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How to Get Funding for Your Small Business in the United States

The global economic crunch has made it difficult to establish a business. Small and medium companies are directly suffering from its effects. The after-effects of the global COVID outbreak also contribute negatively to the situation. We have all the information you need to know before applying for your small business certification and get ready to apply for small business loans.

Let’s check out how to find funding opportunities for small businesses in the U.S.  

Funding Opportunities for Small Businesses

Many people give up their business dreams yearly due to the lack of funds. Some of them are veterans who want to utilize their potential. However, they need an initial push to step into the market stream. If you can relate, there are several funding opportunities that you can consider.   

Let’s look at the details of some of the funding opportunities for small businesses in the United States.  

Government Grants for Small Businesses  

The U.S. federal government never leaves the citizens behind. As per the official grants portal of the federal government, small businesses can benefit from many funding options depending on their eligibility. Grant programs offer comprehensive services to kick-start your small business.  

It is important to remember that the federal government may not offer direct assistance. The officials distribute funding between local state governments to provide for eligible citizens.  

Let’s look at some of the funding options you can apply for.  

Mission Daybreak Challenge  

The Mission Daybreak Challenge grants for small businesses come from the U.S. Department of Veterans Affairs. This program focuses on the veterans who need funding to start small businesses. It also supports suicide prevention among the traumatic veterans living in the U.S.  

The Mission Daybreak team offers grants to technologists, researchers, clinicians, veterans, and advocates for their expertise. The grant seekers must submit their detailed ideas to enter the lucky draw. The winning prize is $20 million.   

Eligibility Criteria  

To apply for the Mission Daybreak Challenge funding for small businesses, you must be a citizen or a permanent resident of the United States. We have listed the core eligibility requirements below: 

  • The applicant (individual/group/entity) should register by following the instructions of the challenge as proposed by the sponsor. 
  • The applicant must comply with all the requirements listed on the official website. 
  • If you are a private entity, you must maintain a primary business place inside the U.S. 
  • Individual or group applicants must be a citizen or permanent residents of the U.S. 
  • The applicant must not be a federal entity or employee working on the application during duty hours. 
  • Non-VA federal employees need to consult with their agencies to ensure any prohibitions or limitations in the application process. 
  • The applicant must not be a current employee of VA, an employee of the Challenge Administrator, a Challenge Reviewer judge, or have any direct relationships with the administrative body. 
  • If the applicant is a federal grantee, they must not use federal funds for submissions (only possible if they are consistent with grant award purpose).  
  • The applicant may not use the funds from a contract to develop the challenge applications and submissions if the applicant is a federal contractor. 
  • The applicant must not be sanctioned by the U.S. Treasury’s Office of Foreign Assets Control or be on the Excluded Parties List. 
  • The applicant must not have suspension or exclusion records for working with the federal government.  

Women-Owned Small Business (WOSB) Federal Contracting Program 

This small business funding program focuses on women-owned businesses. The federal government generates a minimum of 5% of federal funds for women-owned small businesses annually. 

The Office of Women’s Business Ownership also supports training women entrepreneurs. It offers business counseling, federal contracts, and credit access to female business owners.  

Eligibility Criteria  

We have mentioned the eligibility criteria for the Women-Owned Small Business (WOSB) Federal Contracting Program below:

According to the SBA size standards, the women-owned business must fall under the small business category. 

  • The business owner must own and control 51% of the business.  
  • The business must employ female workers to manage everyday operations.  
  • The business must meet all the terms and requirements of the WOSB program.  
  • The business owner and manager must be one or more women with a personal net worth below $750,000.  
  •  
  • The business owner and manager must be one or more women with a $350,000 or less gross income adjustment over the previous three years.  
  • The business owner and manager must be one or more women with personal assets worth below $6 million.    

Service-Disabled Veteran-Owned Small Business Program  

The federal government of the U.S. offers a minimum of 3% federal funds to service-disabled veterans owning small businesses. This program focuses on seeking applications from such veterans to regulate federal grants for business opportunities. 

Veteran-owned small businesses must contribute 50% of the ownership rights to one or more service-disable veterans. They should also hold the responsibility of managing day-to-day operations. Apart from these requirements, the business should have one or more service-disabled veterans to manage the business’s long-term goals.   

If you pass the basic eligibility terms, you can compete for the funding contracts at the Department of Veteran Affairs (VA).  

Eligibility Criteria  

To seek the VOSB grant, the formal verification of your business is mandatory. We have listed the core eligibility requirements below:

  • Your business must meet the criteria of small business standards.  
  • You must be one or more service-disabled veterans owning at least 51% of the company.  
  • You must have one or more service-disabled veterans to manage the daily operations and make long-term decisions.  
  • You must have a service disability.  

How Business Certification Can Help You Seek Funding  

Many small businesses in the U.S. operate without formal certification. While they may be able to enjoy some perks, such enterprises miss out on an array of benefits. Seeking business certification can open your doors to state and federal government funding. It helps your business to be on the radar of the local state government. 

With the help of a business certification, you can seek legal funding assistance to improve your business standards. You can also seek collaborative business opportunities in your area.  

Also read: Why You Should Certify Your Diverse Business

Most small business owners, including veterans, women, and minority residents, avoid the hassle of seeking certification. The process of document collection, submission, and certification can be frustrating. While this may be true, if you opt for a digital tool that takes control of your certificate from the beginning to the end, you may have no problems left.  

The Role of 58joralemon In Business Certification  

58joralemon is a state-of-the-art application that simplifies the certification process for small businesses. It helps veterans, women, and minorities to seek hassle-free business certification for small businesses. This platform uses machine learning to capture and submit the necessary documentation for the formal accreditation of small businesses.

Features of 58joralemon  

Easy Application  

58joralemon makes it super-easy for you to seek certification for your small business. If it frustrates you to fill out lengthy application forms and submit documents, this agile application can take your burden away. You can upload all your business information on 58joralemon for central accessibility.  

Business Certification

You can choose the certification you need to apply for using the application. This intelligent platform sends the required documents for approval. Once done, you can access a copy of your business certificate online.  

Certification Renewal  

58joralemon also helps you in your certification renewal process. Business owners often forget to renew their certifications on time. With this application’s help, you can eliminate such worries. It reminds you to submit the renewal application when due.  

You can also modify your business records (if needed) before proceeding with the renewal application. The platform also alerts you to update any expired documentation stored in the business records.  

Invoice Records  

You can easily access all your certification invoices using 58joralemon. The application software keeps all your records a single click away. You do not have to search your computer folders and manual registers to access sensitive information.  

If you want to maintain a hard copy of your invoices, you can easily download them and print them for use.  

The Certification Process  

If you want to know how you can apply for a business certificate using the 58joralemon application, have a look at the following steps:  

Form Submission: You can start by filling out the required business information form. 

Upload Documents: Upload your business documents (necessary for certification).  

Payment Submission: Pay the fee by selecting your desired payment method in the application. 

Application Review – The application reviews your documents and personal information to proceed for certification or request corrections (if needed).  

Certification: In the final step, you will receive the certification decision via email or in-app notification.  

Summing Up:  Business certification is vital for receiving small business funding in the U.S. If you want to apply for any of the above-mentioned federal government grants or seek other funding opportunities, platforms like 58joralemon can help.  

You can check the application details on the company’s website. If you like, you can also find other business management solutions for small businesses on the website.  

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