What Business Grants For Seniors are available in usa – Business grants for seniors are an attractive source of funding for senior-owned small businesses and tend to be very competitive.
The chances of receiving business grants for senior citizens depend on the type of program you are applying to and the strength of your application. If you are denied a federal business grant for seniors consistently then it is worth applying for state or local funding. Seniors are required to perform in-depth research about grant opportunities and apply for the ones that match their business meet.
Highlights of this Post
What Are Small Business Grants For Senior Citizens?
Small business grants for seniors are free financial assistance for existing businesses or startups including those that have been impacted by economic crises or other hardships. Senior citizens looking for suitable business grounds need to research and apply for grants that align with their business needs. This guide will throw light on the different federal, state as well and private small business grants for seniors.
How Many Seniors Are there In United States?
Here is the state wise analysis of seniors in each state of usa, we have split the data of seniors as per their gender.
| State | Seniors doing business | Jobless Seniors |
|---|---|---|
| Alabama | 26,000 | 42,000 |
| Alaska | 7,000 | 11,000 |
| Arizona | 54,000 | 86,000 |
| Arkansas | 19,000 | 31,000 |
| California | 230,000 | 368,000 |
| Colorado | 37,000 | 59,000 |
| Connecticut | 23,000 | 37,000 |
| Delaware | 7,000 | 11,000 |
| Florida | 193,000 | 309,000 |
| Georgia | 49,000 | 78,000 |
| Hawaii | 8,000 | 13,000 |
| Idaho | 13,000 | 21,000 |
| Illinois | 63,000 | 101,000 |
| Indiana | 46,000 | 73,000 |
| Iowa | 30,000 | 48,000 |
| Kansas | 21,000 | 34,000 |
| Kentucky | 32,000 | 51,000 |
| Louisiana | 26,000 | 42,000 |
| Maine | 13,000 | 21,000 |
| Maryland | 30,000 | 48,000 |
| Massachusetts | 46,000 | 73,000 |
| Michigan | 63,000 | 101,000 |
| Minnesota | 37,000 | 59,000 |
| Mississippi | 19,000 | 31,000 |
| Missouri | 46,000 | 73,000 |
| Montana | 10,000 | 16,000 |
| Nebraska | 16,000 | 26,000 |
| Nevada | 37,000 | 59,000 |
| New Hampshire | 16,000 | 26,000 |
| New Jersey | 46,000 | 73,000 |
| New Mexico | 21,000 | 34,000 |
| New York | 130,000 | 208,000 |
| North Carolina | 63,000 | 101,000 |
| North Dakota | 8,000 | 13,000 |
| Ohio | 63,000 | 101,000 |
| Oklahoma | 26,000 | 42,000 |
| Oregon | 23,000 | 37,000 |
| Pennsylvania | 70,000 | 112,000 |
| Rhode Island | 7,000 | 11,000 |
| South Carolina | 37,000 | 59,000 |
| South Dakota | 8,000 | 13,000 |
| Tennessee | 49,000 | 78,000 |
| Texas | 147,000 | 235,000 |
| Utah | 16,000 | 26,000 |
| Vermont | 8,000 | 13,000 |
| Virginia | 49,000 | 78,000 |
| Washington | 37,000 | 59,000 |
| West Virginia | 13,000 | 21,000 |
How Many Seniors Are Doing Business In USA VS Jobless?
We know this is not a age when we consider senior as jobless, still to survie in this world senior also need a job, They might need to pay their mortage and other expenses, here is the state wise analysis of seniors that are doing business and seniors that are jobless.
