6 Best Grants to Start a Small Business in Florida

Grants are an important element in the growth of a new company. A grant may include start-up funding, operating capital for a business strategy, or other forms of support. Yes, there are several grants available to help small businesses in Florida start and grow.

Available Grants to Start a Small Business in Florida

1. Florida Small Business Emergency Bridge Loan Program

This grant is designed to provide short-term, interest-free loans to small businesses that have been economically impacted by COVID-19. These are short-term, zero-interest personal loans given with state of Florida funding. Loans, not grants, are required to be repaid by the accepted candidate.

Together with Florida First Capital Finance Corporation, DEO is in charge of overseeing the Emergency Bridge Loan Program’s financial administration.

Requirements for Florida Small Business Emergency Bridge Loan Program

• The business must be located in Florida and have been established before March 9, 2020.
• The business must have experienced economic damage due to COVID-19, such as lost revenue or increased expenses.
• The business must have 2-100 employees
• The business must be able to demonstrate financial need and provide documentation of the economic damage caused by COVID-19
• The business must be able to repay the loan, as it is intended as a bridge loan, not as a long-term solution.
• The business must be able to provide documentation of the economic damage caused by COVID-19
• The business must not be delinquent on any state taxes or have any outstanding state debts
• The business must not be in bankruptcy proceedings.

Steps to Apply

The specific steps to apply for the program may vary depending on the program and funding source, but generally, the process includes:

• Check Eligibility: The first step is to determine if your business is eligible for the program. You can check the program’s website or contact the program directly to find out if your business meets the eligibility criteria.
• Gather Required Documents: You will need to gather the required documents to complete the loan application. This will typically include financial statements, tax returns, and proof of ownership.
• Apply Online: You will need to fill out the application form and upload the required documents online on the program’s website.
• Wait for Approval: Once you have submitted your application, you will need to wait for the program to review and approve your application. This process can take several weeks.
• Sign the loan agreement: If your application is approved, you will need to sign the loan agreement, which will outline the terms and conditions of the loan.
• Receive the funds: Once the loan agreement is signed, the program will disburse the funds to your business.
• Repay the loan: The loan is interest-free and is typically due within one year, but the repayment schedule may vary depending on the program.

2. Florida Small Business Development Center (SBDC) Network

The Florida Small Business Development Center (SBDC) Network provides no-cost consulting services, training, and resources to help small business owners start and grow their businesses. The specific requirements to receive services from an SBDC may vary depending on the center.

This grant program provides small business owners with access to no-cost consulting services, training, and resources to help them start and grow their businesses.

Requirements for Florida Small Business Development Center (SBDC) Network

• The business must be located in Florida or planning to do business in Florida
• The business must be considered a small business as defined by the SBA (Small Business Administration)
• The business owner must be able to demonstrate the need for assistance and a willingness to invest time and effort into the business.
• The business must be for-profit, and not a non-profit or charity organization
• The business must not be in the process of bankruptcy or have any outstanding tax liens
• The business owner must be willing to share financial information with the SBDC as part of the consulting process.

It is worth noting that the SBDCs provide consulting services and resources to small businesses, but they may not have available grants or funding for business owners. However, SBDCs will be able to assist with finding funding opportunities that fit your business needs.

Steps to Apply

The specific steps to apply for the program may vary depending on the program and funding source, but generally, the process includes:

• Check Eligibility: The first step is to determine if your business is eligible for the program. You can check the program’s website or contact the program directly to find out if your business meets the eligibility criteria.
• Schedule an appointment: You can schedule an appointment with an SBDC consultant by visiting the program’s website or by calling the program’s office in your area.
• Prepare for the consultation: Before the appointment, you should prepare a brief summary of your business, including its products and services, target market, financials, and goals. This will help the consultant understand your business and provide relevant advice.
• Attend the consultation: During the consultation, the SBDC consultant will ask you questions about your business, review your business plan, and provide feedback and advice on how to improve your business.
• Follow-up: After the consultation, the SBDC consultant will send you a summary of the advice provided and any recommendations for follow-up actions. You can schedule additional appointments with the consultant as needed.
• Access Resources: The SBDC network also provides access to various resources, such as training, mentoring, and networking events, which can help you grow your business.

