Grants are the ultimate tool for a small business; unlike a loan, you will never need to pay back the money that you win. With no interest, no burden, and no stress, every small business should be searching out the best grants available to their niche. Luckily, you don't have to look far and wide to find a business grant. These three reputable programs are all attainable and valuable--all you need to do is apply.
FedEx Small Business Loan
Requirements: The rules of this program are simple. Any business with fewer than one hundred employees that is at least six months old can apply for prizes up to $25,000.
Important Dates: This year's winners were just announced on April 25th. Check back on their website in March of next year for specific 2018 dates; the duration of the entry period is generally just over one month, so check frequently as not to miss this opportunity.
Selection Criteria: The best entries are chosen by a variety of factors, including public voting, brand clarity, alignment with the FedEx mission, and creativity of the idea. Any small businesses with a clear plan and a developed brand has a shot at winning this prize.
Prizes: Ten winners are spread across three different levels. One gold winner will receive $25,000 and $7,500 of credit for FedEx services. One silver winner will be awarded $15,000 and $5,000 store credit, while eight bronze winners will receive $7,500 and a credit of $1,000.
Points of Interest: This competition is significantly driven by public voting.
Miller Lite Tap The Future Grant
Requirements: Considering that this contest is sponsored by a beer company, all business leaders must be at least 21 years of age. Additionally, at least half of the leadership team must be less than 35 years old. Other than the age requirement, they define a "small business" as any company formed or not formed with less than $15 million in assets or $5 million in net profit each year.
Important Dates: This year's competition is closed. However the application process begins in March, so check back again next year during early to mid March.
Selection Criteria: A large percentage of your entry will be judged by brand identity. Other important factors are community impact, financial stability, proof of concept, and vision.
Prizes: The top prize is $100,000, with five $20,000 prizes for other finalists.
Points of Interest: This competition has strict guidelines in terms of eligibility. Be sure to read through the fine print before entering and double-check that your business is eligible.
Lending Tree Small Business Grant
Requirements: Each small business must fill out a questionnaire about the past success and future plans of their business. It is 20 questions long and is only available during the submission period.
Important Dates: Contests take place from November through January. Check in November for information about that particular year's contest.
Selection Criteria: The main feature being evaluated is business plan. Each business must specify how they plan to use the prize money, the direction of their business, and the main mission of their efforts.
Prizes: One $50,000 prize is given to the small business that best exemplifies this criteria.
Points of Interest: Check out this year's winner to get an idea of what types of businesses succeed.
All three of these contests will help bolster your company's finances and take your business to the next level. When next submission period comes around, don't forget to apply for these incredible opportunities.