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Finding funding can be an important part of starting or growing a small business. For South Carolina business owners, grants can provide an opportunity to fund specific projects or initiatives without taking on debt.

Here’s a look at several small business grant programs in South Carolina and what to know about eligibility and applications — as well as other funding options to consider if a grant isn’t the right fit for your business.

Small Business Grants in South Carolina

Whether you’re running a startup or an established small business in South Carolina, there are several grant programs you may want to be aware of.

South Carolina Research Authority (SCRA) Grants

The SCRA offers several grants to support South Carolina companies in early stages of growth in the field of tech. These can include Startup Grants of up to $25,000 for new companies, Academic Startup Grants of up to $25,000 for early-stage companies advancing intellectual property that originated at an institution of higher learning in South Carolina, and Acceleration Grants of up to $50,000, which are intended to help more established early-stage businesses get to the next level. An applicant must first become an SCRA Member Company before it can apply for grants.

South Carolina Catalyst Grant

Offered through the South Carolina Department of Commerce, the annual Catalyst Grant aims to increase the capabilities, efficiency, and competitiveness of manufacturers that supply the U.S. Department of Defense. The Department of Commerce typically puts up application information at the beginning of an intake period.

Export Incentives Program Grants

Also offered through the South Carolina Department of Commerce, this includes both the State Trade Expansion Program (STEP) grants funded by the U.S. Small Business Administration (SBA) and the South Carolina Opportunities for Promoting Exports (SCOPE) grants. Both grants are designed to help small businesses by reimbursing pre-approved costs associated with expanding into international markets, like exhibiting their goods or services at trade shows abroad or at international shows taking place in the U.S. To apply or learn more about either program, contact [email protected].

Womensnet Amber Grants for Women in South Carolina

This organization provides grants for businesswomen nationwide — three $1000 awards monthly and three $50,000 awards yearly. Amber Grant applications are accepted on an ongoing basis.

Recommended: Small Business Loans in South Carolina

Do You Have to Pay Back a Small Business Grant?

Small business grants do not generally need to be repaid. Grants differ from loans, as loans must typically be repaid with interest over a predetermined period of time.

However, grant recipients may be required to follow specific terms outlined in the grant’s funding agreement. These requirements can include rules about how the money may be used or other conditions that must be met to receive the grant. If you fail to abide by these terms after you receive a grant, you could be required to return some or all of the funding.

How to Apply for Small Business Grants in South Carolina

If you’re looking for small business grants in South Carolina, you might begin by researching opportunities that align with your business needs. Next, review the eligibility requirements. After identifying suitable grants that you might qualify for, read through the application guidelines and gather the necessary documentation and information so that you have it ready before you start applying.

Documents and Requirements

Small business grant applications may require you to provide a range of business and financial information. You might be asked to provide a business plan describing how you intend to use the funds, financial projections, and details about the expected outcomes or community impact of your proposal.

It’s also helpful to have financial information handy, including bank statements, tax returns, and profit and loss statements. Depending on the grant, you may need to submit your business license or other legal records.

You may also be asked to submit a grant proposal that outlines how you plan to spend the funding, what you’re hoping to achieve, and how your intended outcome supports the goals of the organization granting the funds.

Submission Deadlines and Application Tips

Review the application deadline and submission guidelines for each grant carefully. Incomplete applications may not be considered, so submit all required information by the deadline, if there is one.

Once you’ve submitted, it’s smart to contact the granting organization and confirm that your application was received. And ask whether there’s any other information that it needs you to supply.

Who Is Eligible for South Carolina Small Business Grants?

Typically, to be eligible for South Carolina small business grants you must have a physical business location in South Carolina, be in good standing, and have a license to do business in the state. Depending on the grant there may also be size and revenue requirements.

South Carolina Resources for SMB Owners Looking for Funding

There are multiple sources of grants and funding in the state of South Carolina. It’s not always easy to keep track of all the opportunities by yourself. The following resources can help.

South Carolina Small Business Development Center (SCSBDC)

The South Carolina Small Business Development Center provides support to entrepreneurs and small business owners throughout the state. Business consultants can offer one-on-one guidance on topics ranging from startups to developing a business plan to managing operations to planning an exit when you’re ready.

SBA District Office in South Carolina

The U.S. Small Business Administration (SBA) provides resources that help entrepreneurs start, operate, and grow their businesses. The South Carolina district offices in Charleston, Columbia, and Startanburg can help connect business owners with resources. These can include counseling, funding opportunities like SBA loans, and disaster relief.

SCORE Mentorship Programs in South Carolina

SCORE (originally named for the Service Corps of Retired Executives) is an SBA-supported network that connects small business owners with experienced business mentors who can give guidance on a variety of topics, including developing a business plan, finding suppliers, and managing growth.

Alternative Funding Sources for Small Businesses in South Carolina

Grants aren’t the only source of funding available to small businesses in South Carolina. These alternative sources of capital are also worth considering.

South Carolina State Small Business Credit Initiative (SSBCI)

The South Carolina State Small Business Credit Initiative is a federally funded program that helps give small businesses in South Carolina access to short- and long-term financing to grow.

South Carolina Microloan Lenders

Microloans, such as those offered by the SBA microloan program, may provide small businesses with small infusions of capital, usually up to about $50,000. These loans are designed for businesses just getting off the ground that may not have a long credit history or much revenue coming in yet. For this reason, microloans can be relatively easier to qualify for.