3. Florida First Capital Finance Corporation

The Florida First Capital Finance Corporation (FFCFC) is a non-profit organization that provides long-term, fixed-rate financing for small businesses in Florida. The specific requirements for financing through the FFCFC may vary depending on the program and funding source. This program provides long-term, fixed-rate financing for small businesses in Florida.

Requirements for Florida First Capital Finance Corporation

• The business must be located in Florida and must be considered a small business as defined by the SBA (Small Business Administration).
• The business must have been established prior to March 9, 2020.
• The business must be able to demonstrate financial need and provide documentation of the economic damage caused by COVID-19
• The business must be able to repay the loan, and it is intended as a long-term solution.
• The business owner must be willing to share financial information with the FFCFC as part of the loan application process.
• The business must not be delinquent on any state taxes or have any outstanding state debts
• The business must not be in bankruptcy proceedings
• The business must have a minimum credit score of 600.

It is important to note that the above requirements are general and may vary depending on the specific program and funding source, so it is important to check the official website of the FFCFC or contact the organization directly for the most up-to-date information on the requirements for financing through the program.

Additionally, The FFCFC has a variety of loan programs and products to fit the different needs of different businesses and may have different requirements for each of these loan programs.

Steps to Apply

• Check Eligibility: The first step is to determine if your business is eligible for the loan. You can check the program’s website or contact the program directly to find out if your business meets the eligibility criteria.
• Gather Required Documents: You will need to gather the required documents to complete the loan application. This will typically include financial statements, tax returns, and proof of ownership.
• Review the loan options: Review the different loan options available and determine which one best suits your needs.
• Complete the loan application: Fill out the application form and upload the required documents online on the program’s website.
• Wait for Approval: Once you have submitted your application, you will need to wait for the program to review and approve your application. This process can take several weeks.
• Sign the loan agreement: If your application is approved, you will need to sign the loan agreement, which will outline the terms and conditions of the loan.
• Receive the funds: Once the loan agreement is signed, the program will disburse the funds to your business.
• Repay the loan: The loan is interest-free and is typically due within one year, but the repayment schedule may vary depending on the program.

4. Florida Black Business Investment Board (BBIB)

The Florida Black Business Investment Board (BBIB) is a state-run organization that provides financial assistance, including loans and grants, to support the growth and development of Black-owned businesses in Florida. This program provides financial assistance, including loans and grants, to support the growth and development of Black-owned businesses in Florida.

Requirements for Florida Black Business Investment Board (BBIB)

The specific requirements for financing through the BBIB may vary depending on the program and funding source, but some general requirements may include the following:

• The business must be owned and controlled by an African American.
• The business must be located in Florida and must be considered a small business as defined by the SBA (Small Business Administration)
• The business must be for-profit and not a non-profit or charity organization
• The business must be able to demonstrate financial need and provide documentation of the economic damage caused by COVID-19
• The business must be able to repay the loan, and it is intended as a long-term solution.
• The business owner must be willing to share financial information with the BBIB as part of the loan application process.
• The business must not be delinquent on any state taxes or have any outstanding state debts
• The business must not be in bankruptcy proceedings
• The business must have a minimum credit score of 600.

Steps to Apply

The specific steps to apply for a loan from BBIB may vary depending on the type of loan and funding source, but generally, the process includes the following steps:

• Check Eligibility: The first step is to determine if your business is eligible for the loan. You can check the program’s website or contact the program directly to find out if your business meets the eligibility criteria.
• Gather Required Documents: You will need to gather the required documents to complete the loan application. This will typically include financial statements, tax returns, and proof of ownership.
• Review the loan options: Review the different loan options available and determine which one best suits your needs.
• Complete the loan application: Fill out the application form and upload the required documents online on the program’s website.
• Wait for Approval: Once you have submitted your application, you will need to wait for the program to review and approve your application. This process can take several weeks.
• Sign the loan agreement: If your application is approved, you will need to sign the loan agreement, which will outline the terms and conditions of the loan.
• Receive the funds: Once the loan agreement is signed, the program will disburse the funds to your business.
• Repay the loan: The loan is interest-free and is typically due within one year, but the repayment schedule may vary depending on the program.

5. Florida Small Business Innovation Research (SBIR) Program

The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs are fiercely competitive initiatives that support the involvement of domestic small firms in federal R&D with the possibility for commercialization.

