commit to a two-year participation on the Prosperi-Key platform. They must also meet the following criteria: having no more than 500 employees and an annual revenue of less than $1 million. Grant funds will be allocated on a first-come, first-served basis.

Snow Hill Small Business Grant

The Chamber of Commerce in Snow Hill, Maryland is presenting a grant opportunity for both business owners and owners of commercial properties. This initiative has $25,000 in total funds, which the group raised through its yearly Oyster Roast and Seafood Festival. The aim of this grant is to boost economic growth within the community by supporting both business owners and property owners and to help local businesses attract and retain customers throughout the area by enhancing the look and safety of their commercial spaces.

Fifth Third Bank Employee Grant Program

Employees of Fifth Third Bank recently demonstrated their support for nearby small businesses by nominating them for a grant opportunity. Nominated businesses had the chance to win a grant of $53,000, which recipients can use as they see fit. Fifth Third Bank just revealed the recipients of this grant program: Rey’s Remodeling located in Indianapolis, Delight Nails & Spa in Orlando, and RODI Italian situated in Loveland, Ohio.

Merchants Commercial Bank Small Business Grants

Merchants Commercial Bank and the Federal Home Loan Bank of New York recently partnered to award the Small Business Recovery Grant to five local companies in the U.S. Virgin Islands. This grant program, provided by FHLBNY to its member banks, aims to help small businesses and non-profit organizations in their communities. The businesses that received these grants from Merchants Commercial Bank are B. Kraft Cooks, Alliance Point Charter LLC, Global Marine LLC, Island Green Building Association Inc., and My Brother’s Workshop. Each of these recipients got $10,000 to help them either recover from hardships or support new growth opportunities.

FHL Bank Chicago Community First Accelerate Grants for Small Business

The Federal Home Loan Bank of Chicago recently gave a total of $4.3 million in grants to 172 small businesses in Illinois and Wisconsin. Each recipient got $25,000 as part of the Community First Accelerate Grants for Small Business program. This is the second year of the program. Businesses can use grant funds for various purposes, including buying or upgrading property, getting new equipment, training employees, and updating technology. Member banks, credit unions, insurance companies, and community development financial institutions of FHLBank Chicago played a key role by applying for these grants on behalf of small businesses they’ve worked with for at least a year.

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