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6 Ways to Get Extra Money for Your Small Business

4 Mins read

Every small business can use some extra money, especially today when budgets are tight, and costs are rising. So, check out the following opportunities for your small business to gain additional cash.

Win It!

In honor of Small Business Month, several companies are holding sweepstakes and contests where small businesses can win money.

1—Win $5,000!

What would your small business do with an extra $5,000? To get a chance to win, all you have to do is write a short description of your small business and, in one sentence, explain what you would do with the $5,000 prize.

The Index by Pinger Small Business Sweepstakes runs through May 31st and is open to solopreneurs and businesses with five employees or less.

The winner will be randomly drawn from all eligible entries on June 16, 2023. To be eligible to win, check out the full details on how to enter and the rules and conditions.

2—Join the IKEA Network and Win

If you join the IKEA Business Network this month, you can win a $500 IKEA gift card. There will be 54 prizes handed out—one for each participating IKEA store.

The IKEA Business Network is free to join and offers access to its interior design service, employee perks, online training, discounts, and more.

Enter by May 31st to be eligible to win.

Read the terms and conditions.

3—Are You America’s Top Small Business?

The U.S. Chamber of Commerce has rebranded its Dream Big Awards and will honor “the achievements of small businesses and highlight their contributions to America’s economic growth” with its America’s Top Small Business Awards.

If your for-profit company has been in business primarily in the U.S. for at least one year, has fewer than 250 employees or gross revenues of less than $20 million for both 2021 and 2022, you’re eligible to be named one of the “very best in American small business” and win the $25,000 grand prize.

Applicants will be judged on their application answers. There will be 70 semi-finalists (10 in each of seven regions across the country), and the highest-scoring business in each region will be named a finalist. One of the regional finalists will be named America’s Top Small Business and win the $25,000 cash prize!

The deadline to submit your entry is July 7, 2023.

Get a Small Business Grant

4—Hit the Mother Lode

The Mama Ladder, a company that “connects women at the intersection of motherhood and entrepreneurship” for mom entrepreneurs, operates the world’s longest-running business grant for mom entrepreneurs.

The High Five Grant for Moms was established in 2018 and is hosted by mom founders at The Mama Ladder®, Proof®, and Belly Bandit®. The application period for the global program is September 1-30.

The requirements:

  • You must be a mom. Mama Ladder believes “once a mom, always a mom,” and all moms—from expectant mothers to those with adult children—are eligible to apply. The grant is open to stepmoms and foster moms as well.
  • You must own at least 50% of a for-profit product or service-based business and be serious about growth.
  • You need to verify that your business earned revenue in the past 12 months.
  • You must know the WHY behind your business and be willing to share it with the world.

A judging panel of experienced business owners will select eight finalists, who will be announced on October 20. A public vote will determine the top three winners, and the judging panel will unanimously decide the order.

Prizes:

  • Grand prize: $25,000 grant
  • First runner-up: $10,000 grant
  • Second runner-up: $5,000 grant

5—Spurring Innovation

You have to move fast to apply (applications due by Sunday, May 21) for one of Amazon Business’s 2023 Small Business Grants, which are “designed to spur innovation and support the growth of small businesses that are driving impact in their local communities.”

This year, Amazon Business will give eligible small businesses in the U.S. a chance to win more than $250,000 in grants. Existing Amazon Business customers with annual revenues of $1 million or less can apply for a grant, with one grand-prize winner and a group of finalists and semifinalists receiving monetary grants, Business Prime memberships, select Amazon devices, and more. Applications are due by May 21, and winners will be announced on July 17. For additional information and to apply, visit Amazon Small Business Grants.

You must have an Amazon Business account to apply.

6—Growth Grants

Members of NASE (National Association for the Self-Employed) can apply for a NASE Growth Grant worth up to $4,000.

You must be a NASE member in good standing for three months before applying for a Growth Grant. Annual members may apply immediately; monthly members can apply 90 days after joining the NASE.

Grant applications are reviewed quarterly, and four winners are chosen every quarter. For the rest of the year, the schedule is:

  • Completed applications received in April, May, and June will be reviewed in July.
  • Completed applications received in July, August, and September will be reviewed in October.
  • Completed applications received in October, November, and December will be reviewed in January of the following year.

NASE says the criteria used in evaluating applications and awarding grants include:

  • Review of identifiable business need
  • Detailed use of the proceeds of the grant
  • The potential of the grant to satisfy the identified business need
  • The potential impact of the grant on overall business growth and success

For a little effort, you may win money or get a small business grant. Don’t hesitate; deadlines are looming.

Brian Moran is the founder and CEO of Brian Moran & Associates, a consultancy firm for entrepreneurs and SMBs, Small Business Edge.com, and the Small Business Edge podcastsHe has over 25 years of experience in the small business field.

Money stock image by Dean Drobot/Shutterstock

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