Last Updated on January 31, 2024 by Lori Pace
Are you a small business owner in Arkansas looking for financial support? Look no further! This article will provide valuable information about Arkansas small business grants.
These grants can provide the much-needed financial assistance to help your business thrive and succeed, especially in the challenging times brought on by the COVID-19 pandemic.
Arkansas offers various grant programs, such as the ADFA Small Business Guaranty Program, the LISC-Lowe’s Rural Relief Small Business Grant, and the State Trade Expansion Program (STEP).
We will explore the eligibility requirements and application guidelines for these grants, helping you understand if your business qualifies and how to navigate the application process successfully.
Additionally, we will provide alternative resources for small businesses in Arkansas, ensuring you can access many opportunities to support your business growth.
So, let’s dive in and discover the small business grants available in Arkansas to help you achieve your entrepreneurial goals.
ADFA Small Business Guaranty Program
The ADFA Small Business Guaranty Program aims to assist small businesses in Arkansas by offering bond guarantees to business loans. Thus, helping business owners improve their debt and creditworthiness to their lenders or investors.
This guarantee program does not offer direct cash grants. Rather, it provides up to 80% of a loan guarantee to investors and lending institutions. ADFA backing up the entrepreneurs increases their chances of getting approved with their business loans.
By utilizing this program, you can access the necessary resources to grow your business, whether it’s through business loans or other business services.
LISC-Lowe’s Rural Relief Small Business Grant
Funded by Lowe’s and administered by LISC, the Rural Relief Small Business Grant supports entrepreneurs in rural areas of Arkansas, providing them with financial assistance and resources to help their businesses thrive.
This grant program is designed to support business owners in rural communities who may face unique challenges and limited resources. The grant awards can be used for various purposes, such as covering operating expenses, purchasing equipment, or implementing marketing strategies.
In addition to the financial assistance, recipients of the Rural Relief Small Business Grant also have access to technical assistance and business services, including mentorship and training programs. This comprehensive support aims to empower entrepreneurs and strengthen the rural economy.
State Trade Expansion Program (STEP)
The State Trade Expansion Program (STEP) offers a lifeline to struggling entrepreneurs, providing them with the support they need to expand their businesses internationally.
This small business grant program in Arkansas is designed to assist businesses in their business development and provide them with the necessary resources to thrive in the global market. With the help of government grants, businesses can access business financing and receive business counseling from business development centers.
The STEP program aims to encourage and support the growth of small businesses by providing them with the tools and assistance they need to succeed in the international marketplace. Whether through financial support or business assistance, the State Trade Expansion Program is a valuable resource for entrepreneurs looking to expand their businesses beyond the borders of Arkansas.
Advantage Arkansas
Advantage Arkansas is a tax credit program administered by the Arkansas Economic Development Council (AEDC). Rather than offering direct cash grants, the program aims to provide tax credit initiatives to encourage small business owners to foster the creation of high-quality jobs for the people of Arkansas.
To qualify for the program, the employee’s hourly wage must equal or exceed $14.94. At the same time, the hired employees must also be taxpayers in the state. The tax credit earned for each year can be used to offset the business’s tax liabilities.
ArkPlus Income Tax Credit Program
The ArkPlus Program is another tax credit program headed by the Arkansas Economic Development Council or AEDC. This program aims to provide tax credits to up to 10% of the total investment of small businesses looking forward to new locations or expanding in Arkansas.
Like Advantage Arkansas, this program also requires businesses to offer minimum payroll to their new, full-time, and permanent employees. The tax credit can be used to cover up to 50% of the business’s annual tax liabilities to the state.
Equity Investment Incentive Program
The Equity Investment Incentive Program is a unique opportunity to access valuable financial resources to fuel small businesses. Instead of offering tax credits for job creation, this program allows eligible businesses to offer tax credit opportunities to their investors.
To encourage investments, the Arkansas Economic Development Council (AEDC) gives tax credits of up to 33 1/3% of the total investment amount to the investors of eligible Arkansas-based businesses. The tax credit earned from investments can be used to cover up to 50% of the annual tax liabilities.
Ultimately, the program provides a win-win incentive for small business owners and their investors.
Coalition to Back Black Businesses Program
Discover the incredible impact of the Coalition to Back Black Businesses Program in fostering inclusivity and empowerment for underrepresented entrepreneurs in Arkansas.
The program aims to uplift black-owned enterprises in distressed communities in Arkansas. In this program, eligible entrepreneurs may receive immediate financial assistance o up to $5,000. The grant money can be used to fund various business-related expenses and projects.
In addition to financial assistance, grant recipients will also have the chance to participate in the coaching platform. This will be a valuable resource for business owners to enrich their skills and knowledge to enhance their business further.
The Rock It! Lab Programs
Immerse yourself in the transformative opportunities offered by The Rock It! Lab Programs provide a platform for aspiring entrepreneurs to cultivate their skills and accelerate their journey toward success. The program aims to support Black, Latina, women, and veterans in underserved communities in Arkansas.
The Rock It! The lab offers various assistance to entrepreneurs, including access to capital, mentorship, consultations, and training programs. These programs are designed to foster business innovation and support the growth of Arkansas-based businesses in various industries.
