If you’re planning to launch or open a business in Louisiana, consider applying for a business grant. In general, business grants are essential when developing a startup business, especially if you need more money as capital to start your business. You can find small business grants in Louisiana and apply for one to help your business.
In this blog post, you know everything you need about small business grants in Louisiana. We’ll include different ones to fit any starting business for various owners. This way, you’ll have a starting point if you need starting capital through grants.
Best Small Business Grants in Louisiana
Below are some of the best business grants in Louisiana. If you’re starting a business and need some funding for capital, consider applying for any of these grants.
1. STEP Grants
An SBA initiative called the State Trade Expansion Program (STEP) grant offers cash subsidies to small enterprises that require assistance with export growth.
For costs incurred in connection with trade fairs, trade missions, or export training courses, the Louisiana STEP program gives reimbursements of up to 90%. Grants from the STEP program can be up to $6,333.
2. Zach Grant
The Fundera Zach Grant is a yearly grant program that provides $2,500 to a small company each year if you want a quick method to make a cool $2,000. All you have to do to apply is post a three-minute video explaining why you founded your company.
You won’t have to fill out a lot of documentation. Instead, you can receive the grant if your video submission is imaginative, unique, and of excellent quality.
The Zach Grant is open to anyone who likes and follows Fundera on Facebook, uploads a YouTube video submission, sends it to Fundera, and shares it on social media.
3. SBIR and STTR Grants
Grants of up to $250,000 are given to small enterprises collaborating with the federal government on development and research through the SBIR and STTR Grant Programs.
The application process for SBIR and STTR funds is highly competitive. To be considered, your company must have technology that can be commercialized and adhere to certain legal restrictions.
You also can profit extra from the program if your company succeeds after receiving an SBIR or STTR funding.
Your firm must be situated in the US and cannot have more than five hundred workers to be eligible for SBIR and STTR grants.
Small Business Grants in Louisiana
Most business grants offered to business owners in Louisiana are only for small businesses. As such, you’ll find plenty of options when starting a small business in this state. Moreover, a small business will have better chances of getting a business grant approval in Louisiana. Here are some options to consider:
4. GrantWatch
Louisiana GrantWatch gathers new grants for small companies. The website gathers municipal, state, and federal funds, albeit not all for small enterprises. If you’re looking for new grants, GrantWatch is a great resource. You can also utilize the website to discover a grant writer that can assist you in creating winning small business grant submissions.
5. Louisiana Small Business Grants
To help to qualify, locally-owned small companies affected by the coronavirus (COVID-19) continue operations and retain staff, the Louisiana Small Business Assistance Grant Program will offer financial support. The grant money is used to pay salaries, rent, and mortgage.
Nevertheless, the federal government does not offer incentives for starting and growing a business. Louisiana shop owners may be eligible for small business grants to help them start and expand their enterprises.
However, recipients of grants are not compelled to pay the government money back. Therefore, consider small business grants as a part of your financial possibilities.
6. Federal Small Business Grant
Small businesses in the fields of technology, preservation, and science and research are supported by several federal authorities.
Moreover, they help pay for local governments, academic facilities, and nonprofit groups. Federal support does not cover the expenses of starting and maintaining a business. They place more emphasis on research and development.
So, a company is immediately qualified for these awards if it does research and development as part of its core business.
Apply for Federal Small Business Grant
Small Business Grants in Louisiana for Minorities
Business grants are always geared towards minorities who plan to start a small business, and Louisiana offers various business grants for such. For this reason, you can consider these grants if you want to start a small business in Louisiana.
7. Louisiana Minority Business Center
The Louisiana Minority Business Center helps immigrants, Black and Brown company owners, and people of color. Help is given through knowledge of opening and operating a business and employment opportunities. In addition, they support funding needs, training, analyzing legal contracts, and other services.
8. SBIR and STTR Grants
Small businesses in Louisiana can get funding for early-stage development and research under the SBIR/STTR program. These business grants are two of the most vital options for people looking to monetize inventions.
Also, the federal government offers $2.5 billion in extracurricular research support to small businesses only for those involved in the program’s technical innovation research.
Small Business Grants in Louisiana for Women
Another common factor for business grants is for women who are business owners. As such, if you’re a woman who’s planning to start a business in Louisiana and need of funding, you can consider applying for one of the following grants:
9. Amber Grant for Women
The Amber Grant may be of interest to Louisiana-based women entrepreneurs. Each month, $10,000 is given to women-owned businesses through the Amber Grant.