SBA Loans for South Carolina Businesses

SBA loans are offered through traditional lenders, such as banks and credit unions, and they’re partly backed by the federal government. This guarantee means these loans may have more lenient requirements to qualify, and they may offer lower interest rates and longer repayment terms.

South Carolina SMB Loans from Private Lenders

Private lenders will also offer traditional small business loans. For this kind of funding, the lender is taking on the full risk of underwriting the loan. As a result, private loans may have stricter requirements to qualify, higher interest rates, and shorter repayment terms.

Recommended: Business Loan Calculator

Business Lines of Credit & Equipment Financing

Two other forms of loan that may be available to small businesses are lines of credit and equipment loans. If either is appropriate for you will depend on how you want to use the funds.

A business line of credit is a form of revolving credit that allows you to borrow up to a certain limit. You only pay interest on your outstanding balance, and when you pay that back, your available limit is restored so you can borrow funds again. Lines of credit can be useful for short-term needs, such as smoothing over cash flow issues or buying inventory.

Equipment financing includes loans designed to purchase or upgrade equipment, such as machinery, vehicles, or computers. The equipment itself is used as collateral for the loan.

The Takeaway

South Carolina small businesses may have access to grants and other funding programs designed to support growth, infrastructure, and economic development. Grants generally don’t have to be repaid, although recipients typically need to follow the terms of the funding agreement.

If you don’t qualify for a grant or need more flexible financing, options such as microloans, SBA loans, lines of credit, and equipment financing may be worth exploring.

Ready to grow your business? SoFi Small Business Loans can give you fast access to the capital you need. Check your eligibility in minutes.

With SoFi Small Business Loans, it's fast and easy to get the financing your business needs to thrive.

FAQ

How do you get a small business grant in South Carolina?

If you’re interested in obtaining grants for small businesses in South Carolina, start by finding grant programs that match your business needs and that you might be eligible for. Review each program’s requirements and application instructions, then submit the requested materials by or before the deadline, if there is one.

How hard is it to get a business loan in South Carolina?

Qualifying for a business loan in South Carolina largely depends on a range of factors that may include your credit history, cash flow, time in business, revenue, and other specific lender requirements.

What is the easiest SBA loan to get approved for?

SBA microloans may be the easiest SBA loan to qualify for since they’re relatively low risk for lenders and designed for startups that may not have been in business very long and may still be building revenue.

What types of businesses are most likely to receive grants in South Carolina?

Eligibility for grants for small businesses in South Carolina varies by program. Some South Carolina grants are designed to support particular industries, geographic areas, economic development projects, or other specific business activities. Reviewing the requirements for each grant can help you determine whether your business might qualify.

Are there specific grants for women or minority business owners in South Carolina?

Some funding and business-support programs in South Carolina are available specifically to women, minority, and other underserved business owners. Entrepreneurs can also explore certification and business development resources through the South Carolina Division of Small and Minority Business Contracting and Certification (SMBCC) that may provide access to contracting opportunities, financing programs, and other support.

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Photo credit: iStock/Sean Pavone

This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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An economic recession is a challenging time for businesses. When it occurs, it means unemployment is rising, spending is decreasing, and businesses may struggle to survive amid all the uncertainty.

The good news is that there are ways to recession-proof your business ahead of an economic downturn. Conducting strategic planning, nurturing customer relationships, and building cash reserves are just a few ways to help your company remain resilient during challenging times. Here’s more on how to prepare your business for a recession.

Historical Recession Patterns and Warning Signs

Although recessions can be difficult for everyone, they’re a normal part of the economic life cycle. The U.S. has had 34 recessions since 1857, the most recent of which spanned two months in 2020 during the Covid-19 pandemic. Recessions occur when the economy contracts and can be marked by higher unemployment, lower spending, and a decline in industrial production.

Sometimes a recession is defined as two quarters in a row of declining gross domestic product (GDP). GDP is a measure of all the goods and services that the economy produces. The National Bureau of Economic Research (NBER) is responsible for officially declaring a recession. To make the determination, it looks at multiple indicators, including the GDP, retail sales, payroll employment, and personal income.

Some other signals that economists track when predicting a recession are inflation, stock market declines, and a reduction in housing prices. Investors also tend to put more money into gold ahead of an economic downturn, and business spending often starts to decrease.

Industry-Specific Recession Vulnerabilities

Some industries are more vulnerable to recessions than others. The retail and hospitality sectors, for example, often feel the pinch first when consumers cut down on discretionary spending. Clothing stores, luxury brands, hotels, and restaurants may lose revenue as people cut back on nonessentials.

Manufacturing companies can also get hit hard due to a decline in consumer demand and a slowing of global supply chains. Both the residential and commercial real estate markets can struggle as home values decline and businesses downsize or shut down locations.

Financial Strategies

Don’t wait until a recession strikes to protect your business. Here are some financial strategies you can use ahead of time to prepare for an economic downturn.

Building Cash Reserves and Emergency Funds

Establishing an emergency fund can help your business survive during a recession. Ideally, you might aim to save enough cash to cover three to six months’ worth of business expenses. That way, you’ll be able to pay employees and cover other costs if your business slows down temporarily.

When cash flow is strong, focus on building up your cash reserves. Or an alternative option can be to open a business line of credit, which you can draw from as needed, up to a preset limit. You’ll only need to pay back the amount you borrow, but you’ll also have to cover interest charges and any associated fees.

Recommended: Funding Your Business During an Economic Downturn

Managing and Restructuring Business Debt

If you owe a business loan or another type of debt, make payments on time to protect and build your credit score. Paying your small business loans and other obligations on time will help you build a positive relationship with your creditors. As a result, they may be more likely to renegotiate terms if a business recession hits and you need a new repayment schedule.

