Small business grants are given to encourage new businesses and the expansion of existing ones. The government provides business grants and low interest rate loans through the U.S. Small Business Administration (SBA) and other programs by giving money to local state agencies for small business owners. Money can be used for research and development of new ideas, technologies and services, job creation, training and education. Money is available to women, minorities and other groups of persons as well. While grant money is free, the government may also require that the grantee match grant funds or combine their grant funds with a loan. Loans must be repaid.
Small business grants are available through state agencies for development of programs and jobs relating to energy efficiency, technology, jobs, senior programs, social programs and education. If you are looking for funds for your small business start up or expansion, you should check your state’s website and also go to the government’s website at www.grants.gov. or the SBA’s website at www.sba.gov.
What You should Know?
Because each grant has different requirements, applicants must pay close attention to the funding requirements and guidelines set forth by the funder. By doing so, applicants will avoid having their application rejected. Funders are looking for grantees whose programs are consistent with the funder’s programs. Corporate funders and private organizations also give small business grants. Private and corporate funders are looking for grantees whose programs compliment or help promote the funder’s brand name as well.
The funder will most likely require a copy of your business plan. It is important to hire a team of professionals such as a CPA, accountant or business attorney to help you prepare a professional business plan. Also, when you have a team of professionals behind you, it makes you look more serious and credible to the funder and increases your chances of obtaining some sort of funding for your small business. Make sure you also demonstrate your expertise and understanding of your program and how it benefits your community. Always submit your application early. It is also recommended that you apply to many different finding opportunities because there is never any guarantee that you will receive funding. Finally, be sure to pursue other funding sources such as banks, financial institutions, family and friends.
Small businesses grants help may underserved and underprivileged persons start their own business so that they can compete in the business world. Women represent a large share of business owners, and there are many small business grant opportunities for women who want to start their own businesses. Grants for small businesses play an important role in the economy because they help people start new businesses, create jobs and help stimulate the economy.