If you were chosen to get a grant each month, you’re also eligible to win an extra $25,000 by the year’s end. That implies that you receive up to $35,000 in grant money. Small companies nationwide are eligible for the Amber Grant program, and applying is relatively easy.
To apply, you must provide details about your company and why you need the grant money, along with a $15 application fee. Applicants must be above 18 and operate a business where women are the majority owners.
Small Business Grants Louisiana
| Department or Agency | Loan or Grant Title | Description |
|---|---|---|
| Louisiana Economic Development | Small Business Loan Guaranty Program | While not a direct loan or grant, the Small Business Loan Guaranty Program through Louisiana Economic Development is a valuable program for small businesses that face challenges when it comes to accessing traditional financing. |
| Louisiana Economic Development | Micro Lending Program | Louisiana Economic Development offers targeted loans through its Micro Lending Program, which is designed to help underserved small businesses receive access to capital. Loan amounts range from $1,000 to $100,000 for companies with 100 employees or less. |
| Louisiana Economic Development | Louisiana Seed Capital Program | Louisiana-based small businesses that are just starting up or that are in the early stages may be eligible for seed capital from Louisiana Economic Development. The goal of the program is to increase economic development within the area and spark job creation and retention. |
| Restore Louisiana | Small Business Loan Program | Restore Louisiana’s Small Business Loan Program was created to help small businesses recover following Hurricanes Laura, Delta, and Ida—as well as the severe storms the area experienced in May 2021. |
| Shreveport Community Development | Shreveport Inner-City Economic Development Initiative Loan Program | With a goal to improve economic development in the city, Shreveport Community Development created a loan program to assist small businesses that have faced challenges acquiring traditional funding options. |
| Baton Rouge North Economic Development District | Facade and Signage Improvement Program | The Facade and Signage Improvement Program is a 50/50 matching grant program that provides awards of up to $5,000 to help improve visible building areas, signage, and storefronts. |
| Greater New Orleans | The New Orleans Startup Fund | The New Orleans Startup Fund was designed to help early-stage companies accelerate into the marketplace by providing seed capital. Southeast Louisiana startups in the pre-revenue phase but with viable business plans may be eligible for capital ranging from $25,000 to $100,000. |
Frequently Asked Questions
Below are some of the frequently asked questions you may have about business grants in Louisiana.
Who provides small business grants in Louisiana?
Local and state government agencies offer a variety of small business grants in Louisiana. You can compare small business grants in Louisiana with similar programs in other states, such as:
- Small Business Grants Michigan
- Illinois Small Business Grants
- Small Business Grants Ohio
- Colorado Small Business Grants
- Small Business Grants Arizona
- Indiana Small Business Grants
- Small Business Grants Texas
- Wisconsin Small Business Grants
- Wyoming Small Business Grants
- Alabama Small Business Grants
How can I get financial help for my business in Louisiana?
Business grants vary from state to state, and Louisiana has a specific business grant suited to approved applicants and business owners.
Every small business owner in Louisiana is entitled to access various financial assistance available from federal and state agencies.
As such, if you’re planning to start a business in Louisiana, you can apply for a business grant through the federal and state agencies that cover this state.
How much Is the Louisiana grant?
The amount of financial help you can get from business grants offered in Louisiana depends on the type of business you have and your eligibility for approval.
However, you can get as much as $250,000 if you conduct development and research with the state’s federal agencies.
Also, it will depend on your application’s approval, as the state agency will determine how much grant they’ll offer for your business.
What Is the Louisiana grant for?
Louisiana’s Federal Government isn’t publicly provided, meaning only some startups business are automatically given grants. As such, you’ll likely need to apply for such and wait if you get approved or not.
Nonetheless, the Louisiana Grant is primarily available for small business owners planning to start and grow their ventures.
While most grants require paying back the funding, some grant beneficiaries from the Louisiana Government do not require such. Thus, you can grow your business in Louisiana without actually paying back the grant after some time.
Conclusion
Starting a business from scratch requires hard work, research, and funding. As such, many people need more funding to maintain or even launch a business. With business grants, the state government will take care of the capital you need or the fund you need for your business research.
As such, you only need to worry about your business structure and do the work to keep it growing. With this information, we hope you find a business grant in Louisiana and get approved for one to help you grow your business.
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