You might also consider applying to refinance your startup business loans or other debts if interest rates are low. Refinancing has the potential to save you money and simplify repayment by combining multiple loans into one.

Operational Adjustments

By reviewing your operations, you may find areas where you can cut costs. Evaluate your equipment, facilities, services, staff, and other components of your business to see if there are any areas of waste. You might also negotiate with vendors to reduce costs or switch to a new business software that streamlines your invoicing process. Cutting costs can help you through an economic downturn, as long as it doesn’t harm the quality of your services or the satisfaction of your customers.

Diversifying Revenue Streams

Diversifying your business’s revenue streams is another important part of recession planning. You might put more focus on research and development so that your company offers a greater variety of products and services rather than putting all its eggs in one basket.

Bear in mind that economic recessions can even create unique opportunities for companies that adapt as consumer habits change. During the Great Recession amid the pandemic, for instance, remote work platforms and delivery service-based companies thrived.

Recommended: 10 Business Ideas That Are Recession-Proof

Customer Focus

Nurturing your existing customer base is also key for surviving a recession. Not only will you maintain the loyalty of your current clients, but they might also attract new customers to your business via referrals, positive reviews, and word of mouth.

You could engage with customers through social media or email to stay present in their thoughts. Make it easy for them to reach you through email, phone, or a social media channel.

Collect feedback whenever possible so you can improve your offerings and best meet customer needs. On the back end, record details of customers’ purchase histories so you can make customized product recommendations and upsells.

Government Resources

During an economic downturn, you may be able to look to the federal or state governments for financial assistance. The Small Business Administration (SBA) funds various types of business loans. It also offers low-interest disaster loans to businesses impacted by natural disasters.

The State Small Business Credit Initiative (SSBCI) provides capital and technical assistance to small businesses across the U.S. Some states also provide support to local business owners. The Massachusetts Growth Capital Corporation (MGCC) for example, has funding programs and an in-depth resource guide to help small businesses grow.

In economic downturns, the government may introduce temporary relief programs. During the Covid-19 pandemic, for instance, the government helped small businesses with the Paycheck Protection Program (PPP) and Employee Retention Credit (ERC).

Planning for Recovery

Recessions don’t last forever, so it’s important to create a recovery plan for your business. Set short- and long-term goals that make sense for your company when the recession ends.

Continue to evaluate your finances, cutting wasteful expenses whenever possible. Maintain strong relationships with your customers, and consider whether the recession has caused customer behavior to change. If so, you may need to adjust your product offerings, pricing, or business model to adapt to a changed market.

The Takeaway

It may be challenging to predict whether a recession is on its way or how long it will last, but planning for one can fortify your business against tough times. Focus on optimizing key areas, such as customer satisfaction, marketing, and pricing. Look for opportunities to cut costs without sacrificing quality, and consider refinancing debt for better rates or more manageable repayment terms. By having a strategy in place, you can position your business to survive, or even thrive, during an economic downturn.

Ready to grow your business? SoFi Small Business Loans can give you fast access to the capital you need. Check your eligibility in minutes.

With SoFi Small Business Loans, it's fast and easy to get the financing your business needs to thrive.

FAQ

How much cash reserve should my business maintain for a recession?

Building a cash reserve that could cover three to six months of operating costs may help your business survive a recession.

Should I reduce prices during a recession to maintain sales?

Reducing prices during a recession may help maintain sales, since consumers will probably not be spending as much. At the same time, be careful not to devalue your company’s services or products. Factors such as consumer demand and what your competition is doing may also help you tailor your prices during a recession.

What government programs help small businesses during economic downturns?

The Small Business Administration (SBA) offers business loans and other resources to help small businesses during economic downturns. Some states may also provide various kinds of financial assistance.

How can I retain employees while cutting costs?

If you need to cut costs while retaining employees, start by taking stock of all your business expenses. Figure out how much you’re spending in areas like rent, utilities, inventory, marketing, insurance, and loan payments. Identify where you can reduce expenses without having to downsize your staff. Boosting engagement or offering better benefits are also ways to retain employees during challenging times.

Is it better to take on debt or reduce existing debt during a recession?

There’s no one-size-fits-all answer when it comes to debt during a recession. A business may benefit from taking on debt if it needs to increase cash flow, can qualify for a low interest rate, and has a solid repayment plan. On the other hand, reducing debt may be the better option if the company’s revenue is uncertain. Balancing risk with return is key when determining how to manage debt during a recession.

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Photo Credit: iStock/Liubomyr Vorona

This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.
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When you’re thinking of starting a new business, there are plenty of possibilities to consider. But what if you don’t have a large startup budget ready to go? Doesn’t that limit your dreams?

Not necessarily. Whether you’re trying to launch a side hustle to supplement your day job or you just want to be your own boss, there are many businesses you can start that don’t require huge sums of money.

Explore this list of some of the best small business ideas for 2026. The sooner you get started, the sooner your small business might be the next great success story.

How to Choose the Right Small Business Idea for You

Choosing the right small business idea requires assessing your skills, your interests, and market demand. Start by identifying your strengths and passions, then research industry trends and profitability. Consider these key factors:

•   Personal skills and interests: Choose a business that aligns with what you enjoy.

•   Market demand: Research if there’s a strong customer base for your potential business.

•   Startup costs: Ensure you have the resources needed.

•   Scalability: Think about long-term growth potential.