| State | Seniors doing business | Jobless Seniors |
|---|---|---|
| Alabama | 26,000 | 42,000 |
| Alaska | 7,000 | 11,000 |
| Arizona | 54,000 | 86,000 |
| Arkansas | 19,000 | 31,000 |
| California | 230,000 | 368,000 |
| Colorado | 37,000 | 59,000 |
| Connecticut | 23,000 | 37,000 |
| Delaware | 7,000 | 11,000 |
| Florida | 193,000 | 309,000 |
| Georgia | 49,000 | 78,000 |
| Hawaii | 8,000 | 13,000 |
| Idaho | 13,000 | 21,000 |
| Illinois | 63,000 | 101,000 |
| Indiana | 46,000 | 73,000 |
| Iowa | 30,000 | 48,000 |
| Kansas | 21,000 | 34,000 |
| Kentucky | 32,000 | 51,000 |
| Louisiana | 26,000 | 42,000 |
| Maine | 13,000 | 21,000 |
| Maryland | 30,000 | 48,000 |
| Massachusetts | 46,000 | 73,000 |
| Michigan | 63,000 | 101,000 |
| Minnesota | 37,000 | 59,000 |
| Mississippi | 19,000 | 31,000 |
| Missouri | 46,000 | 73,000 |
| Montana | 10,000 | 16,000 |
| Nebraska | 16,000 | 26,000 |
| Nevada | 37,000 | 59,000 |
| New Hampshire | 16,000 | 26,000 |
| New Jersey | 46,000 | 73,000 |
| New Mexico | 21,000 | 34,000 |
| New York | 130,000 | 208,000 |
| North Carolina | 63,000 | 101,000 |
| North Dakota | 8,000 | 13,000 |
| Ohio | 63,000 | 101,000 |
| Oklahoma | 26,000 | 42,000 |
| Oregon | 23,000 | 37,000 |
| Pennsylvania | 70,000 | 112,000 |
| Rhode Island | 7,000 | 11,000 |
| South Carolina | 37,000 | 59,000 |
| South Dakota | 8,000 | 13,000 |
| Tennessee | 49,000 | 78,000 |
| Texas | 147,000 | 235,000 |
| Utah | 16,000 | 26,000 |
| Vermont | 8,000 | 13,000 |
| Virginia | 49,000 | 78,000 |
| Washington | 37,000 | 59,000 |
| West Virginia | 13,000 | 21,000 |
| Total | 2,038,000 | 3,262,000 |
As per the usa 2020 Census Data approx 2,038,000 seniors are doing business in usa where as approx 3,262,000 seniors still need a job assistance. Further we are explaining what grants available for senior to start a new business in usa.
How To Apply For Small Business Grants For Senior Citizens?
As soon as you find suitable small business grants for seniors that align with your needs you can apply for the grants. The process to apply for business government grants for low-income seniors is classified into three primary steps:
1. Check The Eligibility Criteria Of Small Business Grants For Seniors
One of the critical steps for applying for small business grants for seniors is to check the eligibility criteria. No matter whether you’re applying for business grants for seniors funded by the government or private donors you need to go through the specific objectives and the criteria before applying.
2. Arrange Appropriate Documents
A lot of business grants for seniors require elders to submit relevant documents in support of their application such as a business plan to make sure their business is well run, stable, and has feasible growth plans.
3. Complete The Business Grant Application
The amount of time required to complete a business grant application depends on the type of grant you’re applying for. Business grants for seniors are funded by the federal government are highly competitive and may require more time since they come with a significant amount of funds.
What Are The Available Small Business Grants For Seniors?
Following is the list of business grants for seniors that you can apply to grow your business or start a new venture.
Federal Business Grants For Seniors
One of the biggest distributors of business grants for seniors is the federal government agencies which support a wide range of enterprises. Even though elderly people may find it intimidating to apply for federal business grants for seniors, there are great opportunities for small senior business owners who are looking for ways to grow their businesses.
1. Grants.gov
A comprehensive database of different government-funded business grants for seniors that are administered by different federal agencies, for instance, the Department of Education and Veterans Affairs, is Grants.gov. You can find roofing grants for seniors as well as business grants for elderly people.
2. Small Business Innovation Research (SBIR) and Small Business Technology Transfer Programs(STTR)
SBIR and STTR grants focus on research as well as development for scientific research and technology innovation. These business grants for seniors will help to connect your small business with government grants. To qualify for business grants for seniors you need to operate a for-profit business with no more than 500 employees as well as fulfill other essential eligibility requirements.
3. USDA Rural Business Development Grant
USDA or the United States Department Of Agriculture manages the Rural Business Development Grant Program which offers funding to grow and strengthen small businesses within rural communities.
Senior-owned businesses should have less than 50 employees and have a gross revenue of $1 million. USDA grants for seniors applications are accepted once a year through the local or state offices of USDA Rural Development.
