The SBA’s Economic Injury Disaster Loan (EIDL) and Targeted Advance program for the Covid-19 pandemic has officially ended. The SBA will continue to process applications that were submitted by December 31, 2021, but is no longer accepting new applications.
If you missed out on the opportunity – or were unable to qualify for an EIDL grant – there are other options available. In this article, we will point you in the direction of four EIDL grant alternatives for 2022 available for all businesses – and one of them is our very own grant program.
📌 Pro tip: Be the first to hear about new and upcoming grant programs by joining Skip. We post new grants and loans twice a week on our app for our members, before announcing them to the public.
Federal Grants
If your business operates in the research and development field, federal grants may be an avenue for you to pursue. The Small Business Innovation Research Program (SBIR) is one of the grant programs that the federal government uses to provide funding for small businesses with the purpose of creating a product for commercialization.
Grants are offered through one of the participating agencies, such as the Department of Commerce, Defense, Education, etc.
Similarly, the Small Business Technology Transfer Program (STTR) offers grants to small businesses but focuses on pairing businesses with research institutes that have a scientific or educational purpose. You can also search through the available grants at grants.gov for all available grants at the federal level.
State Grants
Government grants are highly sought after and very competitive, so it may behoove you to check out the resources available at the state level. The best place to begin your search is your local Small Business Development Center (SBDC).
SBDCs are local offices – sometimes located in a college or university – that provide training and individualized advising to businesses in their area. They can help you with business planning, financial management, marketing, and accessing capital. If there are local grants and financing opportunities, your SBDC would be the first place to check.
If you are interested in exporting your products overseas, the State Trade Expansion Program (STEP) offers financial assistance to help small businesses navigate the exporting process.
STEP helps businesses learn how to export, participate in foreign trade, design international marketing campaigns, and more. Contact your state's STEP office to find out more information and learn about your state's process.
The Skip Grant Program
Since March of 2020, we have been posting videos on our YouTube channel nearly every day, helping businesses with the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL) program, other SBA programs, and other grant opportunities. We've also been donating a large portion of our YouTube revenue back to business owners.
Every month, we select several winners to receive either a $1K cash grant or $1K in Skip services. The Skip Grant Program is open to all business owners and entrepreneurs. Read more about the Skip Grant Program, how to sign up, and how to get EXTRA entries.
📌 Pro tip: Check out our Ultimate Guide to Small Business Grants for a full listing of current small business grants.
Business Loans and Lines of Credit
Since grant programs tend to be highly competitive, you may or may not win a grant right away. The next best option to a small business grant is a loan – either a term loan or a line of credit.
Term Loans: Term loans are designed to address a business’s longer-term needs and can be used for expansions, facility upgrades, and other business expenses. A term loan is received in one lump sum.
You may be asked to provide a form of collateral and make regular recurring payments on principal and interest, just like a home mortgage. Funding Circle and Fora Financial are online lenders (and our partners) that offer a variety of loan options.
Business line of credit: A line of credit operates similar to a credit card. A lender approves your business for a specific amount, and you draw from it whenever you need to.
When you take from a line of credit, you can pay that portion back before taking out more, thus replenishing your available credit. Two of our partners, BlueVine and Fundbox, offer competitive lines of credit.
Get Help With Business Funding
Do you need help getting funding for your business? We can help you with SBA loans, grants, or other business financing options. Get ongoing personalized help from our team. Join Skip Premium today and get 1-1 support for your business.
How Else Can Skip Help? Whether you need assistance navigating funding for your small business — like SBA loans, grants, or other financing options, or guidance with government-related services — like TSA PreCheck or DMV appointments, we’re ready to help. Become a member and skip the red tape.