•   Work-life balance: Consider how it fits your lifestyle.

By evaluating these factors, you can select a business idea that suits you and has the potential for success.

Low-Cost Small Business Ideas vs High-Investment Ventures

When starting a business, entrepreneurs must decide between low-cost small business ideas and high-investment ventures. Low-cost businesses, such as freelancing, consulting, or online reselling, involve minimal upfront expenses and can often be run from home. These businesses typically have lower financial risk and offer flexibility, meaning they can be ideal for first-time entrepreneurs.

High-investment ventures, such as opening a restaurant or launching a manufacturing business, demand significant capital for equipment, inventory, and operational costs. While these businesses may offer higher revenue potential, they also come with greater financial risk. Choosing the right path depends on your budget, risk tolerance, and long-term goals.

Recommended: How Much Does It Cost to Start a Business?

1. Online Fitness Trainer

At-home workouts became popular during the pandemic, and they continue to be a favorite go-to for many busy people who want to exercise. If you’re a fitness expert, you may be able to launch an online training business. An easy way to get started and build an audience is by making videos to post on YouTube or sell as a course.

•   Average salary: $56,233

•   Qualifications: Experience and certifications

2. Web Developer

Developing websites — building and maintaining their core structure — is a technical skill that’s in high demand. It’s also a skill that you can teach yourself through videos, online lessons, and books. Once you’ve mastered and practiced the skill, you can build a portfolio and start pitching clients. All of that takes time and effort, but the cost is relatively low.

•   Average salary: $93,848 per year

•   Qualifications: Bachelor’s degree in computer science or web development is helpful

3. Freelance Web Designer

Web design is a skill set you can market as a freelancer, providing your services to multiple companies that need help with the usability and aesthetics of their sites. You can focus on helping design websites from scratch, concentrate on troubleshooting and/or redesigning existing websites, or offer a combination of both.

•   Average salary: $72,500 per year

•   Qualifications: Technical and design skills, certifications

4. Consultant

If you’re wondering what kind of business to start, you might think about consulting in an area you’ve already worked in, like human resources, management, IT, or operations. You can set your own hours, potentially charge more than you earned as a full-time employee, and pick and choose the projects you’ll enjoy the most.

•   Average salary: $103,425 per year

•   Qualifications: Undergraduate degree, work experience, certifications

5. Graphic Designer

Starting your own graphic design business can be another easy option for people who have the talent and experience. If that’s you, consider launching a website with some portfolio pieces and then pitching potential clients. If you’ve already been a graphic designer for a company, you likely already have everything you need to get started.

•   Average salary: $72,122 per year

•   Qualifications: Bachelor’s degree in graphic design, technical skills, certifications

6. Life Coach

Life coaching can be an extremely satisfying business. You can pick a niche you’re passionate about, like career changes, productivity, health and fitness, or some other focus you find compelling. Getting certified as a professional coach may increase your clout and marketability. While that training probably won’t be free, it might be a good investment. You might also be able to get financing to help cover your tuition.

•   Average salary: $41,175 per year

•   Qualifications: No formal education requirements

7. Tailor and/or Designer

Whether sewing has been a lifelong hobby or you picked up the skill more recently, you may be able to turn that interest into a business. You can specialize your services in any number of ways, like making alterations, designing custom home decor like curtains and pillows, or creating hand-sewn crafts to sell.

•   Average salary: $42,087 per year

•   Qualifications: Sewing skills

8. Resume Writer

Resume writing is always in demand. If this is something you have a knack for, you can either find clients on your own or freelance for a resume agency. While the salary isn’t all that high, you may be able to earn more if you specialize in a certain industry.

•   Average salary: $38,000 per year

•   Qualifications: Bachelor’s degree, strong editing and writing skills

9. Online Used Bookseller

Selling used books online can be fun as well as lucrative for bibliophiles. It does involve some startup costs since you’ll need to stock up on inventory, but sourcing inexpensive books from places like thrift stores or yard sales can be fun too. Once you make your first few sales on a site like Amazon or eBay, you can reinvest some or all of the profits to keep your inventory growing. At some point, you might explore getting a small business loan to grow your enterprise.

•   Average salary: $36,036 per year

•   Qualifications: None

10. Interpreter or Translator

If you’re fluent in multiple languages, you can utilize those skills as an interpreter or translator. This is work that can often be performed from the comfort of your own home. Global businesses may not have a full-time need for translation services, so you may be able to step in and help them as a contractor.

•   Average salary: $42,322 per year

•   Qualifications: Proficient in language, certifications

11. Pet Walker and/or Pet Care Provider

A pet-walking or pet care business could provide a big market in many locations. Once you land your first few clients, you can then focus on getting referrals from those successes.

•   Average salary: $28,538 per year

•   Qualifications: Love for pets!

12. Online Course Creator

Creating an online course is a fun way to share your knowledge about topics or skills you’re passionate about. There are many course platforms to choose from. All you need to do is create one or more videos and upload them to the teaching platform. Then simply set a price and, ideally, you’ll soon make some sales.

•   Average salary: $82,499 per year

•   Qualifications: Subject matter expertise, technical skills

13. Digital Download Provider

Creating and selling digital products (like videos or ebooks) is an easy business to set up, plus it can become increasingly passive as you build up your library of products. From artwork to educational products, you simply upload your creations to your preferred platform so future customers can find your work.

