How to Get Funding for Your Small Business in the US
The global economic crunch has made it difficult to establish a business. Small and medium companies are directly suffering from its effects. The after-effects of the global COVID outbreak also contribute negatively to the situation. We are sharing the essentials you need to know before applying for your small business certification and getting ready to obtain funding for your small business.
Let’s check out how to find funding opportunities for small businesses in the U.S.
Many people give up their business dreams yearly due to insufficient funds. Some of them are veterans who want to utilize their potential. However, they need an initial push to step into the market stream. There are several funding opportunities that you can consider.
Let’s look at some of the funding opportunities for small businesses in the United States.
Government Funding for Small Businesses
The U.S. federal government never leaves its citizens behind. As per the official grants portal of the federal government, small businesses can benefit from many funding options depending on their eligibility. Grant programs offer comprehensive services to kick-start your small business.
It is important to remember that the federal government may offer little assistance. The officials distribute funding between local and state governments to provide for eligible citizens.
Let’s look at some of the funding options you can apply for.
Mission Daybreak Challenge
The Mission Daybreak Challenge grants for small businesses come from the U.S. Department of Veterans Affairs. This program focuses on veterans who need funding to start small businesses. It also supports suicide prevention among traumatic veterans living in the U.S.
The Mission Daybreak team offers grants to technologists, researchers, clinicians, veterans, and advocates for their expertise. The grant seekers must submit their detailed ideas to enter the lucky draw. The winning prize is $20 million.
To apply for the Mission Daybreak Challenge funding for small businesses, you have to be a citizen/permanent resident of the U.S. We have listed the core eligibility requirements below:
- The applicant (individual/group/entity) should register by following the instructions of the challenge as proposed by the sponsor.
- The applicant must comply with all the requirements listed on the official website.
- If you are a private entity, you must maintain a primary business place inside the U.S.
- Individual or group applicants must be citizens or permanent residents of the U.S.
- The applicant must not be a federal entity or employee working on the application during duty hours.
- Non-VA federal employees need to consult with their agencies to ensure any prohibitions or limitations in the application process.
- They must not be a current employee of the VA, an employee of the Challenge Administrator, a Challenge Reviewer judge, or have any direct relationships with the administrative body.
- If the applicant is a federal grantee, they must refrain from using federal funds for submissions (only possible if they are consistent with grant award purpose).
- The applicant may not use the funds from a contract to develop the challenge applications and submissions if the applicant is a federal contractor.
- They must not be sanctioned by the U.S. Treasury’s Office of Foreign Assets Control or be on the Excluded Parties List.
- The applicant must not have suspension or exclusion records for working with the federal government.
Women-Owned Small Business (WOSB) Federal Contracting Program
This small business funding program focuses on women-owned businesses. The federal government generates at least 5% of federal funds for women-owned small businesses annually.
The Office of Women’s Business Ownership also supports training women entrepreneurs. It offers female business owners business counseling, federal contracts, and credit access.
According to the SBA size standards, the women-owned business must fall under the small business category if the company
- Is owned/controlled by women (51% ownership) of the business.
- The owner and manager are one or more women with a net worth below $750,000.
- Meets all the terms and requirements of the WOSB program.
- Owner and manager are one or more women with a $350,000 or less gross income adjustment over the previous three years.
- Employs female workers to manage everyday operations.
- The owner and manager are one or more women with personal assets worth below $6 million.
Service-Disabled Veteran-Owned Small Business Program
The federal government of the U.S. offers at least 3% of federal funds to service-disabled veterans owning small businesses. This program seeks applications from such veterans to regulate federal grants for business opportunities.
Veteran-owned small businesses must contribute 50% of the ownership rights to one or more service-disable veterans. They should also hold the responsibility of managing day-to-day operations. Apart from these requirements, the business should have one or more service-disabled veterans to manage the business’s long-term goals.
If you pass the basic eligibility terms, you can compete for funding contracts at the Department of Veteran Affairs (VA).
To seek the VOSB grant, formal business verification is mandatory. We have listed the core eligibility requirements below:
- Your business must meet the criteria of small business standards.
- You must be one or more service-disabled veterans owning at least 51% of the company.
- Your business must have one or more service-disabled veterans to manage the daily operations and make long-term decisions.
- You must have a service disability.
How Business Certification Can Help You Seek Funding
Many small businesses in the U.S. need formal certification. While they may enjoy some perks, such enterprises miss out on various benefits. Seeking business certification can open your doors to state and federal government funding. It helps your business to be on the radar of the local state government.
With the help of business certification, you can seek legal funding assistance to improve your business standards. You can also seek collaborative business opportunities in your area.
Most small business owners, including veterans, women, and minority residents, avoid the hassle of seeking certification. The process of document collection, submission, and certification can be frustrating. While this may be true, if you opt for a digital tool that takes control of your certificate from the beginning to the end, you may have no problems left.
Also Read: Why You Should Certify Your Diverse Business
Role of 58Joralemon In Business Certification
58Joralemon is a state-of-the-art application that simplifies the certification process for small businesses. It helps veterans, women, and minorities to seek hassle-free business certification for small businesses. This platform uses machine learning to capture and submit the necessary documentation for the formal accreditation of small businesses.
Features of 58Joralemon
58Joralemon makes it super-easy for you to seek certification for your small business. If filling out lengthy application forms and submitting documents frustrates you, this agile application can take your burden away. You can upload all your business information on 58joralemon for central accessibility.
You can choose the certification you need to apply for using the application. This intelligent platform sends the required documents for approval. Once done, you can access a copy of your business certificate online.
58Joralemon also helps you in your certification renewal process. Business owners often need to remember to renew their certifications on time. With this application’s help, you can eliminate such worries. It reminds you to submit the renewal application when due.
You can also modify your business records (if needed) before proceeding with the renewal application. The platform also alerts you to update any expired documentation stored in the business records.
You can easily access all your certification invoices using 58joralemon. The application software keeps all your records a single click away. You do not have to search your computer folders and manual registers to access sensitive information.
If you want to maintain a hard copy of your invoices, you can easily download them and print them for use.
To apply for a business certificate using the 58Joralemon application, have a look at the following steps:
- Form Submission: You can start by completing the required business information form.
- Upload Documents: Upload your business documents (necessary for certification).
- Payment Submission: Pay the fee by selecting your desired payment method in the application.
- Application Review: The application reviews your documents and personal information to proceed with certification or request corrections (if needed).
- Certification: In the final step, you will receive the certification decision via email or in-app notification.
Business certification is vital for receiving small business funding in the U.S. If you want to apply for any of the above-mentioned federal government grants or seek other funding opportunities, platforms like 58Joralemon can help.
You can check the application details on our website. If you like, you can also find other business management solutions for small businesses on the website.