The government, private corporations and foundations are great resources to find millions of dollars in grants for small business start up, expansion, research, development and job training. If you are a minority entrepreneur who needs funding for your business, the government is one of the best places to start your search by going to the government’s website at www.grants.gov or the SBA at www.sba.gov. The SBA and other government agencies provide funding for many different diverse business interests and for education.
Most federal government grants are provided to state so that they can help entrepreneurs start local businesses in their area. The government and other donors recognize the importance of helping underserved and underprivileged groups of people start new business ideas and develop new technologies. They know that this also helps the community at large because small businesses and minority owned businesses help create jobs and stimulate the local economy. Searching for small business grants at your local state website or the local Chamber of Commerce website are also recommended.
What You Need to Know?
You will need a well thought out and professional business plan demonstrating your expertise and understanding of your business, who it will serve and how it may also benefit the donor. Hiring a team of professionals is also recommended to help you prepare your business plan and implement your business goals. Your team should include an attorney and a CPA or accountant. Corporate and private donors are especially interested in helping new businesses promote their brand and parallel their interests.
Every grant has different funding guidelines and requirements that applicants must place close attention to so that there application requests are not rejected. It is important to answer all the questions on the application, to get applications in on time and to submit all the required documents that the funder requests. The more detailed you are about your business and your business plan, the better odds you have of receiving some funding. Since there is a lot of competent for grants for small businesses, you should be aggressive and apply to multiple opportunities. This ensures a greater success for you in finding funding. Don’t be too discouraged, it takes time to find the right finding. It is also recommended that you pursue traditional funding sources as well to enhance the amount of your funding.