•   Average salary: $76,639 per year

•   Qualifications: Creativity, experience in digital sales, technical skills

Recommended: Profitable Businesses To Start

14. Landscaper/Garden Care Professional

Gardening and landscaping have become increasingly popular in recent years. If you’ve discovered that you have a green thumb, you might consider launching a landscaping or garden care business to help your clients maintain beautiful yards all year long. Explore startup business loans to help finance new equipment if you need it.

•   Average salary: $41,578 per year

•   Qualifications: Experience and training

15. House Cleaner

Cleaning houses is a service that’s in demand in just about every city and town across the country. Decide what particular types of services you’ll offer and collect the necessary supplies. Also consider getting a general liability insurance policy to protect yourself and your new business since you’ll be in other people’s homes.

•   Average salary: $35,034 per year

•   Qualifications: Interpersonal skills, cleaning skills

16. Handcrafted Goods Seller

If you have an artistic knack, you could consider opening an online shop to sell your own handcrafted goods. You can launch your own website or list your items for sale on an existing platform. You can either build up a stock of inventory first or opt for a made-to-order business model, which can help you save on startup costs.

•   Average salary: $48,959 per year

•   Qualifications: Skill at a craft

17. Mental Health / Wellness Coach

A mental health or wellness coach is a professional who helps individuals improve their overall well-being by guiding them toward healthier habits, stress management, and emotional resilience. While they don’t diagnose or treat mental illnesses the way therapists do, they provide support through goal setting, motivation, and personalized strategies to enhance mental and emotional wellness.

•   Average salary: $48,790 per year

•   Qualifications: No specific training requirements though certifications are available

18. Interior Designer

It’s easier than ever to launch your own interior design business, especially if you have some relevant design experience (your kitchen makeover, say) to include in an online portfolio. There are a number of different services you might offer, like home staging, product curation, or online design plans. Consider picking a particular niche or style when you first get started so you can attract your ideal client.

•   Average salary: $72,849 per year

•   Qualifications: Bachelor’s degree, experience, certifications

19. Tutor

You can start a tutoring business in person, but online tutors are also popular. Pick a subject you’re knowledgeable about, like math, language arts, or English as a second language. There are plenty of online platforms through which you can market your services, or you can network to find students in need of a tutor.

•   Average salary: $42,053 per year

•   Qualifications: Experience, skills, certifications

20. Virtual Assistant

Starting your own virtual assistant business gives you flexibility in the type of work you do, as well as when, where, and how much you work. You can offer a range of remote services as a virtual assistant, including managing schedules, sending emails, or even handling marketing activities.

•   Average salary: $50,749 per year

•   Qualifications: Skills and certifications

21. Child Care Provider

Opening a home daycare center is a more involved small business idea, but there’s definitely a need for this service. Be sure to check your area’s local rules and regulations about opening an in-home daycare center. It may be helpful to write a business plan to keep track of everything you need to do. Alternatively, you could start small by babysitting or serving as a nanny for one family, or even working as a parents’ helper.

•   Average salary: $33,094 per year

•   Qualifications: High school diploma, experience, training

Recommended: Mompreneurs in 2026: A Comprehensive Survey

22. Smart Home Installation Specialist

A smart home installation specialist is a professional who sets up, configures, and integrates smart home technology to enhance convenience, security, and energy efficiency. They may work independently, for tech companies, or with home automation service providers, helping homeowners create customized, efficient smart home ecosystems tailored to their lifestyles.

•   Average salary: $56,443 per year

•   Qualifications: Technical and electrical skills

23. Flipper/Goods Reseller

Flipping — finding and reselling or even fixing up and reselling — used items for a profit can be a great business idea if you love hunting for bargains at thrift stores, yard sales, or even clearance shelves. To get started with no budget, you can even flip your own unwanted items from your home on an online auction site. As you make a little money, you might want to start expanding your inventory.

•   Average salary: $69,310 per year

•   Qualifications: None

Steps to Launching a Small Business in 2026

Launching a small business in 2026 requires careful planning and execution. Below are the steps you can take to launch your business in 2026:

•   Start by identifying a profitable business idea and conducting market research to understand demand and competition.

•   Create a solid business plan outlining your goals, target audience, and financial projections.

•   Register your business, obtain necessary permits, and choose the right business structure.

•   Secure funding through personal savings, business loans, business lines of credit, or investors.

•   Build an online presence with a professional website and social media marketing.

•   Network with industry professionals and potential customers.

•   Finally, launch your business, continuously refining operations and strategies to adapt to market trends and customer needs for long-term success.

Recommended: 10 Steps for Starting a Small Business

Essential Tools and Resources for Small Business Owners

As a small business owner, you’ll probably need the following essential tools and resources to streamline operations and drive success.

Accounting software like QuickBooks or FreshBooks helps manage finances, while project management tools such as Trello or Asana improve organization. A strong online presence requires a website builder like Wix or WordPress and social media marketing tools like Hootsuite.

Customer relationship management (CRM) software, such as HubSpot or Salesforce, enhances client interactions. Secure funding through small business loans, grants, or crowdfunding platforms. Utilizing these resources helps businesses operate efficiently and grow.

The Takeaway

Starting any new business takes some work, but the rewards are often well worth it. As you get more involved in a new business — and even as it gets more profitable — you may find you need to put more resources into it.

Ready to grow your business? SoFi Small Business Loans can give you fast access to the capital you need. Check your eligibility in minutes.

With SoFi Small Business Loans, it's fast and easy to get the financing your business needs to thrive.

FAQ

What are the most profitable businesses in 2026?

