Government Grants For Small Businesses The Answer to Your Question: How Can I Get A Government Grant to Start or Expand My Business?
Is it possible to get government grants for small businesses? The answer is yes, although it might not be as easy as late night commercials lead you to believe. The federal government has a tightly regulated grant program.
Typically, they do not make grant funds available to small business start-up except under strict circumstances. However, they do give out money to local and state agencies that are much more flexible in the number of grants and other forms of financial assistance they offer.
Always look on the bright side of life; if you think that getting a government grant for your small business will be difficult – then it probably will. On the other hand, if you go in with a positive mindset subsequently you might just find that you don’t face as many hurdles as you first believed! Take things step by step and understand the system better by reading through the advice given in this article – your government grant is calling!
A government grant is very valuable to anyone starting out a small business; the money can make a great difference when you think about all the start up fees you would otherwise be contending with alone – your first supplies, paying for the work of employees and coming up with a good advertising scheme to lift you off the ground. Although many of the grants available appear to be hiding under large rocks – they do exist and can be found with a little knowledge and advice.
First things first though, you will need to put yourself in the best possible position before applying for a government grant; this includes writing out your business plan. Within your business plan, information such as the company’s goals, the services and/or products you wish to supply and the market in which you are targeting will be included among other details. You should not make this a quick turnaround; instead, spend some time and effort in getting right first
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time around and make sure that it is thorough yet easy to read and understand.
SBA Loans Programs – US Small Business Administration
The Small Business Administration runs throughout the US, helping and providing grants for small businesses on a daily basis – this wouldn’t be a bad place to begin your search. One of the major pros of the SBA is that they tend to offer the lowest interest rates and provide valuable tips and advice for those looking to start a small business.
Check the US Government Grants Information Webpage
If you are searching for government grants for small businesses, the best place to start looking is on the government’s official grants’ information web page. Even though the federal government may not be able to offer you a grant directly, you can still use their database to connect with other sources of grants such as those on offer from your local state government.
Aside from the SBA, visiting the homepage from the US Government is also a good place to start your search for a grant – if anyone. They have the most up to date listings of all loans and start-up grants available within the US. Like the SBA, they additionally provide a wealth of information and advice that could prove priceless to entrepreneurs.
One important factor to remember when writing up your business plan and submitting a request for a grant or loan, is to state how your small business will benefit the local community. A fine example of this would be the creation of new jobs or an improvement on an existing service. Spend some time jotting down how your proposed business will benefit the local community, and you are one step nearer to getting that grant – sell yourselves!
One more piece of advice before we send you on your merry way – don’t rule out state grants for federal grants. You stand a better chance getting a government grant from your state as you would by applying to the federal government; so do discover the associations and organizations within your state and seek out as much information as possible before making a decision about which you will apply for.
Because so many business grants and loans are given out at the local level, the eligibility requirements vary greatly. States make the grant funds available in order to attract certain types of businesses to their area. For example, you might have the best luck at securing government grants for small businesses if you are starting a business in the solar industry, tourism, or child care.
- Some government grants for small businesses are available only to those that meet a particular demographic such as females, minorities, those with disabilities, and prior military service or those in active duty. Since grants from the government are administered with taxpayer money, they are closely monitored, and you will have to be an exact match for the eligibility requirements.
- Another thing to know about government grants for small businesses is that they may not be free and clear. You might have to come up with matching funds, or pay back part of the grant. It’s always a good idea to make sure you fully understand what you are getting into before you apply for a government grant.
- The great advantage to getting government grants for small businesses is of course that in most cases you don’t have to pay the money back. That can be a big help if you are trying to get your business off the ground, or if it is struggling financially. However, you don’t want to limit yourself to search for grants alone.
- Even if you can’t qualify for a bank loan, you may still be able to get help for your small business through programs like the Small Business Administration. You can get loans, micro loans, seed money, and venture capital as well as grants. Finding sources for these financial programs is easy if you have a good grant directory or by using the government database search. A government grant or other financial assistance program may be just what you need to get your new business off the ground.
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