Want to grow your business sustainably? It's easier when you get additional funding and professional help. However, finding suitable green opportunities, especially if your business is not aimed at producing solar panels or creating renewable energy sources, might be a time-consuming process. Today, we will share a list of green funding options available in the US. Let's explore these opportunities together and find the right one for your business!
NSYS Group has previously explored green funding options in other countries. Read our articles on attracting financing to your used device business in the UK, Ireland, Spain, and Italy.
Green Grants in the USA
Out of the numerous green funding options available in the USA, we have collected those that used device businesses can apply for. Look at these programs, but remember that the list is not limited to them, and the range of sustainable opportunities in the country is very wide.
E-SCRAP
The Electronics Scrap Recycling Advancement Prize (E-SCRAP) is a competition launched by the US Department of Energy (DOE). The goal is to support projects that reduce the amount of e-waste by building and developing recycling value chains. Used device businesses can apply for this challenge and present the unique device-testing robot Reeva as a competitive advantage. With this machine, you will be able to accurately and quickly test the condition of the device and its parts, contributing to the circular economy.
The program's total budget is $4 million, and the maximum award for each winner is $600,000.
STEP Grants
State Trade Expansion Program (STEP) distributes money between states so they can financially support small businesses with export development. To get help in foreign trade, contact your local state or territory STEP representative. Apart from money and business guidance on export, the program can provide marketing support, design advice, participation in exhibitions and events, covering AI-related expenses, etc.
The American Dream Awards
This grant is awarded monthly to American businesses that implement innovative solutions and sustainable practices into their workflows. The competition winners receive $1,000 in funding, the ability to join an accelerator and other benefits.
Reeva, the unique device testing robot, is the perfect project for used device businesses to apply for the American Dream Awards. The robot is a cutting-edge technology that also contributes to the circular economy. Therefore, you can obtain the funding that will help you boost your business while benefiting the planet.
EDA Grants
The Economic Development Administration (EDA), administered by the US Department of Commerce, supports the regional development of small businesses. Several programs are available, including the "Build to Scale" initiative, which can positively impact your phone company. The program helps technology-driven businesses access funding, knowledge, and networks.
One more EDA program that can benefit your business is Economic Adjustment Assistance (EAA). It offers various types of support, including technical, planning, and public work assistance, to regions facing economic difficulties. EAA provides grants for developing or updating economic strategies, implementing infrastructure projects, etc. The program has several initiatives, of which the SPRINT Challenge might be the most interesting for you as it supports technology-based economic development.
Green Loans in the USA
Various organizations, primarily banks, provide sustainable loans. While choosing the best terms, compare options offered by the biggest banks (JPMorgan Chase, Bank of America, Wells Fargo, etc.) with the smaller local ones. Plus, search for loans provided by other organizations. Here is a list of several options that can be useful for used device businesses.
MBDA Loans
The US Department of Commerce Minority Business Development Agency (MBDA) supports numerous projects across the country. The agency's purpose is to help small businesses grow by providing financial assistance and expert advice. Search for MBDA Business Centers in your area and look for loan options they offer. Additionally, MBDA offers support to businesses owned by people from underrepresented communities.
SBA Loans
The U.S. Small Business Administration (SBA) has multiple loan programs of different sizes. For used device businesses, a suitable option might be microloans up to $50,000 or 7(a) loans up to $5 million.
Other Funding Opportunities in the USA
Apart from grants and loans, other types of funding might benefit your business. If your company is innovative, you might pitch it to venture capital funds and angel investors or start crowdfunding.
However, the used device business might not have the innovative potential. Thus, a great idea is to find a small individual investor who will sponsor the implementation of cutting-edge solutions developed by a third party.
Moreover, you can apply for tax benefits, usually provided for specific types of businesses, and reduce the taxes you must pay. For example, if you purchase a testing robot or other equipment for your business, you can use the Modified Accelerated Cost Recovery System (MACRS) to depreciate this asset. Other tax benefits options that can be suitable for your business include Section 179 Deduction, Energy Efficient Commercial Buildings Deduction (Section 179D), Deducting Business Expenses, etc.
Apply for Green Funding
To qualify for the green grant, you need to demonstrate that your business is committed to sustainable practices. Implementing cutting-edge equipment can be a crucial part of your green strategy.
For example, with Reeva by NSYS Group, you can boost your device processing while benefiting the environment. Click the link below to arrange a demo of this unique device testing robot!
