Table of Contents Show
- What is a Small Business?
- Types of Grant
- List of Louisiana small business grants
- #1. State Trade Expansion Program (STEP) Grant for Export Promotion
- #2. Innovation Corps (I-Corps) at NIH Program for NIH and CDC Phase I Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Grantees (Admin Supp )
- #3. Louisiana Small Business Grants – Louisiana Project Grant
- #4. Louisiana Small Business Grants – The InnovateHer Challenge
- #5. SBIR/STTR Funding | America’s Seed Funding
- Who is eligible for Louisiana small business grants?
- How to Apply For a Small business Grant
- Frequently Asked Questions on Louisiana Small Business Grants
Are you looking for Louisiana small business grants in 2022? The concept of a business grant is tremendously relieving for small business owners.
Most small business owners want to expand their operations so they may increase staff, boost output, or buy new equipment.
Unlike loans, the good news is that grants do not have to be repaid, and there are no additional expenses or hidden fees. Because grants are a fantastic concept, most firms are vying for them, making them fiercely competitive and a little challenging to obtain, intensely competitive, and difficult to secure.
Grants totaling $15,249.00 million and additional government finance totaling $11,534.00 million have been allotted by the federal government and the Louisiana Department of Finance for Louisiana residents.
As long as you have a current citizenship card (green card) or certificate of permanent residence, you could be qualified to apply for and receive federal funds from the state of Louisiana.
This page will detail the grants available in Louisiana for various business sectors, their requirements, and how to apply for them.
What is a Small Business?
According to the state of Louisiana, a small business is one with less than 500 employees. The business must also fulfill SBA requirements to qualify as a small business in its industry (NAICS code).
Types of Grant
Are you surprised? Yes, there are several types of grants. In general, grants can differ by industry or structure. You will better understand the various grant kinds when we discuss their differences and similarities.
#1. Merit-Based Grant | Competitive Grant
This type of grant is often given out based on merit. A discretionary grant is another term for it. It is frequently awarded through a competitive process that could involve choosing proposals based on a team or individual evaluation.
Examples of this include student tuition plans, money for the arts and humanities, and even funding for scientific research. Usually, this type of investment comes with clear guidelines and conditions.
You must have a thorough understanding of the requirements to ensure a successful application and potential grant approval.
#2. Continuation/Renewal grant
Grants of this kind are beneficial. Small businesses and student funding programs frequently use it. With this kind of grant, current award recipients can extend or renew the funding for the current grant program.
This extension often has a designated budget and time duration. However, in other circumstances, only recipients who have already received awards are eligible for this sort of reward. Sometimes, It is also available to fresh applicants as well.
#3. Formular Based Grants
In contrast to competitive grants, this sort of award is not competitive. It is given to preselected individuals.
This kind of award is based on a formula created by legislation and regulations. A precise formula is used to distribute this money across the states.
Funders must adhere to this pattern while choosing beneficiaries, which is done locally. Applicants that satisfy the minimal requirements are eligible to receive funding, and the requirements are specified during the application process.
The federal government’s contributions to state and local governments for initiatives like Medicaid health insurance, education, and transportation infrastructure are one example of this form of support.
#4. Pass-Through Grant
A State agency or institution receives pass-through funding from federal authorities. According to the rules of the award eligibility, they then transfer the funds to further State agencies, local government entities, or other qualified parties.
According to the conditions and enabling laws of the principal award, States may choose to distribute this money under this financing system in a competitive or non-competitive manner.
As a result, the State governments have freedom and discretion over how to spend the federal grant money.
The initial authorizing agency or institution, frequently referred to as the “primary receiver,” sets the conditions and audit standards, whilst the subsequent beneficiaries are referred to as “sub-recipients.”
In accordance with the initial terms and authorization documents, the primary recipient then issues the sub-awards as either competitive or non-competitive awards.
List of Louisiana small business grants
#1. State Trade Expansion Program (STEP) Grant for Export Promotion
The STEP Grant program was created to assist small firms in Louisiana in generating new export income and creating or maintaining employment as a consequence of sales to international markets.
Under this program, qualified small businesses may receive reimbursement for costs incurred in connection with attending trade missions, trade shows (both online and offline), workshops on export training, shipping samples of products, compliance testing, paying for services provided by the U.S. Commercial Service, developing websites with an international audience in mind, designing marketing materials, and other SBA-approved activities and costs.
The program gives a 90% reimbursement rate on allowable costs, with a $7,500–$10,000 maximum benefit per firm.
In order to be eligible to apply for the Step grant and have your grant accepted, you must fulfill the requirements given below.
- You must satisfy the SBA’s criteria for a small company
- Must have at least one year of business experience
- Be a for-profit company with its headquarters in Louisiana.
- looking for new export markets or being new to export
- Make a strategy for exporting (export plan)
- Recognize the export-related expenses.
- Have at least 51% U.S. content OR be an export-ready U.S. firm looking to export products or services with U.S. origin.
- Not restricted from doing business with the federal government
These are some of the financial privileges of the grant. These are some of the expenses that are approved for reimbursement by the funders.
