Grants for Starting Small Business
Seek Expert Help from
A Business Coach to
Increase Your Chances Of Winning a Business Grants
Grants for starting small business are abundant. The recent global economic
downturn has led
more entrepreneurs to start small businesses.
To obtain funding for new
businesses can be a burdensome task. When you start your own business,
it is
easier to seek business loans than business grants.
But once your organization begins winning
grants they tend to continue winning them.
Small business
grants
are not backed by the national or federal government. Which is why they are so hard to obtain. In
most cases, either state or local agencies offer business grants
of this type.
Certain organizations provide grants
for starting small business only if the applicant meets the eligibility
and
qualifying criteria. State
government
grants are awarded only if the business makes a significant
contribution for
public or economic development.
Small Business Administration (SBA),
established in the USA in 1953, assists with the planning, financing,
and grants
for starting small business firms. SBA
also works with a number of lending, educational and training
institutions.
The following press statement was
issued by SBA regarding grants for starting small business:
SBA's grant programs generally
support non-profit organizations, intermediary lending institutions,
and state
and local governments in an effort to expand and enhance small business
technical and financial assistance.
Governments in America continue
supporting small biz grants for three primary reasons:
1. Innumerable small businesses in
America employ more than half the strength of private work force.
2.
More than 50% of the national
GDP (gross domestic product) is generated by small businesses.
3. Small businesses remain the
primary source of new jobs, thereby boosting economy.
Finding Grants
Government and private agencies award several business
grants to small
businesses. The Catalog of Federal Domestic Assistance (CFDA) has a
list of
agencies offering government grants. Some grants for starting up a
small
business are awarded for free. There are business grants for women and minorities grants available
also.
The process of finding the appropriate small business
grant program is
important. Reviewing the requirements and criteria to qualify for the
business
grants is time consuming.
Eligibility conditions are based on location,
sales
revenue to date, years in business, sex, race, and purpose of funding.
Do good
research and identify the business grant suitable to you.
Can your company achieve the following?
Have
the time and resources to search for a small business grant program and
apply
Fit the
business size as defined by the government
Can
hire a consultant or set aside time to learn the grant application process (this can be time consuming)
Continue operation while waiting for the approval process.
After
application process are you ready for the long approval process? Are
you willing to run your business as outlines in the grant?
The next important step is to fill out the grants
applications correctly. The
following tips are useful to prepare a complete grants application:
- Seek assistance from an experienced business coach to ensure that your grant meets all application guidelines
- Make
sure you provide complete and accurate information in the application.
An
incomplete application is sure to further delay the approval of your
grant.
- Know the grant processes,
budget and concerns.
- Have a solid and viable
business plan.
- Have supporting documents and
accurate paperwork to convince the agency about your small business
benefits.
- Add credible
references/recommendations.
- Show the financial statements,
profit-loss projections and risk management strategies accurately.
It
is worth the
time and patience in obtaining the required grants for starting small
business.
The chief advantage being, unlike business loans, the business grants
need not
be repaid. With proper care in planning and documentation
getting the funding
for new businesses is not difficult.
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