In 2026, potentially profitable businesses include tech services like AI consulting, e-commerce, health and wellness coaching, sustainable products, digital marketing, virtual events planning, subscription box services, and mobile app development. These industries offer growth opportunities driven by technological advancements, consumer trends, and emerging market demands.

How can I start a business with little money?

Low-cost small business ideas include freelance writing, social media management, tutoring, and virtual assistance. These businesses require minimal upfront investment and can often be started from home with just a computer and an internet connection.

What small business ideas can be run from home?

Small businesses that can be run from home include freelance writing, graphic design, online tutoring, virtual assistance, e-commerce, and social media management. Other ideas include digital marketing, transcription services, and consulting. These businesses typically have low overhead costs and can be scaled as they grow.

What industries are expected to grow in 2026?

Industries expected to grow in 2026 include technology (AI, cybersecurity), health care (telemedicine, elder care), renewable energy, e-commerce, and financial services (fintech). The green energy, mental health, and remote work sectors are also anticipated to thrive.

What are the first steps to starting a successful small business?

The first steps to starting a successful small business include conducting market research, creating a detailed business plan, securing funding, and choosing a legal structure. Next comes registering your business, obtaining necessary licenses, and setting up your financial systems. Finally, you’ll need to create a strong brand and marketing strategy to attract customers.

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This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.
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Starting and growing a small business can require significant capital, whether you’re looking to cover day-to-day expenses, improve a storefront, or expand into a new market.

For business owners in Washington, grants can provide an opportunity to fund specific projects without taking on debt. Eligibility, funding amounts, and application requirements vary by program, so it’s important to understand your options and find opportunities that align with your needs and goals.

Small Business Grants in Washington State

Whether you have a startup or an established business, there are several small business grants in Washington state that you may want to be aware of.

Working Washington Business Grants

The Working Washington Business grant provides support to small businesses in Washington. Grants of up to $20,000 are awarded to businesses with annual revenue of $5 million or less, and they can be used for rent, utilities, operations costs, supplies, and inventory. New rounds of funding are periodically announced by the Washington State Department of Commerce.

Export Washington Voucher Program

For small businesses turning their attention overseas, the Washington State Department of Commerce State Trade Expansion Program (STEP) offers an export voucher program that provides cash reimbursements to help offset some of the expenses tied to expanding into international markets.

Reimbursement grants may cover expenses such as trade show and trade mission fees, airfare, interpreter and translation services, and export training.

FundHubWA Clean Energy & Climate Grants

While not a grant itself, FundHubWA can help connect you to funding sources, including federal and state grants, to pursue clean energy opportunities.

Seattle Office of Economic Development Grants

The city of Seattle offers grants and other funding opportunities for new and existing businesses through the Seattle Office of Economic Development. For instance, the Small Business Capital Access Program can provide grants to pay down 20% of the principal on qualifying loans. The Tenant Improvement Program provides grants for small businesses in Washington with 50 or fewer employees for storefront improvement and expansion. Similarly, the Back to Business grants help small businesses repair and secure storefronts.

Do You Have to Pay Back a Small Business Grant?

Typically you don’t have to pay back a grant vs. a loan. However, grants made to small businesses are usually accompanied by a funding agreement, a list of rules that must be complied with. If you don’t follow these terms, you may be asked to pay back some or all of the grant money.

You do have to pay back small business loans, typically on a set time schedule and with interest.

Recommended: Small Business Loans in Washington

How to Apply for Small Business Grants in Washington State

To apply for small business grants in Washington, start by identifying programs that fit your business and checking that you meet their eligibility requirements. Once you’ve narrowed down the opportunities that make sense for you, review the application instructions carefully and gather the materials you’ll need.

Documents and Requirements

Grant applications may ask for a variety of business and financial documents. You may need to submit a business plan that explains how you would use the funding, along with financial projections and information about the potential benefits of your project or its impact on the community.

It’s also a good idea to have financial records on hand, including bank statements, tax returns, and profit and loss statements. Depending on the grant program, you may also need to provide business licenses or other legal documentation.

Many Washington small business grant programs also require a grant proposal. This document typically explains how you would use the funds, what you hope to accomplish, and why your project fits the goals and priorities of the organization offering the grant.

Submission Deadlines and Application Tips

Pay close attention to each grant program’s application deadline and submission instructions. You’ll want to make sure that you provide all the required materials by the deadline since incomplete applications may not be considered.

After you submit your application, it’s a good idea to confirm that it was received and check whether there’s any additional information you might need to provide.

Recommended: How to Get a Small Business Grant

Who Is Eligible for Washington Small Business Grants?

To be eligible for Washington state small business grants, your business must usually be located in the state. Eligibility requirements will vary from grant to grant but often involve factors such as business size and revenue limits. Pay close attention to these criteria to ensure that you qualify before applying.

Washington Resources for SMB Owners Looking for Funding

With myriad Washington state small business grants available, it’s not always easy to keep track of all of the opportunities available to help fund your business. The following resources can help.

Washington Small Business Development Center (WSBDC)

The Washington SBDC is a network of advisors who work in communities across the state. Advisors provide one-on-one advice and help to entrepreneurs and small business owners across every aspect of the business life cycle, from startup to exit.

SBA District Offices in Washington State

The Small Business Administration (SBA) is a national government organization that helps entrepreneurs build and grow small businesses. The program operates out of several regional offices in Washington and can provide help with access to business counseling, disaster recovery, and funding programs, such as SBA loans.

