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Florida Startup and Small Business Grants

When you are in the planning stage of a Florida startup, you will come to the point where you may feel the need to acquire more finances for beginning operations. If you have already started a new business, you may realize that it can be quite difficult to fund business operations on a day-to-day basis. The thought of a small business loan may come into mind but it is always recommended to choose small business grants in Florida as a funding option. This article will provide information pertaining to various existing and new small business grants in Florida as well as COVID small business relief programs.

Doing Business in Florida

Florida is favored as one of the best places to form a startup as compared to several other states. There are 2.5 million small businesses thriving in the state and making a valuable contribution to the $1 Trillion economy. The state has a strong entrepreneurial ecosystem, which helps in increasing the overall success rate of a startup while ensuring both short-term and long-term economic as well as business growth. Apart from the pro-business climate and availability of Florida startup grants, one of the benefits of doing business in Florida is access to an ever-growing international trade platform. Today, small or medium-sized enterprises (SME’s) form 96 percent of Florida’s exporters and have been instrumental towards helping Florida become a leading state in the increasing number of new business applications.

Why do startups and small businesses prefer doing business in Florida?

The first thing that comes to mind when you think of Florida is a vast coastline, beaches, Walt Disney World, and Universal Studios among others. These are indeed integral drivers of the Florida hospitality and tourism industry, which is considered one of the largest as it was responsible for generating $27.6 billion in tax receipts. There are several other industries where startups and small businesses prefer to start their new business in. This is not all; there are business incentive programs, small business grants in Florida, and several factors and advantages that will aid in business growth and expansion. Some of these advantages or factors are:

  • Favorable Tax Climate – One of the top advantages of doing business in Florida is the favorable tax climate it has. Florida is ranked #4 in the list of best states for business tax climate in a report by the Tax Foundation and this is because of its well structured tax system. If you are operating a sole proprietorship or a limited liability company then you will not be required to file a state income tax. Florida does have a corporate tax although it is lower than many other states. There are several incentives in the form of tax credits available with the Florida corporate income tax.
  • Easy Access to Business Capital – One of the benefits of forming a new business in Florida is the ease of access to finance or capital for a small business including enterprise Florida grants. There are different forms of investments available through angel investors and venture capitalists that can assist a startup in the initial stages of their operations. Start-up financing is also available for different stages of a business like product development, market research, and initial marketing among others. Apart from private funding, businesses can also apply for new small business grants in Florida, government funding programs, and seed funds among others.
  • Thriving Innovation Ecosystem – The state of Florida has a thriving innovation ecosystem that plays an integral role towards facilitating overall growth of entrepreneurs and small business owners in the state. These state-of-the-art ecosystems attract innovators as well as entrepreneurs by offering access to key resources like mentors, best practices startup events, seed funding, office space, Florida startup grants, networking opportunities and social investment programs.

Small Business/Startup Grants in Florida

When you form a small business in Florida, one of the advantages that you will enjoy is that there are a variety of Florida startup grants and incentive programs to choose from. Grants are available in different forms and the most common types include:

  • Small business grants
  • Federal grants
  • State grants
  • County grants
  • Local grants
  • Grants offered by private agencies

Apart from the Florida small business relief grant program, there are additional grant programs available for small businesses as well as traditional funding options like loans, microloans and various lines of credit. Let’s take a look at some of the popular grants in Florida.

Enterprise Florida grants

The enterprise Florida grants are one of the most popular grants for businesses in the trade sector. These are most commonly known as trade grants whose objective is to support a business in exporting goods as well as diversifying into new international markets. The trade grants are offered by Enterprise Florida, Inc. (EFI) through their Florida Export Diversification & Expansion program. The new small business grants in Florida can be divided into three categories, which are:

The enterprise Florida grants for qualifying companies can vary from $4,500 to $10,000 depending on the type of grant.

Form your startup and leverage Florida Business Advantages!

Prospera Small Business Grants

Prospera small business grants in Florida are targeted towards assisting existing small businesses and startups to strive towards professional business development. Prospera is a non-profit entity that promotes economic development that also provides other services like empowerment for entrepreneurs through training and access to capital through micro-loans and commercial bank loans.

Florida High Tech Corridor Grant

The Florida High Tech Corridor Council Program provides small business grants in Florida to help businesses to accelerate their technical expertise and commercial accomplishments. These new small business grants in Florida have been designed primarily to target high-tech companies and are available in 23 counties. The grant amount can vary from $10,000 to $150,000 although the maximum amount can be $250,000 annually per project.

Amber Grant

This is one of the top Florida startup grants targeted towards women entrepreneurs in the state. The grant is awarded by the Amber Grant Foundation to women small business owners and the grant amount can vary from $10,000 (each month) to $25,000 (year-end grant). The primary objective of this Florida small business relief grant program is to help women entrepreneurs establish their business or startups in the initial and operational stages.

National Association for the Self-Employed Grant

The National Association for the Self-Employed (NASE) provides small business grants in Florida to startups so that they can make their businesses operational, grow and expand. The grant amount is $4,000 and they have been responsible for awarding more than $1 million in grants to startups since the program began in 2006.

Small Business Research Grants

There are different types of small business grants in Florida that a business or entrepreneur can benefit from. You have to qualify to be awarded a grant and one of the popular areas is the business research and development grants. This type of grant is available under federal and state grant programs with the most common being the Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer (STTR) program. Depending on the type of new small business grants in Florida you choose, the grant amount can vary from $5,000 for small business entrepreneurs to $1,730,751 for Small Business Innovation Research (SBIR) programs.

USDA Rural Business Development Grants

The rural business development grants are managed by the United States Department of Agriculture (USDA) and hence are considered as federal grants. If you are searching for a Florida startup grant then this is a good grant to start with. There is no maximum grant amount or specific grant amount although smaller amounts get higher priority. This type of new small business grant in Florida can be used for a variety of purposes including:

  • Technology-based economic development
  • Business strategic planning on long-term basis
  • Entrepreneur and leadership training
  • Purchasing and setting up business related machinery or equipment
  • Market research and feasibility studies

Other Recent Funding Opportunities Published in the Local State

There are several grant opportunities available for small businesses in Florida and since the covid 19 pandemic several new small business grants Florida have been published and made available to business owners and entrepreneurs. There are in excess of $31,979 million available in grants with an additional $22,686 million through Florida government funding. Some of the recent state funding opportunities and small business grants in Florida that you can opt for include:

Ready to Start Business in Florida?

Whether you are a startup or an existing business; the need for capital is paramount and funding opportunities like enterprise Florida grants and micro-loans can be quite beneficial in the short to long-term. You can take advantage of various Florida small business relief grant programs and other funding options only when you have formed your business in the state. This is where IncParadise can assist you as we are an expert incorporation service provider in Florida.

We, at IncParadise can not only help you to start your new business in Florida but also help you towards fulfilling annual filings and other related business requirements.

Form a Florida startup today!