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Credibly Small Business Award
Credibly
ABOUT THE GRANT
The Credibly Small Business Award awards a total of $60,000 in cash grants each year to three U.S.-based small businesses, with a $30,000 First Place award, a $20,000 Second Place award, and a $10,000 Third Place award. Administered by Credibly, a small business lender based in Southfield, Michigan, the program celebrates entrepreneurs shaping their communities and provides winners with funding to accelerate their growth. Applying is free, and winners do not need to be existing Credibly customers.
Unlike merit-based grant competitions, the Credibly Small Business Award is administered as a sweepstakes, meaning winners are selected through a random drawing from all eligible entries rather than through a competitive review of the applications themselves. Any optional information provided on the application form is not used as a determining factor. The award is a one-time cash payment that does not need to be repaid, and winners have full flexibility in how they use the funds. Winners are responsible for any applicable federal, state, or local taxes. Credibly reserves the right to require repayment of the full award amount if a winning business permanently closes, files for bankruptcy, or otherwise ceases operations within three months of receiving the award.
To qualify, applicants must be a U.S.-based, for-profit small business that has been actively operating and selling a product or service for at least six months at the time of entry, hold an active business banking account, and have at least $500 in revenue on their most recent month's bank statement. Nonprofit organizations are not eligible. Startups are eligible as long as they meet the six-month operating requirement, and applicants from previous years may reapply. Each business is limited to one entry per cycle, and businesses under common ownership or that are part of a franchise are considered a single business for entry purposes.
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We haven't added commentary on this grant yet. In the meantime, the fundor's website (linkeded above) is the best source for application details and eligibility specifics.
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