Here's how to get free money for your business

Grants have helped many businesses affected by the pandemic. Between the federal government, state programs and private organizations, small-business owners have received billions in funding they won’t need to repay.

This aid may dry up as the country shifts from relief to recovery.

“I think we are coming toward the end of this type of funding,” says Annie Donovan , chief operating officer of the Local Initiatives Support Corporation, a New York-based not-for-profit that’s provided more than $200 million in grants via COVID-19 relief programs.

But if you’re still looking for free money for your business, other small-business grants may help meet your needs. Here’s how to get them.

UNDERSTAND WHAT’S AVAILABLE

Business owners affected by the pandemic can try for federal grants, for now. The Shuttered Venue Operators Grant program, which launched in April , is open to businesses like movie theaters, museums and performance halls until its roughly $16 billion is exhausted. Applications have closed for additional grant programs like the Restaurant Revitalization Fund.

Some states continue to roll out their own grants as well. For example, the now-closed Wisconsin Tomorrow Small Business Recovery Grant program launched in May.

For non-COVID grants, the federal government is also a main source, providing hundreds of billions of dollars every year, according to Grants.gov, a government-run database of these opportunities. These awards have strict qualifications , though, so review your eligibility before applying.

Private and corporate grants may be accessible to more business owners. But there are fewer of these, and large awards have plenty of competition.

For example, the 2021 FedEx Small Business Grant Contest, which offered a grand prize that included $50,000 , exceeded...