SCORE Mentorship Programs in Washington

SCORE (named for the Service Corps of Retired Executives) is a partner program with the SBA and pairs small business owners with mentors who can share their expertise. They can provide help with a range of issues from creating a business plan to connecting with local vendors to developing a business sale or exit strategy.

Alternative Funding Sources for Small Businesses in Washington

Grants are not the only sources of small business funding in Washington. There are several other resources worth knowing about there.

Washington State Small Business Credit Initiative (SSBCI)

The Washington SSBCI draws on federal funding to help small businesses receive financing. The program focuses on businesses that are in historically underserved communities. It gives priority to businesses that grow jobs in communities in designated Community Development Financial Institutions (CDFI) eligible census tracts.

Washington Microloan Lenders

Microloans, such as the SBA microloan program, are typically small loans of around $50,000 or less. They’re designed for businesses that are just getting off the ground, so they may be easier to qualify for than traditional business loans.

SBA Loans for Washington Businesses

SBA loans are provided through traditional lenders, such as banks and credit unions, but they are partly backed by the federal government. This guarantee means SBA loans are typically easier to qualify for and may have lower interest rates and the possibility for longer repayment terms than traditional loans.

Washington SMB Loans from Private Lenders

Small business loans are also generally available from private lenders. Because these lenders take on the full risk of underwriting the loan, they may have more stringent requirements than SBA loans.

Business Lines of Credit & Equipment Financing

Small businesses looking for short-term lending solutions to cover things like small gaps in cash flow or inventory purchases could consider a business line of credit. These are a form of revolving credit where you can borrow up to a limit, and as you repay what you’ve borrowed that limit is replenished.

Equipment financing is designed to help businesses purchase or upgrade equipment, such as machinery, vehicles, or computers. These loans typically use the equipment itself as collateral, which can mean lower interest rates and easier qualification.

The Takeaway

Small business owners in Washington have several potential sources of funding. Grants can help cover eligible business expenses or specific projects, but they’re only one option. Small business owners should explore grants, loans, and other financing opportunities and determine which may be a good fit.

Ready to grow your business? SoFi Small Business Loans can give you fast access to the capital you need. Check your eligibility in minutes.

With SoFi Small Business Loans, it's fast and easy to get the financing your business needs to thrive.

FAQ

How do you get a small business grant in Washington?

First identify which grants for small businesses in Washington you’re eligible for that meet your needs. Then apply to the grant by the deadline (if there is one), providing all required materials, such as business plans and grant proposals.

How hard is it to get a business loan in Washington?

How difficult it is to get a business loan in Washington state will depend largely on factors such as your credit score, your cash flow, and how much time you’ve been in business.

What is the easiest SBA loan to get approved for?

SBA microloans are usually the easiest to be approved for. They’re designed largely for businesses that are just beginning and may not have a long financial history. And the loan amount is small enough that they represent a relatively small risk to lenders.

What types of businesses are most likely to receive grants in Washington?

Small businesses run by minority populations or those in underserved communities may be more likely to receive funding through grants in Washington state.

Are there specific grants for women or minority business owners in Washington?

Yes, there are grants designed for women and minority business owners in Washington. Additionally, the Washington State Office of Minority and Women’s Business Enterprises can certify businesses as minority- or women-owned, which can provide access to state contracting preferences, special loan programs, and other resources.

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Photo credit: iStock/SCStock

This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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If you’re a small business owner in Virginia, no matter what stage your company is at, there will probably be funding available to you. Virginia small businesses may have access to grants designed to support startups, expansion, innovation, job creation, and economic development, among other goals. Explore some of the grant programs available to eligible Virginia businesses, along with tips for applying and alternative funding options.

Small Business Grants in Virginia

Grants can be an appealing source of funding for a small business because they generally don’t have to be repaid. However, grant programs can have specific eligibility requirements, funding priorities and application deadlines. Here are some Virginia grant programs that small business owners may want to explore.

Virginia Community Business Launch (CBL) Grant

The Community Business Launch (CBL) is an entrepreneurial development program for startups and expanding businesses. Local programs train entrepreneurs and small business owners in planning practices for small businesses. And at the end of the training, participants can pitch their business ideas in front of a panel of judges for a chance to win grant funding and support services.

Growth and Opportunity (GO) Virginia Growth Grants

GO Virginia is an economic development initiative that encourages collaboration among private industry, higher education, and local governments in the state. The aim of the program is to grow and diversify regional economies.

Eligible applicants for Go Virginia grants must be local governments and/or organizations working on their behalf, such as regional economic development organizations, nonprofits, planning district commissions, colleges, and universities.

Virginia Innovation Partnership Corporation (VIPC) Programs

VIPC Launch Grants provide funding to high-potential startups that demonstrate strong potential for economic impact in Virginia but have yet to raise a lot of equity or generate much revenue.

In particular, the VIPC’s Lab-to-Launch initiative provides grants of up to $50,000 to early-stage, Virginia-based startups that are using a Fast-Track License Agreement with one of six Virginia universities, including University of Virginia, Virginia Tech, Virginia Commonwealth University, George Mason University, Old Dominion University, and William and Mary.

Recommended: Small Business Grants for Minorities

Do You Have to Pay Back a Small Business Grant?

Grants are usually provided as debt-free funding, so, typically, you don’t need to pay them back. That said, grants are often provided with a funding agreement, and if you’re found to have broken the rules of this agreement, you might be asked to repay the grant amount.

Loans, as opposed to grants, provide money that must usually be repaid, often at regular intervals over a set period of time — and with interest.

