When starting a new business, funding is a primary concern. While loans are a good way to secure financing, young entrepreneurs will want to consider receiving grants. Unlike loans, grants provide money that does not have to be paid back.
Global Student Entrepreneur Awards
Global Student Entrepreneur Award rewards high school students, college undergraduates and graduate entrepreneurs annually with a competition divided into awards based on age group. To be considered for this competition, students are nominated online and are reviewed by a panel and then advance from local to regional competitions. This is a global competition. Prizes vary based on funds raised each year. The award allows students to expand and grow their businesses.
Staple Youth Social Entrepreneur Competition
Staples rewards eight young entrepreneurs between the ages of 12 and 24 every year with £650 to grow their business. Youth nominate themselves or may be nominated by another person. The venture must show a positive impact on their community. Winners must attend a conference in Washington and tell their story or forfeit the prize. Winners will be selected until all eight spots are filled.
Do Something provides young people with funds to start businesses and projects that benefit the world or community. Do Something has grants from £325 to £65,000. Some grants, such a Do Something Seed grant, are rewarded every week. To be considered, apply online.
Empowerment Group provides not only money but also an education. Students go through the empowerment group's course work and receive money to begin their for-profit business; in return, the students set up for a portion of their profits to go back into the community. The Empowerment Group program is limited to Philadelphia.
Grants.gov is a one-stop shopping site for over 900 government grants. Using the search engine, young entrepreneurs will find all government grants associated with the type of business they are looking to start.