4. Program for Investors in Microentrepreneurs
BA or Small Business Administration does not offer direct funding to small businesses. PRIME Stands for Program For Investors In Microentrepreneurs which provides federally funded grants to microenterprise development organizations and analyses disadvantaged micro entrepreneurs. Financially challenged senior micro-entrepreneurs looking for business grants for seniors to grow the businessmen applying for the program.
Regional And State Grants For Small Businesses Grants for Seniors
As federal business grants for seniors are competitive and limited in number elderly people can look for other alternatives such as government small business grants at the local and state levels. Following are the common state and regional business grants for seniors that you can apply for.
1. EDA, Economic Development Administration
Small business grants for seniors are provided by the US Economic Development Administration in combination with technical assistance and resources for eligible communities.
The Economic Development Administration supports economic growth and also promotes entrepreneurship and innovation in this society. The state agencies offer funding to small businesses and help them secure locations and recruit new employees.
Older adults looking for business grants for seniors can search for available grants from the economic development director for regional offices and local resources.
2. SBDC, Small Business Development Center
Small Business Development Center or SBDC offers support for senior-owned small businesses as well as aspiring entrepreneurs.
These are associated with state economic development agencies, and local universities and can also help you to get connected to small business grants and business financing opportunities.
Eligible seniors can receive counseling, technical assistance, and training to grow and expand their businesses.
3. MBDA, Minority Business Development Agency Centers
A national network of business centers run by Minority Business Development Agency Centers or MBTA is committed to growing minority-owned businesses.
These agency centers assist senior business owners and help them to secure contracts, access capital and compete with the emerging market.
Older citizens looking for suitable business grants for seniors through MBDA can contact their local MBDA center and apply for local, state, and federal business grants including debt-based financing. The agency holds annual small business grant competitions and contests on its website.
4. State Trade Expansion Program
The State Trade Expansion Program or state program is implemented by the state government and funded by SBA to assist small businesses so that they can cover the cost of growing or expanding their business into international markets.
The funding amount of the business grants for seniors and eligibility criteria to receive assistance through small business grants may vary depending on your location however the capital can be used for participating in export trade shows, supporting website globalization, and designing international marketing products.
Startup Business Grants For Seniors
Looking for suitable startup business grants for seniors? Although there are limited federal grants for startup businesses you can find suitable business grants for seniors from your state, local government as well as private companies.
1. Incfile Fresh Start Business Grant
A grant award worth $2500 is provided through the Incfile Fresh Start Business Grant to assist new entrepreneurs including senior citizens who are starting a business. The program helps them to cover the startup costs.
Senior business owners who are eligible for the grant program receive free tax consultation as well as free registered agent solutions for a year through the Incfile Fresh Start Business Grant.
To qualify for these business grants for seniors you need to show that you are planning to start a business of your own or looking for ways to grow an existing business. These grants are also available for young entrepreneurs who want to start their businesses. To apply, call +1(888) 462-3453.
2. Amber Grant
Senior women who want to own their businesses and then be self-sufficient can apply for the Amber business grants for seniors. The program provides financial assistance of up to $10,000 to eligible women and two $25,000 grants on an annual basis.
Senior women can apply for business grants through this program by filling out an online application. Both existing women and startup-owned businesses are eligible to receive assistance through Amber business grants for seniors. To learn more visit https://twitter.com/ambergrants.
3. Hello Alice Grant platform
The program known as Hello Alice Grant collaborates with a variety of companies like DoorDash and Progressive to provide grant funding for startups and small businesses.
Older adults looking for business grants for seniors must create an account to receive notifications about the available opportunities and apply for business grants for seniors that are relevant to their business.
4. SubSummit Pitch Competition
Seniors who own subscription-based businesses less than two years old can participate in this competition grant. The winner of the program receives a small business grant worth $10,000 along with business service worth $40,000.
While applying for the business grants for seniors you need to send a video describing your existing business, the inspiration about your brand, and how the financial assistance can help your business to grow.
Corporate Small-Business Grants For Seniors
A lot of companies and corporations offer small business grants for seniors to promote philanthropic attempts in society. While some business grants for seniors are provided to specific industries some are provided to for-profit companies.
1. FedEx Small Business Grant Contest
The annual grant competition of the company awards around $300,000 to ten small businesses in addition to $30,000 and $1000 in FedEx print credits to eligible winners.