How to Apply for Small Business Grants in Virginia

To apply for small business grants in Virginia, you may want to start by identifying grants that meet your needs and for which you meet all the eligibility requirements. Every grant is different, but once you’ve identified the good fits, there are several typical next steps to keep in mind.

Documents and Requirements

When you’re applying for a grant, you’ll likely need to provide your business plan outlining your intended use of the funds, financial projections, and perhaps the impact you expect to have on your community. Gather your financial documents as well, including bank statements, tax returns, and profit and loss statements. Additionally, be ready to provide any required legal documentation, such as your business license.

You’ll also probably have to write a grant proposal. In it, you may need to outline how you plan to use the grant money, how you plan to succeed with your project, and an explanation of how your project aligns with the grantmaker’s mission.

Submission Deadlines and Application Tips

Submit your grant proposal and any requirement documents by or before the stated deadline (if there is one). It can be a good idea to follow up to make sure your application was received and to find out if there are any missing materials you need to provide.

Who Is Eligible for Virginia Small Business Grants?

Every grant has its own criteria, so it’s key to look closely at the specific terms of any grant you’re interested in. Generally speaking, however, in order to be eligible for Virginia small business grants, a business must be physically located in the state, fall under certain revenue limits, and operate with a small team of employees.

Virginia Resources for SMB Owners Looking for Funding

Knowing where to look for funding isn’t always easy. Small business owners in Virginia don’t have to go it alone, as there are several valuable resources they can turn to.

Virginia Small Business Development Center (VASBDC)

The Virginia Small Business Development Center is a program that offers region-specific guidance to small businesses operating in the state, including startups and established businesses. The program operates out of offices hosted by colleges, universities, and local chambers of commerce. It provides services such as business advising, help writing business plans, financial analysis, and help finding access to funding.

SBA District Office in Virginia

The U.S. Small Business Administration (SBA) provides support to entrepreneurs through counseling and training and through funding programs, including SBA loans.

The SBA local office in Virginia provides support to small businesses in the state. Virginia’s SBA district office is located in Richmond.

SCORE Mentorship Programs in Virginia

SCORE (which originally stood for the Service Corps of Retired Entrepreneurs) is a partner of the SBA. This free resource pairs small business owners in Virginia with experienced business owners who can provide guidance on every point in a business’s development, from planning to small business loans to operations to exit strategies.

Alternative Funding Sources for Small Businesses in Virginia

While grants are an important source of funding, small businesses in Virginia may look to other startup funding options as sources of capital. Below are some options.

Recommended: Small Business Loans in Virginia

Virginia State Small Business Credit Initiative (SSBCI)

The Virginia SSBCI draws on federal funding to support small businesses through an array of credit and investment options, including Virginia Venture Partners Direct and Indirect Investments and loan and capital access through the Virginia Small Business Finance Authority (VSBFA) and Virginia Small Business and Supplier Diversity (SBSD).

Virginia Microloan Lenders

The VSBFA offers direct microloans to small businesses. These microloans don’t require borrowers to go through a bank as an intermediary.

SBA Loans for Virginia Businesses

SBA loans are small business loans offered through traditional financial institutions. However, they are generally partly backed by the SBA. This guarantee allows lenders to offer loans that may be easier to qualify for, carry lower interest rates, and have longer repayment terms.

Virginia SMB Loans from Private Lenders

Private lenders may also offer small business loans themselves. Because these lenders assume the full risk for the loan, these loans may be more difficult to qualify for, their interest rates may be higher, and their loan terms may be stricter.

Business Lines of Credit & Equipment Financing

Small businesses may also look to other kinds of financing for specific uses. Here are two common options.

A business line of credit is a form of revolving credit that allows you to borrow up to a certain limit. As you repay the money you’ve withdrawn, the amount you can borrow is replenished. This can be a good tool for businesses looking to cover short-term costs, bridge gaps in cash flow, or pay for unexpected expenses.

Equipment financing loans are designed specifically to help businesses pay for new equipment. The loans use the equipment as collateral, so interest rates and terms may be more favorable.

The Takeaway

Grants for small businesses in Virginia can provide valuable funding for Virginia companies, usually without requiring repayment. However, they often come with specific eligibility rules, application requirements, and restrictions on how the funds can be used. If a grant isn’t the right fit — or isn’t available when you need funding — you might consider other financing options, including microloans, SBA-backed loans, lines of credit, or equipment financing. The right source of capital will depend on how much you need, what you plan to use it for, and your business’s ability to repay it, if necessary.

Ready to grow your business? SoFi Small Business Loans can give you fast access to the capital you need. Check your eligibility in minutes.

With SoFi Small Business Loans, it's fast and easy to get the financing your business needs to thrive.

FAQ

How do you get a small business grant in Virginia?

To receive a business grant in Virginia, research available grants, make sure you’re eligible, and apply, providing the materials required by the grant on or before the deadline.

How hard is it to get a business loan in Virginia?

Getting a business loan in Virginia — and how easy the process will be — will depend largely on how much you’re looking to borrow, what you plan to use the funds for, your business plan, your ability to repay the loan, and how long you’ve been in business.

What is the easiest SBA loan to get approved for?

SBA microloans, which offer business loans of $50,000 or less, are generally the easiest SBA loans to qualify for. In part that’s because they’re specifically designed for businesses that are just getting off the ground.

Are there specific grants for women or minority business owners in Virginia?

Yes, there are grants for small businesses in Virginia that are designed specifically for women and minority business owners, many of which are operated through the Virginia Department of Small Business and Supplier Diversity.

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Photo credit: iStock/Eli Wilson

This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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