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Government Grants For Small Businesses – Tactics
If you are reading this then you are looking for effective, actionable information on government grants for small businesses right? Government grant money have the advantage of not having to be repaid and can be used to start a new business. About the only real downside to starting self employment this way is the large amount of necessary paperwork and bureaucratic inertia to deal with. Such a small effort to exert when you look at the funding you can receive for exerting it.
Choosing The Right Grant
It can be time consuming and frustrating trying to locate the right grant. To prove my point just one look at some of the grant sites out here and you will see what I mean. There are literally thousands of grants grouped by state and sometimes foundation waiting to be claimed. To find the right grant funds requires the right education.
Your main concern at this juncture should be to find a grant that matches your situation. Checking the resource box will give you a solution to this concern. In fact most of your time and effort will be to find suitable grant matches unless you choose to save effort and time and look into the resources in the resource box.
Resources Needed
The federal small business government grant process is very similar to getting a loan from a traditional bank. You will need to provide at the very least tax information, financial reports and business numbers.
It would be wise to locate an accountant who works in your specific corporate industry with related businesses. This will help you construct a grant application whose commerce information makes sense and can actually work. By enlisting the aid of an accountant that is familiar with your industry you will be saving yourself time and unnecessary effort.
Since you will need a business plan as part of the grant process. The accountant mentioned before can also assist you in making sure the numbers in your business plan make sense.
Next on the agenda is to find a competent attorney who has experience in the grant application process. Keep in mind that your own specific grant application may not be big enough to require the services of an attorney. But if it does then don’t hesitate to find one at once.
By finding an attorney who has experience in the grant application process they should be in a place to guide you past common novice mistakes. If they have worked in the industry long enough they should also be able to recommend other needed resources.
Closing
In closing you have been exposed to some of the bigger concerns involved in government grants for small business. One of the main concerns is the time and effort required to find a suitable grant. A very good solution to this can be found in the resource box. While you would rather keep your expenses to a bare minimum during the grant application process thee are some resources should look into to make the process smoother. These have been mentioned in the article as well. Again if you are short on time and want a comprehensive plan for this then check into the resources mentioned in the resource box for this article.
About the Author
James Redder distributes a Government Grants For Small Business e-book. Useful info was given in the article, PURCHASE NOW the powerful information that will HELP you! Goto Government Grants For Small Business.
How procure a government loan or funding for my new small business?
I’ve recently started a small business and I was wondering if there was any kind of government funding available to help me get off the ground and get some more equipment?
Thanks,
-Pat
You can read the SBA Financing page if you can qualify for an SBA loan http://www.sba.gov/services/financialassistance/loanapplication/index.html — note that they want collateral, balance sheets from the last three fiscal year-ends, income statements revealing your business profits or losses for the last three years, among others. It is very hard for a startup to get a loan from SBA
It is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for starting a for-profit business.
One possible exception is for companies developing or exporting agricultural goods, including food and forest product. Another exception could be the Small Business Innovation Research (SBIR) or Small business technology Transfer (STTR) programs http://www.sba.gov/aboutsba/sbaprograms/sbir/index.html , which fund the research and development of technological innovation that meets specific government needs.
Your best bet actually will be from the states if they offer grant programs for women (or any other special interest groups — minorities, women, disabled, veterans, etc). Or check with non profit organizations, particularly women organizations if they offer grants. Examples include
Iowa Women’s Foundation http://www.iawf.org/
New Mexico Women’s Foundation http://www.nmwf.org/guidelines.html
Even SBA does NOT give out grants. From the SBA website http://www.sba.gov/mostrequesteditems/CON_FAQ2.html
“The U.S. small business administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See http://www.sba.gov/financing for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments.”
Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov – these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.
Here is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business — THERE’S NONE.
http://12.46.245.173/pls/portal30/CATALOG.BROWSE_BENEF_RPT.show
Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT – Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program
Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women’s business ownership Assistance that are given to those who will create women’s business center that will train women entrepreneurs
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