The grant competition is for small businesses based in the United States with less than 99 employees. Senior citizens who have a valid FedEx business shipping account number and shipping with FedEx are eligible to apply for assistance under this program.
2. National Association for the Self-Employed Growth Grant
Members of the National Association for the Self-employed Growth Grant can apply for small business grants every month worth $4000 including an annual college scholarship of $3000 for dependents of the members.
The business grants for seniors are awarded to older adults looking for business grants for seniors. You must be a member of the organization to avail funding for your business.
3. Venmo Small Business Grant
The program offers grant funding worth $10000 to 20 eligible small businesses. The program also provides public promotion on its official website and social media accounts.
Older adults who are looking for business grants for seniors can apply for the program provided they can show that they have a US Venmo account with a valid business profile on Venmo in good standing. The annual sales of your business should be less than $50,000 with less than 10 employees.
4. Amazon Small Business Grant
The Amazon Small Business Grant Program provides free grants to eligible small businesses. You must have an Amazon business account with less than one million dollars in annual revenue.
The business grants for senior providers offer to fund 15 businesses which range between $15,000 to $25,000. The winners of the Amazon Small Business Grants for seniors receive one one-year membership to two Business Prime including products from Kindle Scribe and Eero Wi-Fi
5. U.S. Chamber of Commerce Top Small Business Awards
The Top Small Business Awards by the U.S. Chamber of Commerce recognizes the challenges of small businesses and how they contribute to the growth of the U.S. economy. This is the reason why it offers grant funding of $25,000 to eligible business owners.
Older adults looking for business grants for seniors can receive awards in a wide area of categories such as green or sustainable businesses, emerging businesses, and so on with associated prices. Senior citizens need to make sure they are running their existing business for more than a year to qualify.
Small-Business Hardship Grants For Seniors
Small business hardship grants enable seniors to recover their businesses after facing an emergency like a public health crisis or natural disaster. The ability of these business grants for seniors depends on government, corporations, or nonprofit organizations.
1. DoorDash Restaurant Disaster Relief Fund
Seniors who own a restaurant and face natural disasters can apply for business grants for seniors funded by the DoorDash Restaurant Disaster Relief Fund.
The program provides business grants for seniors worth $10,000 to brick-and-mortar restaurants that have been impacted by state or federal-declared disasters like hurricanes, earthquakes, or wildfires. To qualify for assistance you need to have less than 50 employees with restaurants not more than three locations.
2. Small Business Readiness for Resiliency Program
The program strives to assist small businesses in preparing and recovering from sudden disasters. Senior citizens who are participating in the program must complete a preparedness checklist and register in the R4R database.
In the event of a sudden disaster seniors can apply for the grant and receive funding of $5000. You need to showcase that you have incurred disaster-related loss or damages that equal or exceed the amount. You also need to have less than 500 employees and fulfill other eligibility criteria to qualify for the hardship business grants for seniors.
3. Etsy Emergency Relief Fund
Etsy in collaboration with nonprofit organizations offers financial relief to small businesses that are affected by disasters. To qualify for the Emergency Relief Fund you need to showcase that you are experiencing a federally declared natural disaster and have an active Etsy seller account in good standing for a minimum of a year. The financial systems that you can receive through Etsy business grants for seniors are worth $2500.
Conclusion
Older citizens can apply for small business grants for seniors from a variety of sources: the federal government, a state or local government, numerous private foundations, corporations, and charities. Once you find suitable business grants for seniors that align with your business needs you can apply for the program online and attach relevant documents. The business grants for seniors are competitive and it requires spending significant money to make your application professional and stand out from the crowd.
Frequently Asked Questions
How To Qualify For Business Grants For Seniors?
The qualifications for business grants for seniors depend on the organization awarding the grants and financial assistance. Priority is given to small businesses in low-income locations or rural areas or those run by minority groups or women. You need to learn the eligibility criteria before applying for small business grants for seniors.
How Can I Find Business Grants For Seniors?
You can easily find business grants for seniors by contacting government agencies, private corporations, and state organizations. A few other good places where you can look for grants are the government database grants.gov, the Local Small Business Development Center as well and nonprofit organizations like Local Initiative Support Corp.