- Fees for exhibits/booths at trade shows (virtual and in-person)
- Fees for trade missions (virtual and in-person)
- seminars & courses on export (virtual and in-person)
- Services charged by the U.S. Department of Commerce
- Travel-related costs include accommodation, food, and flight
- Media and marketing tools for promoting exports
- Website charges and e-commerce (internationally focused)
- The cost of compliance testing
- Fees for export credit insurance
- additional authorized expenditures and activities
How to apply
To apply for the STEP grant, you’ll have to download the application form and send the completed application with the requirements to Jessica Steverson via email at email@example.com or at firstname.lastname@example.org or 225-342-2537 with any questions.
#2. Innovation Corps (I-Corps) at NIH Program for NIH and CDC Phase I Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Grantees (Admin Supp )
The “Innovation Corps (I-Corps) at NIH Program for NIH and CDC Phase I Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Grantees (Admin Supp)” public funding opportunity is now open to applicants and is being offered by the Department of Health and Human Services’ National Institutes of Health in the education, environment, health, income security, and social services sectors.
All you need to know
- Applications should be submitted using the following CFDA number(s) if they are interested and qualified: 93.084, 93.113, 93.121, 93.172, 93.173, 93.233, 93.242, 93.262, 93.273, 93.279, 93.350, 93.394, 93.395, 93.837, 93.838, 93.839, 93.840, 93.853, 93.855, 93.856, 93.865.
- This funding opportunity was made available on August 25, 2016.
- Applications must be submitted by January 9, 2017. (Agency may still examine submissions from qualified candidates for the remainder of unused funds that has been provided for 2022.)
- Each chosen candidate is qualified to receive financing of up to $50,000.00.
- There are only 48 candidates that can receive this cash.
- Small businesses are eligible applicants.
#3. Louisiana Small Business Grants – Louisiana Project Grant
By allowing artists, non-profits, schools, and local government organizations in each region the chance to establish arts projects that address local needs, the Louisiana Project Grant Program (LGP) offers a framework for supporting arts initiatives in all regions of the State.
The Regional Arts Council for Region 9, which covers the parishes of St. Tammany and St. Bernard, is the St. Tammany Parish Commission on Cultural Affairs, and it oversees the program.
All You Need to know
- The application period will end at 5 p.m. on Friday, July 1, 2022, and the second round, November 2, 2022
- For Additional Details and the Full Grant Guidelines
- Online submissions for grant requests are accepted. Click here
- Send an email to email@example.com for help and inquiries.
#4. Louisiana Small Business Grants – The InnovateHer Challenge
The SBA funds this grant for female entrepreneurs on an annual basis. There are three winners, and the first place prize is worth $40,000, the second place is worth $20,000, and the third place is worth $10,000.
It’s a prestigious grant that also garners a lot of attention from the beneficiaries’ companies.
All You Need to Know
- To qualify for the national competition, you must first triumph in a local InnovateHer challenge.
- Any firm can compete, but those focused on women and their social issues often fare the best.
#5. SBIR/STTR Funding | America’s Seed Funding
To promote technological innovation, satisfy Federal research and development (R&D) objectives, and boost commercialization to turn R&D into impact, the SBIR and STTR programs provide funding to a diversified portfolio of startups and small enterprises in a variety of technical fields and markets.
Applicants must be persons working in innovation and entrepreneurship, including women, people of color, individuals with disabilities, and entrepreneurs based in all 50 states and U.S. territories.
How to Apply
- To apply, you’ll have to meet all eligibility criteria
- submit your business proposal and further requirements
- Identify and locate the opportunity
- provide the portal requirement
- get your business and business information reviewed in the portal
Who is eligible for Louisiana small business grants?
Grants aren’t really for starting a business, after all. Before applying for a small business grant, you must first start the business.
It is often approved for business growth or enhancement. For companies undertaking large projects, medical studies, educational initiatives, or Technical innovation, grants are widely accessible.
In addition, business grants are typically given to non-profit groups, women, veterans, entrepreneurs, green businesses, and rural enterprises.
How to Apply For a Small business Grant
You may do a lot of easy things to increase your chances of getting grants. The majority are simple to comprehend, yet it’s important to remember them.
As I’ve already indicated, applying for grants may be very competitive. For a single grant, sometimes hundreds of small enterprises submit applications. I’ll go over the key actions you should take to raise your chances of receiving funds.
- Ensure you apply on time
- Compete for your category and sector
- write a great business plan indicating how the grant will help you
- Get help from community business organizations
- Get professional help if necessary
- Ask previously funded companies more about the grant and what criteria need highlighting
- Don’t use a template for all grant
Frequently Asked Questions on Louisiana Small Business Grants
Q1. How would I know when my grant application is approved?
Once your grant is approved, you’ll be contacted by the appropriate body with further information and instruction on how to access the funds.
Q2. Do I need to Pay back A Grant?
No, grants are different from loans. You don’t pay back a grant, there are no interests, and there are no hidden charges. Although you don’t pay back grants, however, they are not freebies.
You must submit a grant application, which might require some time and effort. Then, you compete with other small firms for funding.
Q3. What can a Grant be used for?
Grants can be used for several things in business, like
- getting more equipment or materials
- increasing production
- Digitalize your company
- Maintenance and minor changes in your business
- Providing staff training
Government grants for small businesses are often not offered to cover startup costs, debt repayment, or ongoing operating costs.
Government funds could be difficult to come by unless your company is a nonprofit or is launching a project in a field like technology, medical research, or education.