7 U.S. Hiring Grants to Grow Your Business
So, you’re looking to make some new hires to begin scaling your business? And you’re based in the United States? Well, this is just the blog post for you.
As a completely grant-funded workforce, we know how important hiring grants can be for a business. (After all, we wouldn’t be here writing this blog post if it wasn’t for them!)
As we prepare to launch Pocketed in the U.S., we’ve pulled together 7 hiring grants for our American users so you can begin making new hires and scaling your business!
1. Work Opportunity Tax Credit
State: U.S.-wide
The Work Opportunity Tax Credit (WOTC) is a tax credit available to employers hiring disadvantaged candidates. These candidates include qualified IV-A recipients, qualified veterans, ex-felons, designated community residents, vocational rehabilitation referrals, summer youth employees, supplemental nutrition assistance program recipients, supplemental security income recipients, long-term family assistance recipients, and qualified long-term unemployment recipients.
The maximum tax credit for each new hire is $2,400. To be eligible for the full credit, the employee must work at least 400 hours during the tax year.
2. Employment Tax Increment Financing
State: Maine
Employment Tax Increment Financing (ETIF) helps new Maine businesses hire new employees by refunding 30% to 80% of the state withholding taxes paid by the business for up to ten years.
To be eligible for the program, your business must be able to hire 5 or more new full-time employees within a two-year period. Non-profits and retail-only businesses are not eligible.
Companies that are Pine Tree Development Zone certified have the highest reimbursement rate of 80%.
3. Jane Walker IFW First Women Grant Program
State: U.S.-wide
This grant program isn’t just for hiring, but with each recipient receiving a $10,000 grant plus a one-year IFundWomen Annual Coaching Membership, it’s perfect for women-owned businesses that want to scale.
The grant is open to self-identified women entrepreneurs (with at least 50% ownership in your business) who have been in business for at least two years with an annual $25,000 revenue. Your business must be in the entertainment and film, music, journalism, sports, STEM, or hospitality industries.
4. WomensNet Grants
State: U.S.-wide
The Amber Grant Foundation offers grants that aren’t just specific to hiring, but their values range from $2,000 to $25,000 which would be able to fund a new hire for your business. The grants are eligible for women in business and one application qualifies you for all of the grants.
The grants you’ll be considered for are the Monthly Amber Grants ($10,000 winner each month), the Annual Amber Grant (one $25,000 winner per year), Business Specific Grants ($5,000 winner monthly), Mini Grants (several $2,000 or less grants throughout the year with a $48,000 funding pool for 2021), and more.
5. Maryland Technology Internship Program
State: Maryland
This grant offers internship funding (for fall, spring, and summer internships) to technology-based businesses and state and local agencies offering paid internships.
Employers may be reimbursed for up to 50% of an intern’s wages, up to $3,000 annually per intern. Employers are limited to 6 awarded internships in a fiscal year.
6. Minnesota Job Creation Fund
State: Minnesota
The Minnesota Job Creation Fund offers financial incentives to new businesses that meet certain job creation and capital investment targets. Eligible candidates are in manufacturing, warehousing, distribution, and technology-related industries.
Businesses that meet eligibility requirements must sign a business subsidy agreement with the Department of Employment and Economic Development to meet job retention, creation, wage, and capital investment requirements.
The grant values range from $1,000 to $4,000 per year per job.
7. Dream Big Awards
State: U.S.-wide
The U.S. Chamber of Commerce Dream Big Awards recognizes small U.S. businesses. Applicants must have a business that’s been operating for at least one year and have less than 250 employees or less than $20 million in gross revenues for 2019 and 2020 each.
While the prize money is not limited to being used for hiring, the grand prize is $25,000 for Small Business of the Year, which could help any business looking to grow their staff.
So what do you say? Still want to apply for a U.S. hiring grant? Well, we can let you in on a secret. This isn’t even all of the U.S. hiring grant funding available, there’s so much more on our platform!
Don’t have an account? Sign up for Pocketed today!