The SBIR and STTR programs encourage small enterprises to explore their technological potential and enable them to do so through a competitive awards-based scheme. Through the inclusion of competent small enterprises in the country’s R&D sector, high-tech innovation is encouraged, and the United States develops an entrepreneurial spirit while meeting its specialized R&D demands.

The Florida Small Business Innovation Research (SBIR) Program is a federal program that provides funding to small businesses for research and development (R&D) projects with the potential for commercialization. This program provides funding to small businesses to conduct research and development in high-tech industries.

Requirements for Florida Small Business Innovation Research (SBIR) Program

• The business must be a for-profit, small business as defined by the SBA (Small Business Administration)
• The business must be located in the United States, and at least 51% of the business must be owned and controlled by U.S. citizens.
• The business must have a track record of successful R&D or technology development
• The proposed R&D project must align with the mission of the funding agency and have the potential for commercialization
• The business must have a sound business plan and financial plan for the proposed R&D project
• The business must not be in the process of bankruptcy or have any outstanding tax liens
• The business must be able to provide matching funds for the proposed project..

Steps to Apply

• Check Eligibility: The first step is to determine if your business and your proposed project are eligible for the grant. You can check the program’s website or contact the program directly to find out if your business meets the eligibility criteria.
• Research Funding Opportunities: Review the different funding opportunities available on the program’s website and determine which one best aligns with your proposed project.
• Prepare a Proposal: Prepare a detailed proposal that describes your proposed project, including the research question, methodology, and expected outcomes.
• Submit the Proposal: Submit the proposal online on the program’s website.
• Wait for Review: Once you have submitted your proposal, you will need to wait for the program to review and evaluate your proposal. This process can take several weeks.
• Review Feedback and Revise Proposal: If your proposal is not selected for funding, the program will provide feedback on how to improve your proposal. You can use this feedback to revise your proposal and resubmit it in the next funding cycle.
• Sign the Grant Agreement: If your proposal is selected for funding, you will need to sign the grant agreement, which will outline the terms and conditions of the grant.
• Receive the funds: Once the grant agreement is signed, the program will disburse the funds to your business.

6. Florida Small Business Administration (SBA) Grants

The Small Business Administration (SBA) is a federal agency that provides financial assistance, including grants, to support the growth and development of small businesses in the United States. It is important to note that the SBA does not provide grants for starting or expanding a small business, but it does offer disaster assistance grants for businesses affected by a declared disaster.

The SBA offers several grants programs such as the SBA Microloan program, which provides small loans to small businesses and not-for-profit child care centers.

Requirements for Florida Small Business Administration (SBA) Grants

• The business must be located in a declared disaster area and must have been impacted by the disaster.
• The business must be considered a small business as defined by the SBA
• The business must have been established prior to the disaster and have a good credit history.
• The business must be able to demonstrate financial need and provide documentation of the economic damage caused by the disaster.
• The business must have a plan for recovery and be able to demonstrate the ability to repay the loan
• The business must not be in the process of bankruptcy or have any outstanding tax liens.
• The business must be for-profit, and not a non-profit or charity organization.

Steps to Apply

• Check Eligibility: The first step is to determine if your business is eligible for the loan. You can check the program’s website or contact the program directly to find out if your business meets the eligibility criteria.
• Gather Required Documents: You will need to gather the required documents to complete the loan application. This will typically include financial statements, tax returns, and proof of ownership.
• Review the loan options: Review the different loan options available through the SBA and determine which one best suits your needs.
• Find a Lender: The SBA does not lend money directly. You will need to find an SBA-approved lender that offers the loan program that you are interested in.
• Complete the loan application: Fill out the application form and upload the required documents online on the lender’s website.
• Wait for Approval: Once you have submitted your application, you will need to wait for the lender to review and approve your application. This process can take several weeks.
• Sign the loan agreement: If your application is approved, you will need to sign the loan agreement, which will outline the terms and conditions of the loan.
• Receive the funds: Once the loan agreement is signed, the lender will disburse the funds to your business.

In conclusion,

It is important to note that the funding and eligibility criteria for these grants may vary and change over time. You should check the official website of each program to determine if you are eligible for the grant and what the requirements are for application.