Amber Grant for Women
Experience the empowering impact of the Amber Grant for Women, a program designed to provide support and resources for female entrepreneurs looking to turn their dreams into reality. This small business grant in Arkansas offers a range of benefits to women in business, including financial assistance for business expansion and early-stage businesses.
Through the Amber Grant, women can access capital through loans and receive assistance from government agencies. The program also provides valuable resources such as budgeting assistance and application materials to help women navigate the process of applying for government grants.
By participating in the Amber Grant for Women, female entrepreneurs can take advantage of these opportunities to grow their businesses and achieve their goals.
GrantWatch
Explore GrantWatch, a platform that provides a comprehensive database of funding opportunities for female entrepreneurs in Arkansas, offering a wealth of resources and support to help you turn your business dreams into reality.
With GrantWatch, you can easily access a wide range of grants specifically tailored for women-owned businesses. Whether you’re looking for technical assistance, funding for international modest-sized businesses, or support for early-stage businesses, GrantWatch has got you covered.
Their database includes grants for various business ideas and industries, allowing you to find the perfect funding opportunity for your Arkansas-based business. Successful applicants receive financial support and access to the applicant portal, where they can find additional resources and support to help with business expansion.
Eligibility Requirements and Application Guidelines for Small Business Grants in Arkansas
Discover if your business qualifies for financial assistance through grant programs in Arkansas by reviewing the eligibility requirements and application guidelines.
To qualify for small business grants in Arkansas, businesses must meet certain criteria. These criteria may include having a physical presence in Arkansas, being a for-profit entity, having a valid tax identification number, and being in good standing with the state. Additionally, businesses may need to demonstrate financial need, such as showing a decline in revenue due to the COVID-19 pandemic.
It’s important to carefully review the eligibility requirements for each specific grant program, as they may vary. Once you’ve determined your eligibility, you can proceed to the application process. This may involve submitting an application through an online portal, providing necessary documentation, and completing any required forms.
It’s important to adhere to the application timelines and ensure that you have a complete application to increase your chances of being considered for funding. Keep in mind that some grants may also consider factors such as creditworthiness and the potential impact of the grant on job creation and economic development in the community.
How to Find the Right Grant for Your Small Business
Consider exploring various funding opportunities to find the perfect grant for your small business.
When searching for small business grants in Arkansas, conducting thorough research and identifying grants that align with your specific needs and goals is important. Start by visiting websites such as the Arkansas Economic Development Commission and the Small Business Administration, as they often provide information on available state grants and funding programs for small businesses.
Additionally, reach out to local organizations, business associations, and chambers of commerce in Arkansas, as they may know about grants specifically targeted toward small businesses in the area.
It’s also beneficial to join online forums and communities where small business owners share information and experiences related to grants and funding opportunities.
By dedicating time to finding the right grant for your small business, you can increase your chances of securing the financial support needed to grow and thrive in Arkansas.
Alternative Resources for Small Businesses in Arkansas
Explore alternative resources available to support your small business in Arkansas and discover additional avenues for growth and success.
When it comes to finding assistance for your business, government agencies can be a valuable resource. However, navigating the process of applying for government grants can be daunting. To make it easier, look for budget assistance in government grants and utilize application guides provided by these agencies.
Additionally, consider contacting community-based organizations, faith-based organizations, and private organizations that support small businesses. These organizations often provide funding and resources tailored to specific industries or demographics.
Another option is to collaborate with agencies that fund research projects, as they may have opportunities available for businesses to participate in.
By exploring these alternative resources, you can find the support and funding your small business needs to thrive in Arkansas.
Frequently Asked Questions
Can I apply for the Coalition to Back Black Businesses Program if my business is not located in an economically vulnerable community?
Yes, you can apply for the Coalition to Back Black Businesses program even if your business is not located in an economically vulnerable community. However, your business must meet all other eligibility criteria.
Are there any restrictions on how the funds from the LISC-Lowe’s Rural Relief Small Business Grant can be used?
There are no restrictions on how the funds from the LISC-Lowe’s Rural Relief Small Business Grant can be used. This grant provides flexibility to support various business needs and help you overcome financial challenges.
How can Arkansas small businesses determine eligibility for the State Trade Expansion Program (STEP)?
To determine if your small business in Arkansas is eligible for the State Trade Expansion Program (STEP), you can visit the Arkansas Economic Development Commission website and review the program’s eligibility criteria.
Are there any specific requirements for small businesses to be eligible for the State Trade Expansion Program (STEP) in Arkansas?
Small businesses must meet certain requirements to be eligible for Arkansas’s State Trade Expansion Program (STEP). These may include being export-ready, having a product or service with export potential, and being financially stable.
Conclusion
In conclusion, small business grants in Arkansas provide a valuable opportunity for small businesses to access much-needed financial support. Programs such as the ADFA Small Business Guaranty Program, LISC-Lowe’s Rural Relief Small Business Grant, and State Trade Expansion Program (STEP) offer a range of resources and assistance to help businesses thrive.
Additionally, Advantage Arkansas and the ArkPlus Income Tax Credit Program provide further incentives for small businesses in the state. By exploring grant opportunities and alternative resources, entrepreneurs can find the right support to grow their businesses and contribute to the economic development of Arkansas.
Don’t hesitate to reach out and explore all the options available to you. With the right support, your small business can thrive in Arkansas.
