Business Grants in Tennessee [Updated for 2024]

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Updated: February 22nd, 2024

Business Grants in Tennessee [Updated for 2024]

If you plan to launch or open a business in Tennessee, consider applying for a business grant. In general, business grants are one of the essential things to consider when developing a startup business, especially if you need more money as capital to start your business. You can find grants in Tennessee and apply for one to help your business.

In this article, we'll walk you through everything you need about business grants in Tennessee. We'll include different ones to fit any starting business for various owners. This way, you'll have a starting point if you need starting capital through grants.

Without further ado, let's get into it!

Best Business Grants in Tennessee

Below are some of the best business grants in Tennessee. If you're starting a business and need some funding for capital, consider applying for any of these grants.

The Rural Innovation Stronger Economy Grant, RISE

RISE Awards were created to level the playing field between rural American enterprises and venture capitalists.

Rural businesses may need assistance to cover their regular expenses, and new owners sometimes turn to credit alternatives to get started.

By providing subsidies to rural firms, RISE intends to simplify the launch process for new rural enterprises and increase the amount of high-paying employment in rural areas.

The Rise grant program focuses on people, offering grants of $5000 to $2,000,000.

Apply for The Rural Innovation Stronger Economy Grant

Black Founder Startup Grant

Black Founder Startup Awards provide grants ranging from $5,000 to $10,000 to help Black women entrepreneurs, who rarely receive more than .5% of venture capital funding.

A vital goal of this program is to allow Black women and nonbinary business owners to diversify their investments through access to finance.

The SoGal Foundation created it, supported by Walmart.org's Center for Racial Equality, Bluemercury, Winky Lux, Twilio, and twelveNYC.

Additionally, the fund's recipients have lifetime access to SoGal Ventures and the SoGal Foundation. You must meet their criteria to be selected as a recipient of a Black Founder Startup Grant.

Apply for Black Founder Startup Grant

Small Business Grants in Tennessee

Most business grants offered to business owners in Tennessee are only for small businesses. As such, you'll find many options when starting a small business in this state. Moreover, a small business will have better chances of getting a business grant approval in Tennessee. Here are some options to consider:

Small Business Relief Initiative Grant

The GoFundMe website also offers a $500 grant to startups and small businesses.

Through a partnership with Intuit QuickBooks, GoDaddy, Yelp, and Bill.com, GoFundMe created the Small Business Relief Initiative Grant.

Unlike many other programs, GoFundMe encourages businesses to raise $500 through their GoFundMe.org account instead of applying and being awarded money if eligible.

The program's partners give them an additional $500 when they do so and satisfy the requirements.

Apply for Small Business Relief Initiative Grant

Small Business Innovation Research Grant

A Small Business Innovation Research (SBIR) Grant is a potential funding option for your new company, with grants ranging from $150,000 to $1,000,000.

To apply, you must have an innovative idea that could develop into a profitable company and need funding.

Technology entrepreneurs can research an area of interest with the help of a federal grant program called SBIR.

They can make the study results profitable by applying them to a business plan. Technology-based businesses can explore untapped markets risk-free with the help of this award.

Apply for Small Business Innovation Research Grant

FedEx Small Business Grant Contest

The FedEx Small Business Grant competition offers grants ranging from $15,000 to $50,000 for small businesses. Twelve promising enterprises are awarded this grant to develop their businesses.

Businesses are asked to submit images, a one-minute video, and a logo representing their company in a modest contest sponsored by FedEx. Businesses can easily apply for this grant, and it's a great way to reach more customers and grow.

Apply for FedEx Small Business Grant Contest

Small Business Grants in Tennessee for Minorities

Business grants are always geared towards minorities who plan to start a small business, and Tennessee offers various business grants. For this reason, you can consider these grants if you want to start a small business in Tennessee.

Minority Business Development Agency Grant

A targeted grant from the U.S. Department of Commerce's Minority Business Development Agency (MBDA) helps underrepresented entrepreneurs enter new markets and expand their businesses.

Your local MBDA office will be able to assist you with this application. You can find one near you by searching the MBDA website. The offices are located throughout the country. This award is based on the qualifications listed below.

Apply for Minority Business Development Agency Grant

Business Grants in Tennessee for Women

Another common factor for business grants is for women who are business owners. As such, if you're a woman who's planning to start a business in Tennessee and need of funding, you can consider applying for one of the following grants:

Amber Grant for Women

Consider applying for the Amber Grant if you are a woman entrepreneur in Tennessee. Judges award a female business owner an Amber Grant of $10,000 each month.

If your company wins monthly and yearly prizes, it will receive $35,000. After all the prizes have been awarded for the year, one of the 12 monthly winners receives a payment of $25,000.

An Amber Grant application requires a few questions, some personal information, and a $15 application fee. For the application, a few other details are required.

If you were given the money, we advise you to answer the additional optional question about what you would do with it. This answer will help the committee understand why your firm would benefit from a grant.

Apply for Amber Grant for Women

Frequently Asked Questions

Below are some of the frequently asked questions you may have about business grants in Tennessee.

How Can I Get Financial Help for My Business in Tennessee?

Business grants vary from state to state, and Tennessee has a specific business grant suited to approved applicants and business owners.

Every Tennessee small business owner is entitled to financial assistance from federal and state agencies.

As such, if you're planning to start a business in Tennessee, you can apply for a business grant through the federal and state agencies that cover this state.

How Much Is the Tennessee Grant?

The amount of financial help you can get from business grants offered in Tennessee depends on your business type and your eligibility for approval.

However, you can get as much as $10,000 if you conduct development and research with the state's federal agencies.

Also, it will depend on your application's approval, as the state agency will determine how much grant they'll offer for your business.

What Is the Tennessee Grant For?

Tennessee's Federal Government isn't publicly provided, meaning only some startups business are automatically given grants. As such, you'll likely need to apply for such and wait if you get approved or not.

Nonetheless, the Tennessee Grant is primarily available for small business owners planning to start and grow their ventures.

While most grants require paying back the funding, some grant beneficiaries from the Tennessee Government do not require such. Thus, you can grow your business in Tennessee without paying back the grant after some time.

Conclusion

Starting a business from scratch requires hard work, research, and funding. As such, many people need more funding to maintain or even launch a business. With business grants, the state government will take care of the capital you need or the fund you need for your business research.

As such, you only need to worry about your business structure and do the work to keep it growing. With this information, we hope you find a business grant in Tennessee and get approved for one to help you grow your business.

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Pat Walls

I'm Pat Walls and I created Starter Story - a website dedicated to helping people start businesses. We interview entrepreneurs from around the world about how they started and grew their businesses.

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